Amazon.Com Stock Climbs 7.7 Percent

Thu., June 25, 1998

From Staff

Amazon.com Inc. shares rose 7.7 percent Wednesday, extending a two-week surge sparked by the No. 1 online bookseller’s move into selling music on the Internet.

Amazon.com gained $7.12-1/2 to $99.81-1/4 on trading of 9.8 million shares, more than three times the recent daily average. Earlier, the shares touched an all-time high of $100. The stock of the Seattle-based company, which went public 13 months ago and has yet to make money, more than doubled in the past month.

The online bookseller began offering 125,000 music compact discs on its Internet site on June 11, spurring speculation that it will gain revenue and market share in its competition with retail bookstore leaders Barnes & Noble Inc. and Borders Group Inc.

Amazon.com had sales of $147.8 million last year, and its $4.7 billion market capitalization is almost equal to Barnes & Noble and Borders combined.

“There was good initial response to the music store,” said Roger McNamee, a general partner at Integral Partners, which owns Amazon shares.

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Amazon.Com Stock Climbs 7.7 Percent

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