Amazon.com's stock: Best price ever
POSTED: Friday, July 12, 2013 - 2:00am
UPDATED: Friday, July 12, 2013 - 2:04am
NEW YORK (CNNMoney) — Amazon.com is currently offering its best price ever to shareholders.
The online retailer's stock topped $300 for the first-time Thursday, ending the day just below that level at $299.66 a share.
Amazon.com is up 20 percent in 2013, continuing a buoyant five-year run in which its stock's value has more than tripled.
Investors welcomed a U.S. district court ruling on Wednesday that Apple had colluded with multiple publishers to raise prices on e-books.
Apple is appealing the ruling, but many industry watchers expect that the iPad maker will be forced to pay high damages and to have trouble making future deals with publishers.
With its Kindle e-reader and a large selection of books available for sale on its site, Amazon could become the winner in the fierce fight over the future of book buying.
The company is not only competing with Apple, but it is battling Netflix and Hulu for control of the streaming television and movie world by buying films and shows for its library.
Despite its surging stock price, things at Amazon haven't been especially rosy lately. During the first three months of the year, Amazon's profits have dropped by 37 percent.
Amazon has articulated plans of giving up short-term profits and investing in long-term growth. It has been building new warehouses and pouring money into research and development for future product lines.
Wall Street is buying Jeff Bezos's strategy and giving Amazon a temporary pass on profits, for now.