What's Going On With Amazon Stock?

Amazon.com Inc AMZN shares are trading lower Wednesday amid several new developments. Here's a look at what's going on.

What To Know: Amazon on Tuesday announced plans to hire 250,000 additional employees across the U.S. in full-time, part-time and seasonal roles as it gears up for the holiday season. 

For comparison, Amazon added just 150,000 positions last year around the same time, which speaks to the demand the e-commerce giant is anticipating for the coming season.

Following the announcement, Morgan Stanley analyst Brian Nowak reiterated Amazon with an Overweight rating and maintained a price target of $175.

Amazon's annual product launch is also taking place Wednesday. The company is expected to unveil new generative AI features for Alexa and release a slew of new devices. 

What Else: Ritholtz Wealth Management's Josh Brown added to his Amazon stock position this week in what amounts to a valuation call. 

Tuesday on CNBC's "Fast Money Halftime Report," Brown said he expects the stock to trend back toward all-time highs.

"I think we've seen troughs in the valuation here and I think if they can continue to execute, this stock should be higher ... there's no reason why we couldn't get back to the old highs of about $180, $190 just based on existing fundamentals," he said. 

See Also: Antitrust Trial Exposes Google's Battle Against Amazon for Advertising Supremacy

AMZN Price Action: Amazon shares were down 0.44% at $136.99 at the time of writing, per Benzinga Pro. The stock is up approximately 63% since the start of the year.

Photo: courtesy of Amazon.