Stock in News – Tesla and Amazon
20 November 2020Tesla Inc
Tesla Inc, the electric car maker is set to join the S&P500 on December 21. The Company’s share price rallied following the announcement, highlighting the dominance of mega-cap growth stocks on the S&P500 benchmark. The Company also received a trading upgrade to a buy-equivalent citing “the company on the verge of a profound shift” from Morgan Stanley after its debut declaration.
The Company reached an all-time high of $508.61 before retreating lower to close at 499.27 on Thursday following the growing optimism about the future of electric cars.
Source: Bloomberg Terminal
Tesla’s share price rose from a low of $72.24 in March to a high of $508.61 earlier this week. In what is an impressive rally, the rise of the electric car maker goes beyond the fundamentals and has outshined its peers.
Source: Bloomberg Terminal
On the technical side, while the Company’s share price is poised to experience its best week since August, it is navigating near overbought territory.
The Amazon Pharmacy
Another big tech company making headlines this week is Amazon Inc. with the launch of its online pharmacy. The Amazon Pharmacy is a game-changer for the online retailer giant as it will allow customers to order medication or prescription refills to be delivered to their front door within days. Its emergence in the prescription drug space will definitely have some impact on drugstores. The share price of its rival companies CVS Health Corp, Wallgreens Boots Alliance Inc, Rite Aid and GoodRx took a blow on the launch.
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