InternetAmazon Kindles Tech Rally

Tech stocks rallied Monday after a Citigroup analyst said he expects sales of Amazon's electronic reader to exceed expectations.

Amazon.com (NASDAQ: AMZN) sent tech stocks higher on Monday after a Citigroup analyst issued an upbeat report on the stock. Amazon shares gained more than 9% after analyst Mark Mahaney said Amazon's Kindle could become "the iPod of the book world." Mahaney said Amazon could sell as many as 380,000 of the devices this year, double his initial estimate. Broadcom (NASDAQ: BRCM) led a strong chip sector, rising 3.7% after winning a patent ruling against SiRF (NASDAQ: SIRF), which saw its shares fall 24% on the news. But stocks finished well off their highs after oil prices stabilized following another steep drop. Rackspace Hosting (NYSE: RAX) fared better in its second day of trading, rising 7%. Nvidia (NASDAQ: NVDA) rose and Applied Materials (NASDAQ: AMAT)... [ Read more on www.internetnews.com ]

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