>> Amazon the company that can seemingly do no wrong being rewarded Friday with a stock topping $1100 for the first time ever. The move comes a day after Amazon announced a mind blowing quarter thanks to strong sales on Prime day, solid demand for it's cloud services and a little help from it's acquisition of Whole Foods.
Reuters correspondent Jeffrey Dastin.>> Amazon trounced expectations on Wall Street for its profit in the third quarter. It posted some $256 million when analysts were just expecting less than $8 million. And the reason they expected that is because over the years Amazon's profit has been like a roller coaster.
Where it takes its sales and then whatever profit it has it invests it back into the business, so it can outsmart and outspend its competitors. But now it seems that, at least it's growing fast enough, that it still can make money on the side.>> And it's not yet done inserting itself into new areas of business.
The Saint Louis Post-Dispatch reported Thursday that Amazon gained approval from a number of state pharmaceutical boards to become a wholesale drugs distributor. An Amazon spokesperson says, it doesn't comment on rumors or speculation. But Amazon isn't the only tech company seeing its business and its stock on fire. Shares of Alphabet, the parent of Google, rising toward to an all time high Friday.
Quarterly sales growth hitting the strongest pace in nearly five years on the back of mobile ad spending. Not a simple feat with Facebook nipping at its heels. But Alphabet making it look easy, even though it's facing political pressure for its role in spreading online propaganda. That pressure not showing up on the bottom line, as YouTube continues to outplay the competition.