Why Amazon (AMZN) Stock Is Soaring Today

NEW YORK (TheStreet) -- One day after Amazon (AMZN) invited media, developers, and customers to a launch event in Seattle for June 18, shares are soaring, up 5.84% to $324.49. 

There's a lot of speculation whether Amazon is finally going to deliver a smartphone.  

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If so, the device may be capable of displaying 3D images without special 3D glasses, according to Yahoo Tech.

Some reports say it could challenge Apple's (AAPL) iPhone.  A smartphone would give Amazon a wider range of hardware devices to boost its diversification into digital books, songs and movies, according to Bloomberg. 

Separately, 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."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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