Stock Watch: Amazon Inches Higher Despite Analyst Doubts (Nasdaq: AMZN) ended up 15/16 at 36 Wednesday after the e-tail giant announced a new photo service.

The stock recovered from an earlier drop that followed reports that Robertson Stephens analyst Lauren Cooks Levitan questioned the company’s diversification strategy.

Amazon said its new Camera & Photo store is a product of an alliance with Ofoto, Inc., an online photography service. The store provides photo processing and sells cameras and related products.

Amazon’s photo venture follows a similar move by Yahoo! (Nasdaq: YHOO), which last month set up a photo service through a venture with PhotoWorks (Nasdaq: FOTO). Web giant America Online (NYSE: AOL) also has a photo site called “You’ve Got Pictures!”

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