Fund managers focus on Prime memberships to gauge Amazon rally

The strength of Amazon.com Inc's nearly 75 percent rally since February may depend on how many more brown cardboard boxes end up on the doorsteps of U.S. consumers this fall. The share price surge of the internet-based retailer and cloud services company since the market sell-off at the beginning of the year has far outpaced the other so-called FANG stocks of Facebook Inc, Netflix Inc, and Google-parent Alphabet Inc that led the broad U.S. market in 2015. "This stock is priced for perfection, and if they deliver merely perfection it will go down," in the short-term, said Michael Pachter, an analyst at Wedbush Securities in Los Angeles.

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