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Andrew Jassy, the CEO of Amazon.
Bloomberg/F. Carter Smith
What a great start to the day. For new employees, Monday was their first day on the job.
Amazon.com
On the 27th anniversary of the company’s establishment, CEO Andy Jassy took over from founder Jeff Bezos. Jassy, who has been with us for a while,
Amazon.com
(ticker: AMZN) has been in charge of Amazon Web Services for the past 24 years. Bezos is still the company’s executive chairman, the company’s top stakeholder, and the company’s astronaut-in-chief.
Amazon shares have recently risen 3.7 percent to $3,641.22, hitting a new intraday high. If the gains continue, Amazon will have set a new closing high for the first time since September 2020. The stock is risen approximately 12% year to date, trailing the 15% return on the index.
S&P 500 index.
Over the last 52 weeks, Amazon’s stock has risen nearly 19 percent. The company is currently the best-performing stock in both the S&P 500 and the Nasdaq 100, according to Dow Jones Market Data. Jassy joins Amazon at a time when the company is facing increased antitrust scrutiny—and strong financial performance, as Barron’s observed in its Tech Trader column over the weekend. Sales increased 44 percent year over year in the first quarter, the greatest quarterly growth since 2011. Due to increased demand, Amazon will add more than 500,000 individuals in 2020, bringing the overall number of employees to more than 1.3 million. The rise in Amazon stock on Tuesday boosted the company’s market capitalization by $65 billion—talk about a big vote of confidence. Amazon is currently valued at $1.8 trillion, second only to Apple.
Apple
(AAPL) as well as
Microsoft
(MSFT) in terms of market capitalization among publicly traded firms in the United States. Eric J. Savitz can be reached at eric.savitz@barrons.com./n
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