Amazon.com (AMZN) shares closed up 2.20 percent at $245.63 on Nov. 2, rebounding after Phillip Securities analyst Helena Wang upgraded the stock to buy and lifted her price target by $10 to $330.
Wang's upgrade hinges on AWS momentum. The cloud division reported sales of $46 billion, a 39 percent year-over-year jump—the fastest pace in nearly five years. Operating income within AWS surged 61 percent, and the division posted a growing backlog, signaling sustained demand.
Initial market reaction to Amazon's earnings last week was negative as investors fixated on AI capital spending and cash outflows. Today's 2.20 percent gain reflects a buying opportunity in weakness. Trading volume hit 57.7 million shares, 51 percent above the three-month average of 38.3 million.
The broader market finished lower: the S&P 500 fell 0.50 percent to 7,542 and the Nasdaq Composite dropped 1.07 percent to 25,164. Retail peers showed mixed performance—Walmart rose 3.38 percent to $127.69 and Costco gained 2.79 percent to $1,040.55.
