Amazon’s days as the most expensive stock in the Standard & Poor’s 500 Index are numbered as chief executive Jeff Bezos reaps profit from an $18.5 billion spending spree designed to spur growth.
Amazon has seen its stock almost double in three years and trades at more than 700 times earnings, the highest ratio of any company in the S&P 500 - a ranking it has held for nine months.
As investments in...
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