NEW YORK (TheStreet) -- Shares of Amazon.com (AMZN) are higher by 0.76% to $300.01 on heavy volume in afternoon trading Friday, after the online retail giant agreed to a multiyear deal for print and electronic books with Macmillan Publishers today, the Associated Press reports.
Amazon and Macmillan CEO John Sargent confirmed that they had agreed to terms for both print and electronic books, allowing Macmillan to set prices for e-books, the AP added.
The arrangement known as the "agency model," is similar to other agreements Amazon has reached in the past two months with publishers Hachette Book Group and Simon & Schuster, the AP noted.
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In 2010, Macmillan and Amazon had a public feud, when Amazon briefly removed "buy" buttons for all Macmillan releases.
About 4.39 million shares of Amazon have traded hands as of 1:30 p.m. today, compared to its average trading volume of about 3.92 million shares a day.
Separately, TheStreet Ratings team rates AMAZON.COM INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMAZON.COM INC (AMZN) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself, poor profit margins and feeble growth in its earnings per share."