Market Overview

Amazon Makes Another All-Time High, Passes Facebook In Market Cap

Amazon Makes Another All-Time High, Passes Facebook In Market Cap
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Amazon To $1,000?; Mega-Merger Monday; T-Mobile's Earnings - Eye On Tech (Seeking Alpha), Inc. (NASDAQ: AMZN) shares are trading higher by $9.82 at $722.06 in Tuesday's session. It's trading higher for the fourth time in its last five sessions and for the seventh time in its last nine sessions. Over that course of time, it has rallied from its May 17 close ($695.27) to its new all-time high.

After a flat open, it retreated but found support ahead of Friday's low ($711.10), only reaching $711.32 before turning higher. It has surpassed its former all-time high that was made May 12 at $722.45, reaching $723.45. Also, it's on track to post a new all-time closing high, if can end the session above $717.93.

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The issue was discussed favorably this morning on Benzinga's PreMarket Prep in an interview with Wedbush Securities analyst Michael Pachter. Listen the interview below beginning at the 60-minute mark.

It also surpassed Facebook Inc (NASDAQ: FB)'s market cap value, with Amazon now sitting around $340 billion and Facebook around $339 billion.

UPDATE: Amazon shares closed at $722.79, up 1.5 percent.

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