Amazon, Wall Street
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Amazon shares soar
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Customers in select markets can return items weighing 1 to 15 pounds through doorstep return pickup handled by USPS.
U.S. stocks were rising Friday afternoon, as shares of Amazon surged following its quarterly earnings results. The Dow, S&P 500 and Nasdaq were on pace to wrap up October with monthly gains despite the government shutdown.
Amazon stock jumped 9.6% to $244.22 Friday, notching a closing record for the first time since February. The rally added some $228 billion to Amazon's market value—a record market cap jump for the company and the ninth largest on record for any U.
Beth Galetti, a senior vice president at Amazon, defended the 14,000 cuts to staff in a Tuesday memo. She wrote that while the company expects “to continue hiring in key strategic areas,” the layoffs are part of an ongoing push to reduce layers and bureaucracy and to shift resources toward the company’s “biggest bets.”
The market is finally remembering that Amazon is part of the Magnificent 7. Following a blowout earnings report, the stock climbed more than 14 percent after hours to surpass the year-to-date gains of Apple and Meta, leapfrogging both names for the first time in months.
Investors cheered the tech giant’s latest results showing that its huge investments in artificial intelligence are beginning to show returns.
"We're going to promote based on AI," said Amazon VP Jamie Simonoff. "We're going to promote based on how you're integrating AI into your job."
The recalls range from children’s bed rails to mattresses and furniture that pose hazards such as fire risks and tip-over dangers.