Amazon Tumbles as Chip Stocks Lead Rebound
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Amazon.com (NASDAQ: AMZN) shares slid more than 5 percent Monday even as the rest of the stock market stabilized.
Amazon fell on an e-book pricing dispute with book publisher Macmillan, which raised concern that other publishers may also pressure Amazon for higher prices.
But chip stocks led a strong market rebound following the worst month for stocks since February 2009.
Nvidia (NASDAQ: NVDA), Micron (NYSE: MU) and Marvell (NASDAQ: MRVL) led the chip sector to a 3 percent gain, and Seagate (NASDAQ: STX) was another big gainer, up 7 percent.
Cisco (NASDAQ: CSCO) edged higher head of its results due out after the close on Wednesday.
Brocade (NASDAQ: BRCD) continued to lose ground despite a ThinkEquity upgrade. The company will report quarterly earnings on Feb. 22.
Akamai (NASDAQ: AKAM) climbed 6 percent on an analyst's upgrade.
The Nasdaq rose 23 to 2171, the S&P 500 climbed 15 to 1089, and the Dow gained 118 to 10,185. Volume fell to 4.08 billion shares on the NYSE, and 2.23 billion on the Nasdaq. Advancers led by a 30-8 margin on the NYSE, and 17-9 on the Nasdaq. Upside volume was 85 percent on the NYSE, and 81 percent on the Nasdaq. New highs-new lows were 81-37 on the NYSE, and 33-24 on the Nasdaq.