Amazon.com (AMZN) To Hold Mystery Launch Event June 18

NEW YORK (TheStreet) -- Amazon.com (AMZN) is asking its customers to sign up for an invitation to a launch event for an unspecified device on June 18 in Seattle.

Shares of Amazon.com are gaining 0.2% to $307.50 in after-hours trading Wednesday.

The page announcing the launch event features a video with customers interacting with a device just off-camera, proclaiming how impressed they are with it. The application for an invitation to the event asks developers to describe an innovative way they've used "gyroscopes, accelerometers, compass, or other sensors," and asks if they are interested in developing apps for a "novel type of sensor."

According to The Verge, the event is likely the launch even for a 3D smartphone that has been rumored. The rumored smartphone would take advantage of all the sensors that Amazon.com mentions in the invite application.

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TheStreet Ratings team rates AMAZON.COM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate AMAZON.COM INC (AMZN) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and poor profit margins."

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