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MarketWatch First Take: Amazon heads toward $700 billion valuation thanks to Alexa, AWS and tax gains

Amazon.com Inc.’s blowout earnings report Thursday was powered by big sales associated with its Alexa voice assistant, hefty profits at Amazon Web Services and a tax benefit of $789 million, sending its stock toward record highs that could mean a $700 billion valuation.

Amazon’s AMZN, -4.20% shares soared more than 6% in after-hours trading to prices that would be intraday records in regular trading, thanks to record quarterly profit and revenue in the holiday-shopping season. Before any post-earnings gains, Amazon’s shares are already up about 19% this year, compared with the Dow Jones Industrial Average DJIA, +0.14% , now up about 6% in 2018.

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