Amazon's market capitalization has ballooned by over $90 billion to record highs since mid-February, adding $5 billion to the fortune of founder and Chief Executive Jeff Bezos. Reflecting changes caused by the coronavirus, the average analyst estimate for Amazon’s quarterly revenue has increased by over $1 billion since the end of January. Analysts on average expect Amazon’s March quarter revenue to have jumped 23% to $73.61 billion, with adjusted earnings of $6.25 per share, according to Refinitiv.
With hand sanitizers, groceries, office chairs, home exercise equipment and other products selling out on its website as millions of people around the world shelter at home.
Critics, including New York Attorney General Letitia James, have accused Amazon of taking inadequate measures to protect warehouse workers from catching the illness.
Overall, about 50 S&P 500 stocks are up since Feb. 19, a few of them directly because of the coronavirus outbreak and related changes in consumer behaviour. Some of those have risen more on a percentage basis than Amazon.
Gilead Sciences, which on Wednesday gave an encouraging update on a potential COVID-19 treatment, has jumped 25% since Feb. 19, adding $21 billion to its market capitalization.
General Mills and Conagra Brands have both climbed 15% as consumers stocked up on food and other consumer staples.
https://www.reuters.com/article/us-amazon-stocks/amazon-is-wall-streets-biggest-winner-from-coronavirus-idUSKBN22B2ZU
With hand sanitizers, groceries, office chairs, home exercise equipment and other products selling out on its website as millions of people around the world shelter at home.
Critics, including New York Attorney General Letitia James, have accused Amazon of taking inadequate measures to protect warehouse workers from catching the illness.
Overall, about 50 S&P 500 stocks are up since Feb. 19, a few of them directly because of the coronavirus outbreak and related changes in consumer behaviour. Some of those have risen more on a percentage basis than Amazon.
Gilead Sciences, which on Wednesday gave an encouraging update on a potential COVID-19 treatment, has jumped 25% since Feb. 19, adding $21 billion to its market capitalization.
General Mills and Conagra Brands have both climbed 15% as consumers stocked up on food and other consumer staples.
https://www.reuters.com/article/us-amazon-stocks/amazon-is-wall-streets-biggest-winner-from-coronavirus-idUSKBN22B2ZU
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