Despite Q2 Forecast, Amazon Rises

Still, investors are embracing the stock and the shares of other cloud-computing firms as the Cloud Computing Stocks Index is up 0.4% today. Amazon's first-quarter revenue jumped 38% to $9.86 billion, topping the consensus estimate of $9.54 billion.

Riverbed Research is down 1% in spite of some bullish comments from Morgan Keegan. The technology firm initiated coverage of Riverbed with an "outperform" rating and $45 price target, implying substantial upside from where the shares currently trade. Morgan Keegan said Riverbed should be able to gain market share from rivals and that the company's ties to the federal government could be a positive catalyst for the stock going forward.

Investors can track the Cloud Computing Stocks Index for performance trends and a suite of other metrics at tickerspy.com.