Whether its due to $3.8 billion in revenues from Amazon Web Services, its annihilation of old-school rivals Best Buy (s BBUY) and Barnes & Noble (s BN) or its desire to one-up Netflix (s NFLX) — Amazon (s AMZN) has become the darling of the stock market one more time and is defying gravity. The company’s stock hit an all time high in early trading this morning. Morgan Stanley was one of the Wall Street firms that boosted its rating on Amazon to overweight earlier today. The stock is up about $8.42 a share or roughly 3.25 percent to $267.57 at the time of this writing, giving the company a market capitalization of about $121 billion. In comparison, Apple (s AAPL) stock continues its southerly direction and is down for the day so far.
