Amazon Announces New Tablet, the Kindle Fire

Amazon (NASDAQ:AMZN) shares are up over 2.5% after CEO of the company Jeff Bezos introduced a new product at a press conference in New York City. The Kindle Fire, the internet retailer's response to Apple's iPad, is hitting the shelves on November 15th. And with its $199 price point, the company will give other tablet makers something to worry about.

The tablet is has a 7 inch screen, boasts a dual core processor, and weighs 14.6 ounces. The device will ship with a 30-day free trial of Amazon Prime, which will allow user to stream the 10,000 movies and TV shows Amazon has on their website already. It will also have access to millions of books and everything on the tablet can be backed up to Amazon's Cloud Service.

New features to the device also include Amazon Silk, a web browser created just for the tablet. The company said at the press conference that it is ultra fast and supports Adobe Flash Player.

The device can already be pre-ordered on Amazon.com and will most likely give the other tablet makers like Apple (NASDAQ:AAPL) and Barnes & Noble (NYSE:BKS) some great competition.

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