Amazon braces for historic market cap gain after epic Meta loss | Financial market news
Amazon is poised to add about $155 billion in market value if the stock’s 11% pre-market gain holds through Friday’s close.
Amazon.com Inc. is likely to return to the market what Meta Platforms Inc. just took away – or at least a large part of it.
The e-commerce giant is poised to add about $155 billion in market value if the stock’s pre-market gain of about 11% holds through Friday’s close. It would be one of the five best single-day gains in U.S. stock market history, and comes just a day after Facebook’s parent company, Meta Platforms Inc., entered the other end of the books. records with an annihilation of $251 billion.
Amazon’s move could come close to Apple Inc.’s U.S. record from last week – the iPhone maker added about $179 billion in value the day after its earnings report. The world record for daily market capitalization gain was set by PetroChina Co., which added $597 billion in a single day in November 2007.
Amazon’s stock price surge came after sales of its cloud computing business beat Wall Street estimates and the company raised the price of Amazon Prime subscriptions, easing some concerns about the impact of the increases. cost on profitability. These factors eclipsed current quarter revenue and operating profit forecasts which fell short of expectations.
Amazon had its worst day since March 2020 on Thursday, with Meta’s earnings flop raising fears about the results of other big tech companies. The 7.8% decline in the regular session wiped out $119 billion in market value for the Seattle-based company.
(Adds chart on largest market capitalization gains globally, updates stock prices.)
–With assistance from Shikhar Balwani, Jan-Patrick Barnert, Thyagaraju Adinarayan and Beth Mellor.