Amazon's stock tops $1000 for the first time
- Author: Zachary Reyes May 31, 2017,
May 31, 2017, 1:07
Online shopping giant Amazon saw its share price top $1,000 for the first time, pushing its market capitalization to more than twice that of Walmart, another milestone in the upstart company's history.
Amazon shares have appreciated especially rapidly over the last three years in anticipation that e-commerce will become a much bigger force in the retail sector.
Amazon stock hit $1,000 shortly after Tuesday's opening bell and have been hovering above and below that landmark level.
Shares of Amazon.com crossed the $1,000 threshold briefly Tuesday, putting it in rarefied company, CNBC reported.
Not only has Amazon changed the retail landscape since it became a public company 20 years ago, it's now part of a small cadre of high-flying stocks belonging to companies that have defied Wall Street and shunned stock splits.
Another company with a similar philosophy is Alphabet Inc., the parent company of Google. But companies like Amazon have chosen to reward its long-term investors.
"High growth covers a lot of sins", said Harry Kraemer, a partner at private equity firm Madison Dearborn Partners and a professor at Northwestern University's Kellogg School of Management.