NEW YORK: Amazon became the second big US company to hit $1 trillion in stock market value in the latest demonstration of the rising clout of American technology heavyweights.
The online retail giant breached the $1 trillion valuation near 1540 GMT when its share price hit $2,050.50. The Amazon landmark comes about a month after Apple hit the $1 trillion level.
Amazon retreated slightly after hitting the milestone, and near 1600 GMT, it was up 1.1 percent to $2,035.07.
Founded in 1994 by Jeff Bezos, who is now the world’s richest man, Amazon has grown exponentially from its roots as an online bookseller into a sector-crossing mastodon.
It competes directly with Walmart and is at the forefront of the latest trends in artificial intelligence with its Alexa personal assistant program.
Other ventures include its purchase in 2017 of Whole Foods Market and an increasingly vital presence in the production of movie and television shows that are made available to subscribers of its Amazon Prime streaming service.
The company’s employee count has soared to 575,000 as it has spread out into ever-more sectors of the economy.
Company profits, which long played second fiddle to revenue growth, have shown impressive gains. In the most recent quarter, Amazon reported $2.5 billion in profits, a 12-fold increase over the year-earlier period.
Amazon tops $1 trillion in stock market value
Amazon tops $1 trillion in stock market value
- The online retail giant breached the $1 trillion valuation near 1540 GMT when its share price hit $2,050.50
- The Amazon landmark comes about a month after Apple hit the $1 trillion level
Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness
RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.
The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.
Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).
Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.
National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.
Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.
On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.
Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.
In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.
