Amazon upgraded

Amazon.com Inc. (Nasdaq: AMZN) fell to a loss for the first quarter of 12 cents per diluted share compared with earnings of 23 cents per diluted share in the year ago period but the results were better than expected. The company also revealed that its Amazon Web Services has grown into a $5 billion business prompting J.P. Morgan to upgrade the online retailer from a neutral rating to an overweight rating and lifted its price target from $375 to $535. The stock price leaped $59.73 to $449.72.