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    Sunday, July 31, 2011

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    Reuter site - Senate blocks Reid debt plan, bipartisan deal close

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    http://mobile.reuters.com/article/topNews/idUSTRE7646S620110731

    Senate blocks Reid debt plan, bipartisan deal close

    Sun, Jul 31 13:52 PM EDT

    WASHINGTON (Reuters) - The Senate defeated a Democratic proposal to raise the debt ceiling on Sunday as lawmakers closed in on a deal that would be acceptable to both parties.

    By a vote of 50 to 49, Senate Majority Leader Harry Reid's plan fell short of the 60 votes needed to advance in the 100-member body.

    Elements of Reid's plan are likely to surface in the bipartisan deal which could be completed this afternoon. The Senate is poised to move quickly once that deal is reached.

    "The arrangement that is being worked on with the Republican leader and the administration and others, is not there yet," Reid said on the Senate floor after the vote. "We're hopeful and confident it can be done."

    Reid told lawmakers not to wander too far from the Capitol in case he calls another vote.

    "I would not suggest a ballgame," he said.

    Under normal Senate rules, a final vote on any deal could be delayed until Wednesday, one day past the deadline set by the Treasury Department to ensure the United States does not default on its obligations.

    But any deal could include provisions to ensure that Congress acts before then, a Democratic aide said.

    (Reporting by Andy Sullivan, Lesley Wroughton and David Morgan; editing by Vicki Allen)

    Reuter site - Amazon flies high, may rise 25 percent more: Barron's

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    Amazon flies high, may rise 25 percent more: Barron's

    Sun, Jul 31 11:44 AM EDT

    NEW YORK (Reuters) - Amazon.com Inc shares, just below their all-time high, could rise 10 percent to 25 percent if its capital spending translates to fast growth in its retailing, Kindle e-readers and cloud-computing businesses, Barron's said in its August 1 edition.

    On July 26, the online retailer posted a 51 percent jump in quarterly revenue to $9.91 billion, while saying profit fell 8 percent to $191 million, or 41 cents per share.

    The profit decline was smaller than analysts expected, however, and Amazon shares reached an all-time high of $227.20 the next day. They closed Friday at $222.52. A 25 percent increase from their projects to a $278.15 stock price.

    Barron's said investors often worry about a disconnect between higher revenue and lower profit.

    But it said Seattle-based Amazon has a 14-year history of driving higher revenue at the expense of margins by investing aggressively in technology, distribution and real estate.

    It said Amazon was now spending money to build fulfillment and distribution centers, build data centers for its Amazon Web Services cloud unit, and expand its Kindle franchise.

    The newspaper said that while Amazon stock trades at close to an "unthinkable" 107 times expected 2011 profit, it may be "pragmatic" to compare Amazon with Wal-Mart Stores Inc 20 years ago, when the latter's revenue grew 35 percent to $44 billion.

    It quoted an analyst as saying Amazon's revenue could in 2011 increase 43 percent to $49 billion, but that "it's better" than Wal-Mart because its storeless business model could result in higher long-term economic returns.

    (Reporting by Jonathan Stempel, editing by Maureen Bavdek)

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