Why Amazon Stock Was Outperforming the Market Today
Shares of Amazon (NASDAQ: AMZN) were trading up 2.7% as of 1:21 p.m. ET on Tuesday. By comparison, the Nasdaq Composite index was up 1.7%.
While the tech giant's upward move is coming during a broadly positive day for the markets, a Reuters article suggests that Amazon might be days away from closing its acquisition of the iconic Hollywood film studio MGM.
Amazon announced its $8.45 billion offer to buy the studio and its catalog of more than 4,000 films, including classic franchises James Bond and The Pink Panther, in May 2021. Amazon received regulatory approval for the deal from the European Union's antitrust regulator Tuesday. The U.S. Federal Trade Commission is also expected to approve the purchase within days, according to Reuters.
Source Fool.com
