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Business

Amazon shares soar past $800 for the first time

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Opening sequence

Business

Amazon shares soar past $800 for the first time

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COMING UP:Amazon shares soar past $800 for the first time

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Transcript

00:00:00
>> Here it is.>> Space travel provider, Blue Origin, isn't the only Jeff Bezos company breaking through the stratosphere. I'm Conway Gibbs at the NASDAQ market site, where Amazon shares on Thursday, broke above $800 for the first time ever. The record high coming on the back of a groundswell of investor optimism, as Amazon heads into it's busiest time of the year, the holiday packed, fourth quarter.
00:00:26
Driving a lot of the hopes? The continued success of Amazon Prime. That's the subscription service providing faster shipping and access to Amazon's growing list of media content, like the Emmy-award winning blockbuster, Transparent, all for $99 a year. One Wall Street analyst predicting that Prime memberships could hit 93 million by the end of the year, putting a record $7 billion into Amazon's pockets.
00:00:53
And its not just Amazon's retail business that's standing strong, its cloud business known as Amazon Web Services is doing well too. Most of Wall street banking on Amazon's shares going even higher. Nearly all of the 46 analysts covering the company, have a buy rating on the stock. Shares of Amazon rallying some 17% since the start of the year, so what does that mean for Jeff Bezos?
00:01:18
He's now $10 billion richer.>> But the interest of the Internet.