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Amazon (AMZN) Stock Surges On Kindle Sales
The announcement of a 69% increase in third quarter earnings resulted in Amazon's stock increasing to an  alltime high on Friday (taking into account stock splits). In fact, Amazon stock surged 14 percent taking it well beyond the $100 mark after hours.
 Expectations were earnings of 33 cents per share and a total quarterly revenue of  $5.02 billion. The reality of the matter was considerably better with earnings at 45 cents per share and quarterly revenue at $5.45 billion.
Reasons for the surge were several, including the surging sales of Amazon's top product, Kindle, and surprising surge in third quarter on line sales which were flat in the second quarter. Kindle, the hand-held device which enables users to read books in a digital format, has become the top-selling product on its web site, according to CEO Jeff Bezosa.
Amazon's stock continues to trade at a price range which is roughly 45 times current earnings.
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