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Amazon trading hits new 52-week high Friday

Post by John Gillie / The News Tribune on Sep. 14, 2012 at 12:36 pm with No Comments »
September 14, 2012 12:36 pm

Seattle’s’s stock was trading above its 52-week-high of $262 per share Friday on the strength of its recent announcements of enhancements and expansions to its Kindle line of e-readers and notepads.

The world’s largest on-line reader’s stock jumped over $263 a share in morning trading on Wall Street, before dropping below $260 a share. The stock then rebounded to $263 a share territory.

The stock runup came despite Amazon CEO Jeff Bezo’s statement that the company doesn’t intend to sell Kindles at a price where it will be making a lot of money on the products.

Amazon instead plans make money selling its merchandise through the user-friendly access the Kindle line offers users.

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