Seattle’s Amazon.com’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.