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updated 22:27, Wed December 26, 2007

Amazon.com Edges Higher After Reporting Strong Holiday Sales; Target Declines

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NEW YORK (AP) -- Shares of Amazon.com edged higher in a light premarket trading session Wednesday after it said its 13th holiday season was the strongest in the online retailer's history.

The Seattle company released a host of factoids about its sales, including naming the Nintendo Wii gaming system, Hannah Montana wigs and global positioning systems as among the hottest items it shipped. "Eat, Pray, Love" by Elizabeth Gilbert was among the top books, but the company listed a slew of products that illustrated the range of categories beyond books that shoppers now head to the site to buy.

Amazon shares added 89 cents to $91.90 premarket, from their close Monday at $91.01. The company's stock has more than doubled this year.

Futures trading and the Nasdaq-100 Premarket Indicator pointed to the market opening flat or with a modest decline.

Amazon's results reflected a trend for holiday shoppers, as MasterCard Inc. said online sales rose 22.4 percent from a year ago between Thanksgiving and Christmas.

Traditional brick-and-mortar retailers fared worse, MasterCard said, as the survey showed only a 2.4 percent overall rise in holiday spending, excluding gasoline and auto sales.

Target Corp.'s December results reflected worrisome consumer trends, as the Minneapolis-based retailer said it may see a slight sales decline for the all-important period from a year ago. The stock was down $1.67, or 3.2 percent, to $50.80 premarket.

Consolidated Water Co. Inc. added $2.35, or 9.6 percent, to $26.95. The stock was upgraded to "Buy," from "Hold," by Brean Murray Carret & Co. analyst Michael Gaugler, who noted an article in the business newsweekly Barron's portrayed the Cayman Islands-based company, in a negative light. Shares of the company, which operates seawater desalination plants in the Caribbean, fell nearly 24 percent in Monday's shortened session following the report.

"We believe the worst-case scenario is far from becoming reality, and that Monday's reaction to the story was well overblown," Gaugler said. He raised his target price on the stock to $35, implying he expects shares to rise about 43 percent in the next year, from their close at $24.60.

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