Amazon shares just did something remarkable

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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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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