Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Amazon.com, Inc. AMZN shares were trading higher by $16.00 at $516.77 in Thursday's session. Along with a a strong rally in the broad market, an upgrade by Raymond James from Outperform to Strong Buy has added to the upside momentum.
On Monday, it bottomed at $451, which was its lowest level since it bottomed at $447.54 nine days prior to its much better-than-expected Q2 beat.
After a modest $3 gain on Tuesday to $466.37, it cleared the $500 level. On Wednesday, it added over $35 to end back over $500 at $500.77.
Following the upgrade, it sprinted to $522.69 shortly after the open before falling to $512 mid-day before resuming its rally.
The all-time high for Amazon was made the day of its blockbuster Q2 report at $580.87, well shy of the price target at Raymond James.
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