It feels like it has been a while since the following could be said, but today was a stellar day for equities, as all three major U.S. benchmarks raced higher by more than 1%. The S&P 500 jumped 1.25%, while the Dow Jones Industrial Average and Nasdaq Composite each added 1.26%.
Risk appetite was renewed Tuesday, at least for one day, as safe havens like the yen fell, while commodities and emerging markets rallied.
Amazon.com, Inc. (AMZN)
Shares of e-commerce giant Amazon.com rose 3.4% and touched an all-time high earlier Tuesday, spurring speculation AMZN could race to $1,000 a share and that a stock split could be in the offing. AMZN closed with a market value of around $330 billion Tuesday.
In a note out Tuesday, Bernstein boosted its price target on AMZN to $1,000 from $770, implying significant upside from today’s close. The research firm has the highest AMZN price target of any on Wall Street.
AMZN also unveiled Amazon Video Direct, a competing platform to YouTube.
Crocs, Inc. (CROX)
Shares of footwear maker Crocs surged 32.7% on volume that was more than 11 times the daily average. The boost came after the company reported a first-quarter profit that topped analysts’ estimates; a year earlier, CROX posted a loss.
CROX said it earned 7 cents a share in the first quarter. Analysts expected CROX to earn 5 cents. Similarly, CROX reported sales of $279.1 million, beating the estimate of $265.9 million.
However, CROX forecast revenue of $340 million to $350 million for the current quarter, which is below the $353.6 million analysts are expecting.
Sodastream International Ltd (SODA)
Last but not least, shares of in-home beverage maker Sodastream soared 23.7% on more than 25 times the average daily turnover.
The increase came after the Israeli company said it earned 29 cents a share on sales of $100.9 million in the first quarter, compared to the 11 cents per share and $89 million in revenue analysts were expecting. Notably, the rise put SODA stock up nearly 12% year-to-date.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
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