Stock Watch: Wall Street Applauds’s New Ventures

Shares of (Nasdaq: AMZN) soared more than 22.5 percent on Wednesday, gaining 14-7/8 to 80-3/4 after the company announced a new service that will allow pretty much everybody — including small businesses and individuals — to sell their products and process payments through will receive a percentage of the revenue generated from sales on its Web site.

Whether you believe is overvalued or not, you have to admit that the company is a lot more intriguing than it was on Tuesday. In addition, it won’t be surprising if expands into another unexpected area soon. After all, the company seems completely focused on spending a lot of money to grow its business now.

Even hedge-fund manager and columnist James Cramer, who has had many negative things to say about in the past, conceded Wednesday that should be in his portfolio.

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