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Amazon shares just did something remarkable

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Amazon hits $300B market cap

All eyes have been on Facebook this week as the social media giant approached a massive market cap of $300 billion. Meanwhile, another company has also quietly surpassed the major milestone, and some traders say there's a lot more room for the stock to run.

Shares of Amazon jumped 2.2 percent Thursday, bringing its market capitalization to more than $306 billion. Other members of the elite $300 billion club include Apple, Alphabet, Microsoft, Exxon Mobil and, as of Wednesday, Facebook.

David Seaburg, head of sales trading at Cowen & Co., says he expects Amazon to continue to outperform.

"This is a name that is going to continue to work and continue to move a lot higher. They are crushing it on the retail side," Seaburg said Thursday on CNBC's "Power Lunch. "

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He said Amazon has taken massive market share away from large retailers such as Target and Wal-Mart as well as successfully invested in cloud Web storage.

"I'd much rather own Amazon [than Facebook] from a price appreciation perspective, period," Seaburg said.

From a technical perspective, Craig Johnson of Piper Jaffray said he also prefers Amazon over Facebook.

Amazon has risen more than 111 percent year to date, which Johnson said could deter some investors from buying the stock. However, he recommended waiting for a 5 to 10 percent pullback to buy in, which he said could happen in the near term.

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"Any pullbacks here, the longer-term trend is still up. We want to be buying stocks like this in secular bull markets."

On Wednesday, both Amazon and Facebook hit all-time highs since their respective IPOs.


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