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Amazon shares soar
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November 8, 1999: 3:37 p.m. ET
Stock gains as commerce portal prepares to launch new venture
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NEW YORK (CNNfn) - Amazon.com shares climbed more than 14 percent Monday amid speculation about the e-commerce portal's next new venture.
Amazon stock rose 9-1/2 to 74-7/16 in mid-afternoon trading.
Rumors surrounding Amazon (AMZN) have it teaming with any number of different partners, such as Beyond.com (BYND) to sell software on the Amazon site, or Home Depot (HD) or Black & Decker (BDK) to offer power tools online.
Black & Decker did not comment at press time, while Home Deport flatly denied any involvement with Amazon. Beyond.com could not be reached
Officials at Amazon would not comment on the reports, referring instead to a press conference that will be held Tuesday morning in New York.
The Seattle-based online merchant issued a press advisory Monday stating that it will "make a significant announcement regarding additions to its product line that will impact the competitive landscape of online shopping."
In attendance at the conference will be Jeff Bezos, Amazon founder and CEO; Joseph Galli, president and COO; David Risher, senior vice president of product development, and the general managers of each of the company's product lines.
Amazon first launched in 1995 as a virtual bookstore, and has since expanded to retailing products including music and videos and offering online auctions. At the end of September, it rolled out its latest venture, zShops, in which it allows smaller online merchants a presence on the Internet.
The company also has made several Internet-related investments in sites such as drugstore.com and pets.com.
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