What happened
On quite a down Tuesday for the stock market, both Amazon (AMZN 1.34%) and Uber (UBER 2.74%) managed to do better than most titles. The former traded essentially flat across the day, while the latter inched up in price by almost 1%. A glowing report from an influential investment bank helped the two stocks rise above the gloom.
So what
No less an institution than Goldman Sachs (GS 1.63%) tapped Amazon and Uber to head its new list of top internet stock picks. Other familiar tech names making the lineup were Meta Platforms and Google parent Alphabet.
Amazon was Goldman's No. 1 pick for the remainder of this year. Uber made the list despite a nearly 40% rise in share price year to date. The investment bank still thinks the stock has room to run, as it has "produced progress on profit initiatives with stable end demand trends & overall industry competitive intensity."
All four stocks were victims of the tech sector freeze that made most of 2022 frosty for many investors. More than a few have staged a rebound since then, as fears of macroeconomic headwinds have eased and the market plows into stocks now considered bargains.
Now what
What's also helping Amazon is that the company continues to squeeze out growth. Amazon's fourth-quarter results, announced early last month, weren't overly impressive, yet the company managed to improve its revenue by 9% on a year-over-year basis.
As for Uber, certain recent developments have broken the rideshare king's way. Tuesday morning, for instance, it was reported that New York City's labor and consumer agency has significantly scaled back its proposed minimum wage for app-based food delivery workers. The agency had hoped to set that rate at $23.82 per hour by 2025; this has been trimmed to $19.96.
