Amazon Unveils 'Echo Tap' and 'Echo Dot' to Build on Alexa Success

Online retailer Amazon (AMZN) is embracing its inner tech geek with the introduction of two new technology products, hoping to further capitalize on its surprisingly popular home-based voice-controlled Echo product that has been dubbed, Alexa. On Thursday, Amazon introduced 'Amazon Tap' which is a portable, wireless version of Echo. The Tap runs on a rechargeable battery and connects with smart phones and the internet using WiFi and Bluetooth. Amazon also unveiled 'Echo Dot' which is like the Echo, but it's smaller and doesn't have the big speaker connection. Instead, users plug the Echo Dot into another speaker. It works the same as Alexa, it's just a lot smaller. The Dot sells for just under $90, Amazon Tap goes for just under $130. BMO has a $700 price target on Amazon shares and says the company will grow revenue by more than 20% in 2016. TheStreet's Rhonda Schaffler has details from New York.