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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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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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3 weeks ago

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October 10, 2024

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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