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Amazon stock has revamped 3.07% at the market close on March 23. In the pre-market, its price is $1,970. The company is set to deliver and pick up at-home test kits which are provided by gates foundation in Seattle.
Amazon.com Inc (NASDAQ: AMZN) has found different ways to adapt in this hostile period when the coronavirus is taking the stock market hostage. As a result, Amazon stock has stabilized from the free fall that had initially begun due to panic sell-off. Investors are starting to see the bigger picture behind amazon and its different businesses.
At the market close on March 23, 16:05 EDT, AMZN stock rose 3.07% which is approximately $56.74. The price reached $1,902.83. From a technical standpoint, the price level is hanging exactly at the point where it was at the beginning of the year. It might not be impressive to all, but comparing with the stock index like S&P 500 which has lost all the gains made in the past four years, Amazon stock is doing fairly good.
While coronavirus is actively spreading, at the time of writing, in the pre-market, Amazon (AMZN) stock is up another $3.53%. Its price is $1,970.
The Dow Jones Industrial Average to have wiped out all the gains which had been accumulated for the past five years. This shows the intensity of the coronavirus effect on the stock market, which is bleeding out profusely. The volatility in the stock market has made investors flee to more stable investments like the long term treasury bonds.
Having recovered from the dip, there are internal things that Amazon has done to shield its stock from bleeding out more. One thing that makes the company immune to coronavirus is due to the fact that its primary business is e-commerce which does not entail human contact, and there is an increased demand for doorstep delivery goods.
Amazon (AMZN) Sets to Deliver and Pick Up Coronavirus Home Test Kits
In a bid to evolve and remain relevant with the customers, Amazon has teamed up with the Gates Foundation to deliver and pick-up at-home coronavirus test kits. Amazon through its program Amazon Care is helping with the logistics and delivery of the testing kits.
According to the CNBC report, Amazon Care will be involved in delivering the kits to people who either feel sick or are asymptomatic. They will later pick them up for further analysis, whereby, if the virus is detected in the swabs, the person will be contacted by a health care worker.
Amazon Care Director, Kristen Helton, pointed out:
“Responding to the rapidly evolving COVID-19 crisis must be a community effort and requires support from both the private and the public sector. We are grateful to be surrounded by a strong community of public health, global health, and academic leaders and are eager to leverage Amazon Care’s infrastructure and logistic capabilities to support this local effort.”
The kits are provided by a program called SCAN, Seattle Coronavirus Assessment Network, backed by the Gates foundation. This act of public generosity will go a long way in improving Amazon stock to push beyond the all-time high.