Shares of Amazon.com ( AMZN - Get Report) soared $5.83, or 7.6%, to $82.29 after James Mitchell, an analyst at Goldman Sachs added the stock to the firm's 'Americas Conviction Buy' list.

Mitchell also raised his six-month price target on the stock to $98 from $75. Based on the company's online-offline expansion strategy, the demand for its electronic book reader Kindle, and share gains in a growing online retail market, Mitchell said he estimates Amazon can sustain more than 20% year on year unit growth over five to 10 years.

GPS-based navigation devices maker Garmin ( GRMN - Get Report) shed $2.67, or 5.3%, to $47.35 after an analyst at Needham downgraded the stock to hold from the buy. Garmin shares have exceeded the analyst's price of $48 even as the uncertainty around the personal navigation devices market continues weighing down on the stock.

E*Trade ( ETFC - Get Report) announced that it had signed an agreement to sell its equity shares in IL&FS Investment, an India-based financial organization. The sale is expected to generate $145 million in proceeds to the electronic brokerage. Shares in E*Trade lost 6.5% to $4.03.

Citigroup upgraded National City ( NCC) to buy from hold based on its recent capital raise. The analyst thinks the beaten-down bank will be able to weather this storm with the capital cushion the bank has built up; however, the price target remains $7. Shares of the Cleveland-based bank rose 5.6% to $5.88.

Two analyst actions to note (that seemingly didn't affect stocks): Lehman Brothers upped its price target for Elan ( ELN) to $19 from $16 -- but the stock was down $1.20, or 4.4%, at $25.85. And Soleil downgraded Hologic ( HOLX - Get Report) to hold from buy -- but, that stock added 91 cents, or 4.4%, rising to $21.84.

Pacific Ethanol ( PEIX - Get Report), which produces and sells ethanol. Shares of the Sacramento, Calif. company jumped 60.6% to $5.14. For the first quarter, Pacific Ethanol reported that revenue rose 63% year over year to $161.5 million. It also posted a loss of $36.3 million, or 90 cents a share, vs. a profit of 5 cents a share a year ago. The most recent results included a 96-cent one-time charge. Analysts polled by Thomson Reuters, who typically do not include one-time charges in their estimates, were expecting a 9-cent loss.

Also rising, Oklahoma City, Okla.-based energy company Quest Resource ( QRCP) announced it terminated a merger agreement with Pinnacle Gas Resources ( PINN). Quest shares soared 21.3% to $10.81 on the news, while Pinnacle lost 29.7% to $2.82.

This article was written by a staff member of TheStreet.com.