Funds Keep Gobbling Up Amazon, Chipotle As Stock Split Finally Arrives

Amazon stock, Coinbase Global and Chipotle Mexican Grill found themselves on the list of Stocks Funds Are Buying at the IBD Stock Screener. Three stocks selected from today’s screen are in bases or buy zones and have strong fundamentals.

Amazon Stock Readies For Next Move  is in a cup base with a 191.70 buy point. The IBD SwingTrader stock reclaimed its 50-day moving average on June 20, following news that Amazon’s Bedrock service will use Anthropic’s newest artificial intelligence model, Claude 3.5 Sonnet. Amazon stock, a Magnificent Seven name, is within 3% of the buy point.

On Tuesday, Amazon announced its 10th Prime Day will be July 16-17.

The e-commerce giant topped first-quarter earnings and sales estimates on April 30. Its quarterly earnings per share tripled vs. the prior year’s quarter, while sales grew 13%. Full-year profit forecasts are for 76% growth and a 25% increase in 2025.

Mutual funds keep adding Amazon stock, with 7,680 funds owning shares in March, up from 7,426 in December and 7,227 in September. Fidelity Contrafund (FCNTX) is one of its best-known shareholders and held 48.16 million shares in March, while JPMorgan Large Cap Growth Fund (SEEGX) owned 33.52 million shares

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