Amazon.com, Inc. AMZN shares are trading higher by $8 at $561.98 in Tuesday's session. Before the open, the issue was downgraded by Raymond James from Strong Buy to Outperform based on slowing margin expansion.
The Street used the downgrade as a buying opportunity as the issue was $0.06 off its lower open at $545.05 before reversing course. It's now $17 off that low and continues to make new highs for the day.
So far, it has surpassed Friday's high ($562.33), reaching $562.76. It's now trading in an area with only minor resistance points until last Thursday's high of $571.40.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
