Shares of Amazon.com (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 Amazon.com. Amazon.com will receive a percentage of the revenue generated from sales on its Web site.
Whether you believe Amazon.com 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 Amazon.com 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 TheStreet.com columnist James Cramer, who has had many negative things to say about Amazon.com in the past, conceded Wednesday that Amazon.com should be in his portfolio.