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September 21, 1997updated 01 Sep 2016 3:52pm

AMAZON.COM SHARES ROCKET WITH MORGAN STANLEY COVERAGE

By CBR Staff Writer

Shares in online bookseller Amazon.com surged nearly 20% on Friday after Morgan Stanley initiated coverage of the stock with an outperform rating. The shares rose $7.875 to close at $47.375. Analysts at Morgan Stanley based the rating on the belief that online sales will make up rising part of the $84bn book market worldwide and that Amazon.com is a healthy long-term bet.

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