Closing Bell: Amazon Reaches $3T in Market Value, Boeing Rises, Palantir Earnings

On this episode of Stock Movers:
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Carol Massar and Tim Stenovec.

- Amazon (AMZN) surpassed $3 trillion in market value for the first time, becoming only the fifth company to ever reach the milestone. The e-commerce and cloud-computing company’s shares traded higher on Monday, adding to the raucous rally last week following second-quarter earnings that showed accelerating cloud-computing revenue. Amazon joins Nvidia, Alphabet, Microsoft and Apple as the only companies that have reached that size.

- Boeing (BA) received sign off for the 737 Max 7 from the Federal Aviation Administration, ending a drawn-out certification process that was upended by two fatal crashes and quality lapses at the US planemaker. The FAA issued an amended type certificate for the Max 7 following almost a decade of review, the regulator said in a statement Monday. The Max 7 has been predominantly ordered by Southwest Airlines Co. and Boeing has 282 unfilled orders for the Max 7, according to its website. Shares of Boeing rallied in trading on Monday. 

- Palantir (PLTR) raised its sales and income forecasts for the full year after posting second-quarter sales that far exceeded Wall Street’s estimates. Palantir now expects $4.89 billion to $4.91 billion in adjusted income from operations, up from $4.45 billion at the top end of the range previously. The software developer also raised its full-year revenue outlook, projecting as much as $8.16 billion in sales, above analysts’ estimates of roughly $7.7 billion on average. Shares gained in late trading immediately following the results.

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