Shares of Amazon.com Inc. (AMZN) climbed above the $3,200 level into record territory in early trading Tuesday, only to reverse course to trade lower, again. The stock was up as much as 1.4% at an intraday high of $3,240.58, but was last down 2.4% at $3,1120.67. It has now traded above $3,200 four times this month, but hasn't been able to hold gains above that level. The closest it came was on July 10, when it reached an intraday high of $3,215.00 before pulling back to close at a record $3,200.00. It rose as much as 4.5% to an all-time intraday high of $3,344.29 on July 13 before pulling a U-turn to close down 3% at $3,104.00. On Monday, the stock peeked above $3,200 intraday, to a high of $3,201.36, but closed at $3,196.84. In a note to clients Tuesday, Mizuho analyst James Lee reiterated his buy rating and $3,450 stock price target on Amazon, citing signs showing advertising spending accelerated in June on returning demand for discretionary products. Meanwhile, the technology friendly Nasdaq 100 index fell 0.8% Tuesday, after being up as much as 0.6% earlier, while the S&P 500 rose 0.4%, but pared earlier gains of 0.8%. Among Amazon's mega-capitalization peers, Apple Inc. shares (AAPL) reversed earlier gains of as much as 0.9% to trade down 0.9% and Microsoft Corp.'s stock (MSFT) is down 1.2% after being up 1.1% at its intraday high.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 21, 2020 11:58 ET (15:58 GMT)
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