Technology stocks were up Monday, along with the major market indices, as Amazon(AMZN Quote) and Apple(AAPL Quote) emerged as the leaders of the sector's rally.
Shares of Amazon jumped $9.37, or 11.6%, to $89.90 on speculation that its Kindle electronic book reader is likely to be a big hit among consumers. Citigroup analyst Mark Mahaney sparked off the buzz with his note that said he expects Kindle's unit sales to be twice as high as his original estimate. Mahaney expects 380,000 devices to be sold in 2008, up from 190,000 forecast earlier.
Apple gained $6.20, or 3.6%, to $175.75 following comments by CEO Steve Jobs said that more than 60 million applications for the iPhone have been downloaded, so far, and the company has gained $30 million in revenue. Apple hopes iPhone apps will contribute about $360 million in new revenue a year. ...
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