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Amazon Bears Take Cover

Stock quotes in this article: AMZN , YHOO , GOOG  

It's a rough day for the Amazon(AMZN Quote) bears.

On Tuesday, the company announced first-quarter results that blew past analyst estimates while lifting its guidance for the year. It also reported improving operating margins and said that the rate of its spending growth on technology and content in 2007 would be slower than the year before.

The blowout quarter caught Wall Street flatfooted. Shares soared nearly 25% to $55.53 in recent trading on Wednesday. ...

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