Amazon hits $1.5T milestone faster than Apple and Microsoft did
Amazon shares crossed $3,000 for first time ever
Tech stocks still on a roll: Expert
T3 Trading chief strategist Scott Redler says if investors are looking for other tech stocks to invest in, they should look to Google and Sonos.
Amazon scored a hat trick.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 204.12 | -7.36 | -3.48% |
On Monday, the online retailer's stock price crossed $3,000 for the first time ever, helping lift its market cap to $1.52 trillion, making it the fastest U.S. company to reach that level since an initial public offering, beating tech titans Apple and Microsoft in speed, as tracked by Dow Jones Market Data Group.
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While those two tech giants reached those levels at the end of June 2020 each took a longer time frame since the IPOs to do so. Apple's run was 9,957 trading days and Microsoft's 8,639, while Amazon captured it in 5,717.
While Amazon CEO Jeff Bezos is the world’s richest person with a net worth of $166 billion per Forbes, the value of the company he founded sits right behind Apple and Microsoft, which maintain market values of $1.62 trillion and $1.59 trillion, respectively as of July 6.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 228.22 | +3.10 | +1.38% |
| MSFT | MICROSOFT CORP. | 426.89 | +1.69 | +0.40% |
Amazon went public in May of 1997, pricing at $18 per share and closed at $3,057.04 Monday. A $1,000 investment in the IPO would be worth $2,037,027.69 today or an annual return of 39 percent as tracked by Dow Jones.
It's worth noting Amazon spent many years without turning a profit, similar to the path that plagued Tesla up until late last year.
Amazon IPO Price in May 1997: $18 per share
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While there doesn't seem to be one specific catalyst for the speedy ascent, Amazon has emerged as a poster child for a coronavirus pandemic stock with global consumers quarantined at home ordering everything from household supplies to personal items.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 18740.876106 | -366.77 | -1.92% |
Investors following the hot streak might have seen this coming after the stock registered its longest winning streak on record, nine weeks, during the shortened July 4th holiday week with a gain of nearly 27 percent during that time frame.
Amazon, Apple and Microsoft, have been jet fuel for the Nasdaq Composite, which turned in its 24th record of 2020 and its 150th since President Trump took office.
Year to date it has gained 16 percent.
