By Joseph Pisani, Business Writer
NEW YORK (AP) --Amazon, the internet goliath that revolutionized the way much of the world buys books, toilet paper and TVs, hit a new milestone Tuesday. Its stock surpassed the $1,000 mark for the first time.
That price put Amazon's market value at about $478 billion, double that of the world's biggest traditional retailer, Wal-Mart, and more than 15 times the size of Target. A $1,000 investment on Amazon's first day of trading in 1997 would be worth more than $500,000 today.
Not only has Amazon changed the retail landscape since it became a public company 20 years ago, it's now part of a small cadre of high-flying stocks belonging to companies that have defied Wall Street and shunned stock splits.
Those splits make the stock more affordable and generate brokerage fees. But companies like Amazon have chosen to reward its long-term investors.
The last time Amazon has split its stock was nearly 18 years ago, according to financial research firm FactSet.
Another company with a similar philosophy is Alphabet Inc., the parent company of Google.
Amazon just beat Alphabet to the $1,000 level, with its Class A shares just $2 short of $1,000 Tuesday.
Only four other U.S.-listed companies have shares trading above $1,000: online travel booking company Priceline Group Inc., homebuilder NVR Inc., pork producer and ocean transportation company Seaboard Corp. and the apostle of long-term investing, Warren Buffett, with his holding company Berkshire Hathaway Inc. But stock prices only tell a part of the story.
The value of a company is determined by its stock price and the number of shares on the market. Amazon.com is well over four times the size of Priceline, NVR and Seaboard combined. It's 17 percent bigger than Berkshire Hathaway, a multinational conglomerate with ownership stakes in some of America's most well-known consumer brands like Coca-Cola, insurance companies and U.S. infrastructure.
Since launching a website to sell mostly books in 1995, Amazon has transfigured retail, sent revenue numbers to stratospheric heights, and is among the biggest reasons longtime powerhouses like Macy's, Borders bookstores and even RadioShack have suffered.
Those companies are closing locations and Amazon is filling the void, sometimes literally.
Last week in a location once occupied by Borders, the bookstore chain that went out of business in 2011, Amazon opened its first bookstore in New York City.
Mike Pierantozzi joins Movers+Shakers as exec creative director
Creative agency Movers+Shakers has appointed Mike Pierantozzi as executive creative director. In this new role, he will help guide the creative direction of Movers+Shakers’ socially-native campaigns. Pierantozzi will report to co-founder and chief creative officer Geoffrey Goldberg.
With nearly two decades of experience as a copywriter, creative director, and multi-platform storyteller, Pierantozzi brings a wealth of knowledge from his work with major brands including Kraft, Unilever, IBM, and Walmart. He has led the creation of award-winning campaigns for agencies like Red Tettemer, Ogilvy, The Brooklyn Brothers, TAXI, Saatchi & Saatchi, and most recently, Vayner, where he spearheaded culturally iconic work for Planters including “Death of Mr. Peanut.” He led the National Down Syndrome Society and Luvs account, whose “First Kid. Second Kid” campaign was awarded by the Effies, ADC, Clios and LIAs.
Outside of the office, Pierantozzi practices what he teaches brands. He’s gone viral multiple times on his own TikTok account, featuring comedic interactions with his son and a trombone. He’s accumulated 15K followers on TikTok.
“Mike brings a rare and awesome combination of deep social and platform experience, a keen eye for excellent storytelling, and a humble and kind approach to leadership,” said Goldberg. “Mike’s got a knack for turning brand stories into cultural movements, making him the perfect fit for Movers+Shakers. He’s got the kind of bold vision and attention to culture that fits perfectly with our mission to push creative boundaries and drive industry firsts. Plus, as a creator himself he has the innate ability to make people stop, laugh, and share--which is exactly what we’re about.”
“I’ve... Read More