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Amazon Hits 400

Adjusting for its 3-for-1 split, the stock hit 417 today, outpacing even the most favorable call.

SAN FRANCISCO -- It was surely the folly of 1998: a

$400

price target on on

Amazon.com

(AMZN) - Get Amazon.com, Inc. Report

?!?! When

CIBC Oppenheimer

analyst

Henry Blodget

made that call Dec. 16, many

scoffed.

Note to scoffers: Amazon.com, split-adjusted, passed 400 today. We're sorry for your loss.

Shares of Amazon.com soared past 133 3/8 this morning (the stock split 3-for-1 earlier this week), reaching a high of 139, up 15 1/2. That's 417 before the split, for those keeping score at home. (The stock closed at 242 3/4 the day before the analyst made the seemingly outlandish call.)

Amazon shares slid early Tuesday following release of a report on fourth-quarter sales that some saw as

disappointing, only to rebound sharply after two analysts reiterated buy ratings on the stock. But Amazon.com hasn't taken a breath since.

What's even more amazing is that Blodget set 400 as a 12-month target and the stock reached that figure in just 14 trading days. Blodget, presumably inundated with congratulatory calls, could not be reached for comment.

TheStreet Recommends

Nasdaq Streaking

It is difficult to find a high-tech sector that is not rallying sharply. The

Nasdaq Composite Index

is building on record highs it has set for the past three sessions, Wednesday soaring close to 50 points or 2%.

The semiconductor sector is adding to Tuesday's rally, spurred by a couple of bullish

developments. Among the day's big winners are a number of networking chip manufacturers, including

PMC-Sierra

(PMCS)

, up 4 3/8 to 67 5/8,

MMC Networks

(MMCN)

, up 2 9/16 to 16 5/16, and

Vitesse Semiconductor

(VTSS)

, up 4 at 48 1/8. Also of note are

Applied Materials

(AMAT) - Get Applied Materials, Inc. Report

, up 4 5/16 to 54 1/16;

Novellus Systems

(NVLS)

, up 5 15/16 at 64 7/16; and

Broadcom

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, up 13 7/8 at 147.

Hot? Or Not?

It's pre-earnings season, and the quickest way to spark selling is to announce results that won't meet Street expectations.

Aspect Telecommunications

(ASPT)

was down 4 3/4 at 12 3/8 after the company said Tuesday it expects fourth-quarter results to fall short of expectations. Also,

JDA Software

(JDAS)

was off more than 25% after it reported that it expects to post a fourth-quarter loss of between 8 cents and 11 cents. The market had been looking for for an increase in earnings of 16 cents a share, according to First Call.

Finally, the

K-Tel

(KTEL)

of the day is

Cumetrix Data Systems

(CDSC)

; the latest in what has become a long string of stocks that soar after announcing online sales plans. Cumetrix is up 88% after it said it plans to launch two online stores that feature its computer equipment.