Amazon stock rose 1.5 percent after a critical tweet Tuesday morning from President Donald Trump.
Amazon has finally managed to shrug off a social-media lashing from the President.
The stock closed Tuesday’s session up 1.5 percent after a tweet in the morning from President Donald Trump about the “many billions of dollars” that the company is costing the U.S. Post Office.
This follows a Vanity Fair article Monday night that said Trump is reportedly looking at ways to “escalate his Twitter attacks on Amazon to further damage the company,” and a Twitter post from a Vanity Fair correspondent Tuesday saying Trump’s economic adviser Larry Kudlow reportedly agrees with the president that Amazon is a “problem.”
Amazon stock closed up $20.06, or 1.5 percent, at $1,392.05 Tuesday. Amazon slightly exceeded the performance of the broader market, where the S&P 500 index closed up 1.3 percent, implying that traders may be getting tired of the persistent barrage of Trump tweets
. Amazon fell 11 percent in the past week versus recent tech doghouse member Facebook, which was down about 2 percent.
Analysts from Piper Jaffray to D.A. Davidson defended Amazon Tuesday morning, as many on the sell-side have done since Axios reported last week that Trump is more interested in targeting the company instead of Facebook.
In a note, Piper analyst Michael Olson said he expects more chatter on Amazon throughout Trump’s tenure, though “little will change which has the potential to negatively impact” the company’s growth trajectory. Meanwhile, Bank of America removed Facebook from its U.S. focus list this morning.