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Midday Leaders & Laggards: S&P 500



By AP
19 May 2008 @ 12:16 pm EST

NEW YORK - Amazon.com Inc. was the biggest gainer on the Standard & Poor's 500 Index at midday Monday, after a Goldman Sachs analyst moved the Web-based retailer to a conviction list and said he expects the stock to gain 28 percent in the next six months.

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Meanwhile, investors were bolstered by news that Microsoft Corp. renewed talks with Yahoo Inc. after the companies failed to agree on buyout terms several weeks ago.

The S&P 500 rose 10.44 points to 1,435.79.

Goldman's James Mitchell added Amazon to the bank's "Americas Conviction Buy List" and raised his price target to $98 from $75 in a note to investors, saying he expects Amazon to sustain revenue expansion. Shares rose $7.65, or 10 percent, to $84.09.

Shares of building materials supplier Vulcan Materials Co. added $6.50, or 8.3 percent, to $83.93.

Shares of Titanium Metals Corp. climbed $1.11, or 6.1 percent, to $19.34.

Among the decliners, Campbell Soup Co. shares slipped after the company reported its third-quarter profit excluding the sale of its Godiva Chocolatier brand fell due to higher ingredient costs. The stock lost $1.89, or 5.3 percent, to $34.04.

Shares of student loan provider SLM Corp. fell $1, or 4.7 percent, to $20. The stock has lost nearly two-thirds of its value from a 52-week high of $58.

And shares of electronics retailer RadioShack Corp. gave up 70 cents, or 4.4 percent, to $15.12.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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