Shares of Amazon Inc. (AMZN - Get Report) were rising 1.6% Thursday afternoon, bouncing back after starting the day down as much as 0.6% after President Trump put the company in his Twitter crosshairs.
Shares closed at $1,444.45, up $13.00.
Trump took to social media to say that the company does not pay state and local taxes and that its bad for rival retailers.
I have stated my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!— Donald J. Trump (@realDonaldTrump) March 29, 2018
Amazon seems to have won Thursday's battle, but Trump will have a chance to strike back over the next few weeks as the Defense Department submits a request for proposals for a 10-year contract to provide the military with cloud services that could be worth up to $10 billion.
Amazon Web Services is the market leader in providing cloud services, but it could lose out on this military contract if Trump pushes the department to chose someone else.
Amazon has not said whether it will pursue the contract.