Amazon.com (AMZN) on Tuesday became the second company to touch the lofty market capitalization of $1 trillion, little more than a month after Apple became the first to reach the plateau. Amazon stock later retreated but remained close to the $1 trillion level.
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Amazon stock briefly stood at 2,050.50 in late-morning trades, putting it right at a $1 trillion market cap. That's based on the 487,741,189 shares of common stock the company has outstanding, according to its second quarter report. Shares closed at 2,039.51, up 1.3% on the stock market today, giving the e-commerce giant a market cap of $994.75 billion at Tuesday's close.
Apple hit the $1 trillion mark on Aug. 2 and hasn't looked back since. Its shares were up fractionally to 228.40 in afternoon trades.
Last week, Wall Street broker Morgan Stanley bestowed high praise on Amazon. Morgan Stanley analyst Brian Nowak raised his price target on Amazon stock to 2,500.
Amazon Price-Target Hikes
Amazon received several price-target hikes following its second-quarter earnings report in which the company blew past profit views. For the second quarter, Amazon reported earnings of $5.07 a share, double what analysts predicted.
The company's strong profitability outplayed any concern that revenue missed estimates, as did its third-quarter outlook. Revenue rose 39% to $52.9 billion. Wall Street was expecting $53.4 billion.
Amazon is on the IBD Leaderboard list of top-performing companies with an IBD Composite Rating of 99, the highest possible.
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The post Amazon Joins Apple In Touching $1 Trillion Market Capitalization appeared first on Investor's Business Daily.
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