Amazon Stock Trades In Record Territory, Buzzes On WallStreetBets

Amazon, Inc. AMZN shares are on a record run, having picked up momentum in recent sessions. The rally seems to have caught the attention of the WallStreetBets trader community, as evident from the increased chatter among users.

Amazon Leapfrogs WSB Staples: Amazon accounted for 9.96% of the comment volume, with 115 comments expressing positive sentiment and 46 negative comments.

Clover Health Investments, Corp. CLOV, a retail favorite, is in the second position, garnering 8.91% of the comment volume. SoFi Technologies, Inc. SOFI, also a retail favorite, accounted for about 7.36% of the comment volume.

Related Link: Amazon Could Be Prepping For Broader Same-Day Shipping: What This Means For The Retail Giant

What's Going On With Amazon Stock: Amazon shares, which ended the first half of the year with a modest gain of 5.6%, have started July on a strong note.

Although the stock dipped July 1, it has come back strongly. Friday, the stock rose 2.3% and it tacked on another 4.7% when the market reopened Tuesday following Monday's holiday in observance of U.S. Independence Day.

The gain came on the back of Pentagon scrapping the $10-billion cloud computing contract it awarded to Amazon's rival Microsoft, Inc. MSFT. Amazon had legally challenged the contract award.

Instead, the Defense department floated the idea of a cloud effort, the "Joint Warfighter Cloud Capability," with the project envisaged as a multicloud, multivendor contract with indefinite delivery and quantity. 

Officials at the defense department suggested Amazon Web Services and Microsoft are the only companies that meet the department's current cloud needs, and therefore bids will be invited from these companies.

Earlier this week, Amazon's founder Jeff Bezos relinquished his position as CEO, coinciding with the date of incorporation of the company. Bezos is transitioning to the role of executive chair. The company will now be led by Andrew Jassy, who earlier served as the CEO of AWS.

Amazon' stock is finding follow-through buying in Wednesday's session.

"Amazon will continue to see significant growth across all of its business lines. I believe further upside exists from current levels and continue to recommend purchase," Tigress Financial's Ivan Feinseth in a Wednesday morning note.

At last check, Amazon shares were up 0.65% at $3,699.59. 

Photo: courtesy Amazon.