Amazon.com, Inc. (NASDAQ: AMZN) shares traded up as Cyber Monday kicked off and after the online retailing company said it sold four times as many Kindle devices on Black Friday as it did last year, and its Kindle Fire was the best-selling tablet on its website as well as at Target Corp (TGT) stores.
Though Apple Inc.’s (AAPL) iPad dominates the tablet market, the Kindle Fire is considered one of its strongest rivals to enter the market. The Kindle Fire has a smaller screen and fewer apps than the iPad, but it’s priced much lower and is expected to appeal to consumers on a budget who plan to use it for consuming content rather than as a partial laptop replacement.
Amazon also is competing with Barnes & Noble Inc.’s (BKS) new low-price Nook Tablet.
Amazon Kindle executive Dave Limp said the company is seeing a lot of customers buying multiple Kindles–one for themselves and others as gifts.
The company closed at $194.15 after gaining 6.44% or $11.75 in Monday’s session.
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