Amazon (briefly) becomes a $US1t company; Aussie dollar falls below US71.8c

Online retailer Amazon became the second company to be worth $US1 trillion, following the footsteps of technology giant Apple.

But that milestone was short-lived as Amazon moderated its share price gains by the closing bell on Wall Street.

Markets at 7:30am (AEST):ASX SPI 200 -0.3pc at 6,262, ASX 200 (Tuesday’s close) -0.3pc at 6,293AUD: 71.76 US cents, 55.83 British pence, 61.96 Euro cents, 80.02 Japanese yen, $NZ1.10US: Dow Jones -0.1pc at 25,952, S&P 500 -0.2pc at 2,897, Nasdaq -0.2pc at 8,091Europe: FTSE -0.6pc at 7,458, DAX -1.1pc at 12,210, CAC -1.3pc at 5,343, Euro Stoxx 50 -1.1pc at 3,359Commodities: Brent crude -0.4pc at $US77.86/barrel, spot gold -0.7pc at $US1,191.45/ounce, iron ore +0.9pc at $US66.62/tonne

At its peak, Amazon shares jumped as much as 1.9 per cent to hit a record $2,050.50, taking its value past the trillion dollar mark.

Its market value then retreated to $US994.8 billion, after its stock ended the day 1.3 per cent higher at $US2,039.51.

Amazon’s share price has more than doubled in the past year as it grows rapidly in retail and cloud computing.

Some analysts say it is a matter of when, not if, Amazon’s stock market valuation will eclipse that of the iPhone maker.

Apple took almost 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years.

While Apple’s iPhone and other devices remain popular and its revenues are growing, it is not keeping up with Amazon’s blistering sales growth.

Amazon has impressed investors by diversifying into virtually every corner of the retail industry, altering how consumers buy products and putting big pressure on many bricks-and-mortar stores.

It also provides video streaming services and bought upscale supermarket Whole Foods, all while its cloud computing services for companies have

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