Why Amazon Is Surging Higher Today

Shares of Amazon (NASDAQ: AMZN) were up more than 2% in early trading Tuesday, defying the Nasdaq Composite index, which opened in negative territory and is down nearly 80 basis points as of this writing.

Sure, Amazon has been beaten down along with many other high-growth tech stocks that trade at high multiples of near-term earnings. Still, the stock's upcoming split, set to happen later this week, likely played a role in today's better-than-average action.

Last week, Amazon shareholders officially approved the company's 20-for-1 stock split, which was first announced back in early March. The split is set to take place on Friday, June 3.

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Source Fool.com