For the first time ever, Amazon doesn’t have a CEO named Jeff Bezos. With Andy Jassy taking over for Bezos on Monday the company’s stock prices surprisingly have only continued to move upwards.
In the last month or so Amazons stocks have grown over 14% to $3,642 just in time for Jassy to take over for the multi billionaire and soon to be astronaut. On Yahoos Finance Platform, the Amazon tickers page had the most traffic early Tuesday afternoon. After China crackdown on the newly public platform Didi that plummeted almost 21% in the past week. The recent upward trend on Amazon’s stock prices since Bezos choose to step aside have some expert analyst calling attention to the possibility for a huge upside breakout.
The surprising upward momentum in Amazon's stock in the face of Bezos stepping aside has some veteran strategists calling attention to the potential for a big upside breakout. According to Matt Maley, chief markets strategist at Miller Tabak,
“The new CEO has just taken over for Jeff Bezos and the stock has responded nicely over the past few days. This now has the stock testing the upper bounds of the sideways range it has been in for almost a year now…Given how well other mega-cap tech stocks have been acting recently, it should be bullish for other names as well."
In the past month, per Yahoo Finance Plus data, Amazon has been the best-performing mega-cap tech stock. The shares have skyrocketed 14% out-performing Facebook (+6%), Microsoft (+10%), and Apple (+12%).