Apple Under Threat As Amazon.com’s Stock Market Value Hits $900bn

Financial industrial stocks lift S&P 500 above five-month high

For Amazon, analysts' average price target is $1,903 (according to FactSet), which would give it a market value of $923 billion.

The company stock continues to soar, threatening to dislodge Apple as the most valuable publicly-traded firm on Wall Street. Small and medium-sized businesses sold products worth more than $1 billion during the Prime Day. On the other hand, Apple is now valued at $940 billion.

On the first day of Prime Day sales, Amazon had its biggest number of new subscribers than any other day in the online retailer's history.

Over 100 million products were purchased during the day-and-a-half event period, helping to make it the most successful promotion for Amazon, ever.

The Seattle-based company - nicknamed "the everything store" - now reaches across a multitude of sectors within the retail industry.

Since launching on the Nasdaq in 1997 - the same year Steve Jobs took the mantle of CEO upon his return to Apple - Amazon's stock has increased a massive 123,000 percent.

An investor who bought one share of Amazon for US$18 in the IPO would now have an investment worth more than US$22,200, including three stock splits in the 1990s, Reuters noted.

Amazon has been part of the technology heavyweights that fueled Wall Street's rally in recent years.

Apple replaced Exxon Mobil in late 2011 as the USA firm with the largest stock market value.

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For the first time, Apple has company on the way to $1 trillion. But Amazon is rapidly closing in on it.

Apple has seen a surge itself over the course of 2018, with the firm's shares picking up by 12 per cent, bringing its stock market value to $935 billion (£719 billion). Amazon will reports its earnings on July 26, followed in hot pursuit by Apple on July 31.

The company hit $902bn in a session high earlier today, after its share price rose 0.8 per cent at $1,858.88.

Amazon was recently trading at 111 times expected earnings, compared to 15 times earnings in the case of Apple which is more profitable but is growing at a slower pace, Reuters noted.

Since then, Microsoft has been overtaken by Google-owner Alphabet.

Announcing the details of the successful event for Jeff Bezos' online tech business, Amazon said Prime Day is the company's way of saying thank you to its members.

He has a controlling share of 17 per cent in his first company, Amazon. He is now the only person in the world valued over $100 billion, richer than the world's second wealthiest man Bill Gates by $58 billion.

He has been married since 1994 and has four children.

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