Last Wednesday I wrote about four Internet companies whose stocks recently had reached all-time highs -- a couple of them having done so just the day before. Now we can add another company to that list -- online retail giant Amazon.com. (Also see: 4 tech companies to whom shareholders are giving thanks)
In early trading Monday, shares of Amazon (NASDAQ: AMZN) topped out at 181.84 before settling back to close at 179.49, a gain of 2.29, or 1.3 percent, over Friday's final price of 177.20. Amazon's previous all-time high of 178.38 was set way back on, well, Friday. So clearly the company's on a bit of a Wall Street roll. The catalyst for Monday's new record came from analysts who told clients that sales at Amazon over the Thanksgiving holiday were brisk and that the site will continue to be a top destination for holiday shoppers over the next month. From MarketWatch: “E-Commerce data for Thanksgiving day and Black Friday show a noticeable pick-up in online sales, setting the stage for a promising Cyber Monday and holiday season,” (Youssef) Squali (of Jefferies & Co.) wrote. Through Monday's closing bell, Amazon shares have gained 33.4 percent in 2010.
Chris Nerney writes about the business side of technology market strategies and trends, legal issues, leadership changes, mergers, venture capital, IPOs and technology stocks. Follow him on Twitter @ChrisNerney.