Ecommerce giant Amazon.com Inc.’s stock experienced a remarkable surge on Friday following the release of its second-quarter results. This surge, indicated by a 9.4% upside gap in the stock chart, signifies the most significant surprise in Amazon news in over nine months. For context, this is the largest gap since October 2022, when the stock plummeted by 11.8% due to a disappointing holiday-season sales and profit outlook.
Examining just the positive gaps, Friday’s increase is the most substantial since July 2022, where the stock saw a 10.3% rise after the release of second-quarter results. While the stock has slightly dropped from its opening price, it remains on an upward trajectory and is currently up 9.2%, inching closer to achieving its highest closing price since August 2022.
Notably, on October 28, 2022, the stock closed significantly lower than its opening price, down 6.8% at $103.41. Conversely, on July 29, 2022, the stock closed slightly higher than its opening price, with a gain of 10.4% to $134.95.
In light of these recent developments, it is evident that Amazon’s second-quarter results have sparked considerable investor interest and enthusiasm in the market.