NEW YORK (TheStreet) -- Amazon (AMZN) hit a one-year high of $407.80 on Tuesday and the stock closed at $407.05, a 1.86% or $7.44 increase from its previous close of $399.61.
The stock had a volume of 2,659,961, slightly less than its average of 2,973,890. It had a low of $401.60 for the day and has a one-year low of $245.75.
The Wall Street Journal reported Tuesday through sources familiar with the matter that Amazon is considering starting its own online pay TV service, and the company has reportedly reached out to at least three media companies about content for the service. The news broke hours after Intel (INTC) confirmed that it would cease its plans to launch its own online pay TV service and would sell its Intel Media property, which had been working on the project, to Verizon (VZ).
TheStreet Ratings team rates Amazon as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMAZON.COM INC (AMZN) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."