By
Chimamanda U. Martha
March 11th, 2024
Amazon (AMZN) stock added around 0.47% yesterday. The company announced two Fire HD 8-inch tablets. The price starts at $89.99.
Amazon.com Inc (NASDAQ: AMZN) closed the market yesterday with an approximately 0.5% rise. The stock remains silent in the pre-market trading hours. Trading at $2367.92, it is very close to the 52 weeks all-time high of $2475 than the low of $1,626.03. Due to the high influx of its sales, the company earnings and operations are expected to increase in the forthcoming quarters. Meanwhile, Amazon is going to launch and sell a new tablet at a surprisingly low price.
Therefore, a further rise remains imminent, if the coronavirus will still be an immediate threat to humanity. In the past year, Amazon stock has added 24.13% and risen over 28% year to date. In addition, the shares are up 10.14% in the past three months, making Amazon the giant of the traditional stock market.
However, on a short term basis, the stock might be experiencing a correction that might see it fall below $2300. Supported by a double top in the 1-hour time frame where the price has been unable to pass through since mid-April.
The correction will be invalidated if the price rises above the resistance zone at around $2400, whereby the stock will be aiming to set a new all-time high. Investors remain satisfied with the level Jeff Bezos has delivered so far, despite criticism on how the company is handling warehouse workers in respect to the coronavirus pandemic.
AMZN Stock Future Remains Bright, Amazon Unveils New 8-inch Fire Tablet
Amazon has specialized in different businesses to help cushion its revenue even after the coronavirus has ended. Apart from the e-commerce business, which makes a large portion of its revenue, Amazon just announced two new 8-inch Fire tablet models that start at $89.99.
According to a post on CNBC, the Fire HD 8, will have a faster processor than the predecessor, and also include 32 GB of storage. One amazing feature of the gadget is its ability to charge wirelessly with the right charger.
Another exciting feature of the newly released gadget by Amazon is the fact that it comes with a six-month subscription to Kindle Unlimited. Hence, it will enable the owners to access Amazon’s book rental subscription services, saving $109.99.
The company is anticipating to start the shipping of the gadget as of June 3. Amazon is strategically selling the new gadgets at a low price anticipating making more profit when the consumers use them to buy its digital content.
In another company news, Amazon confirmed to CNBC that it is extending hourly wage increases and double overtime pay for warehouse workers until May 31.
If all goes with the current pace and the set fundamentals come into action, Amazon (AMZN) stock is set to make a new all-time high soon.