The race toward new highs among the magnificent seven stocks continued after Amazon (AMZN) etched higher. At $185.19, the company will cross the $2 trillion market capitalization. It would join Apple (AAPL) at that size. Meta Platforms (META), Microsoft (MSFT), and Nvidia (NVDA) already broke out toward record highs in the last few months.
Amazon investors are more bullish than ever for Amazon Web Services. Despite Alphabet (GOOG) intensifying its quest to increase its market share with Google Cloud Platform and Alibaba (BABA) slashing prices Alibaba Cloud, AMZN valuations keep rising.
With Wall Street analysts rating Amazon a buy, investors should watch out for profit-taking.
Among the smaller tech stock trades, Fastly (FSLY) needs to trade toward $15 today, after rising by 7.8% on Monday. Piper Sandler upgraded the stock to overweight.
In the communications services sector, Perion Network (PERI) plunged by 40.79% yesterday. It issued a shockingly poor forecast. The firm expects revenue of $590 to $610 million, down by 19% Y/Y. Adjusted EBITDA will fall by 53% Y/Y. The firm depended too heavily on Microsoft Bing. As a result of weak search advertising and web video activity, revenue will fall.
Perion tried to limit the sell-off by increasing its buyback from $50 million to $75 million.
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