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Price of Amazon shares hits $1,000 for the first time

By Ed Adamczyk
Amazon CEO Jeff Bezos talks about Kindle technology at the Barker Hangar in Santa Monica, Calif., on September 6, 2012. Amazon's trading price went above $1,000 for the first time Tuesday. File Photo by Phil McCarten/UPI
Amazon CEO Jeff Bezos talks about Kindle technology at the Barker Hangar in Santa Monica, Calif., on September 6, 2012. Amazon's trading price went above $1,000 for the first time Tuesday. File Photo by Phil McCarten/UPI | License Photo

May 30 (UPI) -- Shares of Internet retailer Amazon crossed the $1,000 per share threshold for the first time Tuesday on the NASDAQ exchange.

The milestone for the company, which dominates in online commerce and cloud computing, comes as its share price has climbed 40 percent from one year ago. Amazon shares hit $1,001.20 on Tuesday morning before falling below the threshold; its 52-week low was $682.12.

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Investors are pondering how high the stock can climb as the company concentrates on replicating its U.S. success in other markets, Bloomberg News reported.

Amazon, headquartered in Seattle, has a $478 billion market value, double that of Walmart Stores Inc., although Walmart sales are expected to have three times Amazon's sales in 2017. Investors value Amazon's web traffic and delivery network over Walmart's retail presence in stores across the country because online spending is expected to grow four times faster than overall retail spending, Bloomberg said.

Amazon improved on expectations in April when it posted revenue of $35.7 billion, starting the upward climb of the stock price. Sales increased 23 percent and business sales by amazon Web Services, its cloud computing division, increased 42 percent in the first quarter of 2017.

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With its market value, Amazon is larger company than the other 14 U.S. stocks currently trading above $1,000 per share, combined. The only other tech company on the list is Priceline Group.

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