Amazon rises to an all-time high
- Amazon's stock price hit a new high on Thursday.
- It hit its previous high in early June.
- Amazon recently bought PillPack, an online pharmacy, in the latest example of how the tech behemoth flexes its muscles to disrupt different industries.
- Watch Amazon trade in real time here.
Amazon on Thursday hit a new high of $1,784.10 a share Thursday, as the stock gained more than 1%.
Amazon hit its previous high in early June, when it reached $1,646.48.
The e-commerce and tech behemoth, known for disrupting entire industries, recently bought PillPack, an online pharmacy. That was the latest example of how Amazon uses its deep pockets to insert itself into new industries through acquisitions.
The company did have a tough stretch between March 16 and April 4, when it shed more than 10% amid the Cambridge Analytica scandal that rocked Facebook and the rest of US tech.
On March 28, Axios reported that President Donald Trump was "obsessed" with Amazon, and was considering antitrust action or targeting the retail giant's tax status. Amazon fell as much as 7.4% that day. The stock continued to slide into early April as Trump railed against the company, blaming it for hurting the US Postal Service.
But fortunes changed for Amazon after a blow-out earnings report. In late April, Amazon reported first-quarter earnings of $3.27 a share, easily beating the Wall Street estimate of $1.26. The e-commerce behemoth also showed strong growth in three of its most important business; Amazon Prime, Amazon Web Services, and advertising.
Amazon is now up 52% this year. It's the second-best performing FAANG stock (Facebook, Apple, Amazon, Google, Netflix), trailing Netflix's more than 100% gain.