Amazon stock split: Will the tech giant join the Dow Jones Industrial Average?
Amazon's (AMZN) big stock split could pave the way for entrance into the 30-member exclusive club known as the Dow Jones Industrial Average.
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"We expect that the stock split should increase the accessibility of shares to a broader array of potential investors, and note that the split should allow for potential inclusion of Amazon shares in the Dow Jones Industrial Average," said Wells Fargo analyst Brian Fitzgerald.
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Shares of the e-commerce giant rose 5% in pre-market trading on Thursday on the heels of a 20-for-1 stock split announcement.
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The company also revealed a massive $10 billion stock buyback plan.
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Amazon's stock split is the fourth one in its history. The last split came in September 1999.
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If shareholders approve of the split, it will begin trading on the new basis on June 6.
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Even as Amazon's stock will get cheaper on paper after the split, Dow inclusion is far from guaranteed. The process is notoriously arbitrary.
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A committee made up of S&P Dow Jones Indices representatives and Wall Street Journal editors are tasked with deciding which companies enter and exit the Dow.
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The last two companies to gain inclusion into the Dow were Salesforce and Honeywell in 2020.
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Should Amazon be selected, the company would join Apple, IBM and the aforementioned Salesforce as the main tech names in the index.
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Wells Fargo's Fitzgerald isn't pinning his call on Amazon's stock on Dow inclusion, however.
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"We view the increased share repurchase authorization announced [Wednesday] as further evidence of a sharper focus on profitability.
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Assuming a steadier investment cadence in the retail business, we expect investor focus to shift to Amazon's faster-growth, higher-margin opportunities in advertising and at AWS," Fitzgerald said.
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The analyst has an Overweight rating on Amazon (Buy equivalent) with a $4,250 price target.
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Amazon's stock split is the fourth one in its history. The last split came in September 1999.
https://bitbucket.org/biperdiafa/stermalorab/issues/972/band-merch-2022
If shareholders approve of the split, it will begin trading on the new basis on June 6.
https://bitbucket.org/biperdiafa/stermalorab/issues/973/band-merch-2022
"Big tech stalwarts all saw massive strength during the pandemic and the stocks are now ripe for a split. Amazon is following the lead of Apple, Tesla, and Alphabet on the stock split path.
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These are smart moves as investors positively digest stock splits. We believe tech names are oversold as we seen in five years," Wedbush tech analyst Dan Ives told Yahoo Finance.
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Apple split its stock 4-for-1 in 2020s. Tesla's 5-for-1 stock split also occurred in 2020. Alphabet's 20-for-1 stock split was announced in February.
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