Why Amazon Stock Was Moving Higher Today
Shares of Amazon (NASDAQ: AMZN) were gaining today, seemingly on rumors that the company was considering a surprising acquisition. According to a report in the entertainment website The Intersect, Amazon founder Jeff Bezos has dispatched advisors to explore an acquisition of AMC Entertainment Holdings, the world's largest movie theater chain. As of 11:28 a.m. ET on Wednesday, Amazon stock was up 2.5%, likely benefiting from broad gains in the market as well, as the Nasdaq was up 1.2% at the same time.