Despite news that Wal-Mart (NYSE:WMT) is planning to drop the Kindle Fire, Amazon (NASDAQ:AMZN) is poised to transition from being the world’s largest online retailer to a robust technology and Internet company. Cantor Fitzgerald put a “buy” rating on the company’s stock with a price target of $300. The stock closed down at the end of trading on September 21, but is up over 43 percent this year to date.
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The new Kindle Fire line promises to keep its foot in the tablet market, and the company is rapidly acquiring Japanese content for the device in expectation of its release in the country. In a side-by-side comparison done by Macworld, Amazon’s Cloud Player is looking good compared to Apple’s (NASDAQ:AAPL) iTunes Match. Although Amazon’s free version of the service doesn’t match up, the $25 premium subscription is the same price as iTunes Match, and offers more tracks as well as Google (NASDAQ:GOOG) Android and Research in Motion (NASDAQ:RIMM) BlackBerry support.
Amazon will also be paying more than $5 million to Seattle, where its headquarters is. The company will be buying a rail car and building a separated bike way along part of Seventh Avenue near its Denny Triangle campus. The City Council still has to discuss the funding proposal.
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