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2/28, 4:51 PM (Source: TeleTrader.com)
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Amazon hits all-time high after deal to acquire Ring

Amazon.com Inc. topped on Wednesday the intraday record value its stocks have set in the previous session. The surge to $1,528.7 in the giant retailer follows its acknowledgment that it purchased privately held Ring, which supplies home security systems including smart doorbells and cloud recording. Media speculation put the price for the business in the range of $1 billion.

The most recent valuation landed at $760 million, while the firm has raised $209 million from investors. Amazon, which makes complementary product Amazon Key, earlier invested in the startup based in Santa Monica, California, through its Alexa Fund. In December, the conglomerate led by Jeff Bezos took over Blink.

Shares were 0.94% higher at 4:34, going for $1,526.24. They added more than 30% since the beginning of the year alone, compared to a gain of just 8.4% in the benchmark Nasdaq 100.

Breaking the News / IT