After a year of being absent from the social media-focused BUZZ Index, Amazon.com, Inc. (NASDAQ:AMZN) finally made its return last month.
Declining almost 30% during the downturn at the beginning of the year, Amazon has since surged to a new all-time-high of $845, continuing its impressive multi-year run. After posting four straight earnings beats in 2015, Amazon hit a snag to start 2016 as a surprise earnings miss in January, along with general weakness in “FANG” stocks, kept social sentiment subdued. Since then, AMZN has shown the January miss to be an anomaly, as it followed up with two huge record profit quarters. Bullish discussion on the company, which had been steadily increasing throughout the year, jumped noticeably in September, signalling the a follow-through in the breakout to new highs.
NVIDIA, AMD Are In, Too
A sharp increase this month in bullish discussion surrounding chipsets and graphics processors resulted in two notable additions to the BUZZ Index. NVIDIA, which had not been in the index since early 2015, and Advanced Micro Devices, a first timer in the index, both surged into the top 15. As two of the largest players in the GPU chipset space, NVDA and AMD have benefited from the industry’s enormous growth in 2016 as their stocks have more than doubled this year. Both companies have posed numerous surprise earnings beats in a row with no signs of slowing down. Investor bullishness towards the technology sector as a whole continues to be strong, and the positive sentiment looks poised to continue pushing these chipmakers higher.
According to BUZZ Indexes, the “BUZZ Social Media Insights Index identifies the 75 most bullish U.S. stocks based on investment insights derived from the Social Media’s Big Data.” Here’s a synopsis of the changes made last month:
And here’s the sector makeup of the index as of the end of October:
Amazon shares fell $8.47 (-1.07%) to $781.35 in Tuesday afternoon trading. Year-to-date, AMZN has gained 15.43%.