NEW YORK (TheStreet) -- Amazon.com (AMZN) - Get Report is now ranked number five in terms of overall market value on the S&P 500, with a $356 billion valuation, CNBC's Dominic Chu reported on "Power Lunch" Monday.
The company took the place of Berkshire Hathaway (BRK.A, BRK.B), whose overall market value is $355 billion, Chu said.
Telecommunication and utility stocks are leading this year unlike last year when Facebook (FB), Amazon, and Netflix (NFLX) did, he said.
"We'll see if this time around this kind of momentum can be sustained. Of course there are a lot of nay sayers out there that say Amazon has come very far very quickly," Chu said.
Amazon exceeded a $350 billion market cap for the first time on Friday, CNBC's Melissa Lee added.
Analysts are getting bullish as the company approaches prime day and prepares to report second quarter earnings. "Especially surrounding AWS, Amazon Web Services and the gross margin estimates, them saying that they might be too conservative," Lee continued.
Amazon Web Services is one of the fastest growing web services division on the market and represents a growth aspect of the overall market, Chu said.
Amazon would need to raise its market value to $390 million to take over the number four spot, which currently belongs to Exxon Mobile (XOM) and is followed by Microsoft (MSFT), Alphabet (GOOGL), and Apple (AAPL). Apple, which holds the number one spot, has an overall market value is $535 billion, Chu explained.
Shares of Amazon are up by 1.12% to $754.16 on Monday.
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Separately, TheStreet Ratings team gave Amazon a "buy" ratings with a score of B-. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and solid stock price performance. TheStreet Ratings team feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
You can view the full analysis from the report here: AMZN
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