Amazon stock surges toward best 4-day performance in 2 years after stock split approved

Shares of Amazon.com Inc. AMZN, +4.40% charged 5.7% higher to $2,435.01 in afternoon trading, to put them on track for a fourth-straight gain. The ecommerce and cloud behemoth’s stock has soared 17.0% in the four days since it closed at $2,082.00 on May 24, which was the lowest close since April 9, 2020. That would be the stock’s best four-day performance since it ran up 17.9% over the four-day stretch that ended April 16, 2020. Amazon disclosed late Friday that its shareholders had approved an amendment to its restated certificate of incorporation to effect a 20-for-1 stock split, in which each Amazon shareholder will receive 19 additional shares for each Amazon share they own. The stock is scheduled to begin trading on a split-adjusted basis on Monday, June 6. At current prices, the stock would be priced at $121.75 after a 20-for-1 split. The stock has dropped 27.0% year to date, while the SPDR Consumer Discretionary Select Sector ETF XLY, +0.51% has shed 23.7% and the S&P 500 SPX, -0.63% has lost 12.6%.

Source: finance.yahoo.com