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Amazon surges with record $190 billion gain in value, shares jump 13.5%

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3 years ago

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Amazon surges with record 0 billion gain in value, shares jump 13.5%

Amazon posted its biggest one-day gain ever, a day after Facebook owner Meta Platforms suffered the worst stock market value loss in U.S. corporate history.

Shares of the online retail and cloud computing giant surged 13.5% after its blowout quarterly report on Friday, adding about $190 billion to its market value by the close of trading.

That beat Apple’s record $181 billion one-day gain on Jan. 28, after the iPhone maker released its own blockbuster quarterly report, according to Refinitiv data.

Amazon is now worth about $1.6 trillion. Shares of Meta Platforms fell 0.3% on Friday, with a market value of about $660 billion.

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Shares rose late Thursday after the company reported a better-than-expected profit and said it would raise annual subscription prices for U.S. Prime members by 17%.

Amazon’s surge came a day after Meta Platforms’ stock tumbled more than $200 billion in market value, the biggest one-day loss for a U.S. company, after the social media giant issued a dismal forecast.

“After battling post-lockdown blues in 2021, we believe Amazon’s fortunes have the potential to improve as 2022 unfolds,” Monness Crespi Hardt analyst Brian White wrote in a research note. One of the biggest beneficiaries of digital transformation is uniquely positioned to emerge from this crisis.”

Retail investors appear to have taken advantage of Amazon’s gains to take profits. Amazon was the most-traded stock among its customers on Friday, with sell orders outnumbering buy orders by more than 2 to 1, according to data on Fidelity’s website.

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Amazon’s growth in value has outstripped the market capitalization of companies including AT&T Inc, Morgan Stanley and Netflix Inc.

Apple, Microsoft and Google parent Alphabet Inc remain the most valuable companies on Wall Street, with market capitalizations of $2.8 trillion, $2.3 trillion and $1.9 trillion, respectively, according to Refinitiv data.

Shares of Amazon are still down about 15% from a record close of $3,731.41 set in July.

Complete News Source : Business Standard

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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18 hours ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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