Amazon Stock On the Up and Up
With a few exceptions, the national quarantine has been downright brutal for many types of businesses.
One big exception has been providers of online shopping and delivery, which make it easy for consumers to order what they need but not have to leave home.
That’s a big reason why Amazon has been doing so well lately – Amazon stock has posted a 29.60 percent gain since the start of 2020. It has seen record earnings and has hired more than 100,000 employees to add to its warehouse and delivery personnel.
Quite a contrast with the S&P which has posted a 17 percent loss so far. Many other public companies are also scrambling to minimize damaging losses.
Investor Mark Cuban, owner of the Dallas Mavericks basketball team, expects Amazon to continue to be a bright spot.
During an interview with Fast Money, Cuban predicts that Amazon stock will keep climbing through 2020 and beyond.
“I think it goes up, up, up, up,” he said. “People who weren’t were comfortable dealing with Amazon for consumables, for food, for produce even, I think they’ve gotten into that habit now.”
While Cuban expects some degree of ‘normal’ to return over the summer and shops to re-open, he said people still will be wary of contamination risks.
“The greatest fear is going to be going back … to the small-and medium-sized businesses because they don’t know what protocols they have in place to keep them as consumers safe,” he said.
If this prediction proves true, it means there’s plenty of potential growth ahead for companies eager to sell on Amazon.
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