Wall Street loves all the new product news from Amazon -- including the company's unveiling of the Kindle Fire tablet, priced at $199.

Apple's iPad, the global leader in tablets, starts at $499.

Amazon stock (NASDAQ: AMZN) is trading up almost 5 percent Wednesday, up $10.90 per share to $235.14 in real-time trading at 12:20 p.m. ET.

Amazon's 52-week high is $244.

The Amazon Kindle Fire, which will come with a 30-day free trial of Amazon Prime -- the company's $79 annual membership for two-day shipping and extra content like streaming movies -- will have a 7-inch touchscreen display, Wi-Fi, and it will start shipping to consumers on Nov. 15.

What we are doing is offering premium products at non-premium prices, Amazon CEO Jeff Bezos told Bloomberg Businessweek. Other tablet contenders have not been competitive on price and have just sold a piece of hardware. We don't think of the Kindle Fire as a tablet. We think of it as a service. 

Amazon also said put its original Kindle black and white e-Readers on sale for a moderate price of $80, while rolling other other new e-reader products.

Current Amazon Kindles with built-in Wi-Fi are sold for $139.