Amazon.com, Inc. AMZN shares are trading higher by $4.50 at $775.90 in Wednesday's session. The catalyst for the rally is the announcement that Evercore has declared the issue its top stock pick for 2017. Whether or not the issue can replicate its 2016 gain of 15 percent remains to be seen.
After a higher open, it quickly rallied to $780.00 in the first 10 minutes of the session before reversing course. That marks the highest level for the issue since it peaked on December 14 at $780.86.
Since making that high, it came down to make a new low for the session at $773.21, which is still nearly $2.00 above Tuesday's closing price of $771.40. At this time, the rebound off the lows has been capped at $776.73.
Its all-time high was made on October 6 at $847.21. The all-time closing high was made the prior day at $844.36.
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