Has Amazon.com, Inc (NASDAQ:AMZN) Really Won The Court Battle Against IBM?
Amazon.com, Inc (NASDAQ:AMZN) has defeated IBM’s effort to reopen the bidding for the $600M contract for the CIA cloud-computing market.
The U.S. Court of Federal Claims Judge Thomas Wheeler had granted Amazon.com, Inc (NASDAQ:AMZN)’s judgment –request on the administrative-record, that came on the heels of the hearing that took place on Monday. The Government Accountability Office is the agency that makes all recommendations on the challenges to any contracts.
In July, Amazon.com, Inc (NASDAQ:AMZN) sued and said that the agency sided with IBM in agreeing that the CIA had not been successful in evaluating prices properly and that they has waived the contract-requirement only for Amazon.com, Inc (NASDAQ:AMZN). Post the judgment, in an emailed statement IBM said that they are disappointed with the court ruling and that they plan an appeal to this decision. The company said that the decision seemed inappropriate especially keeping in mind that the bid that IBM had put forth was superior to the Amazon.com, Inc (NASDAQ:AMZN) bid.
Monday’s trading session
In Monday’s trading, Amazon.com, Inc (NASDAQ:AMZN) dropped by 2.82%. The opening price of the shares was $315.24, which climbed to an intraday high of $315.34 and dipped to a close of $310.03. Approximately 2.09 million shares were traded on Monday while an average volume of 2.11 million shares were traded over a 30 day period. The 52-week low of Amazon.com, Inc (NASDAQ:AMZN) shares is $218.18 and its 52-week high is $322.92. The company has a market capitalization of $141.65 billion.
About the company
Amazon.com, Inc (NASDAQ:AMZN) serves consumers via its retail-websites and focuses on the selection and price of products as well as convenience of the customers. It also manufactures and sells its Kindle devices. The company offers numerous programs that allow sellers to sell products on the company’s websites as well as their own branded-websites.