Amazon.com stock soars

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The stock of Amazon.com closed at $23.50 on its first day of trading, soaring well above its opening price of $18. The results are sure to please other Internet commerce companies, which have suffered of late as technology stocks declined. Amazon.com's stock went as high as $30 during the day.

Barnes & Noble, which earlier this week launched a Web site, filed a lawsuit against the company for what it called "fraudulent claims" by Amazon that it's the world's largest online bookstore. Amazon.com said in a statement earlier this week that it had yet to review the suit and would act "vigorously" to defend its business.

Copyright May 1997, Crain Communications Inc.

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