Hi Dondi, interesting question with 2 answers - do you want the easy answer or the complicated one?
Easy answer - Allah (swt) can do as He wills, if he wishes to move me from here to China in an instant then He will.
Complicated answer - this comes from Islamic mystical tradition.
Verse 27:40 refers to a man named Asad (a minister in Solomons court), who the Quran says had a very small part of the Ilm al-Kitab (knowledge of the book). He was an ordinary man, not a Prophet.
There has been debate as to whether Asad made the physical throne appear or an image of it or whether this is simply metaphor for the transfering of power from the Queen of Sheba to Solomon.
The Ilm al-Kitab is not knowledge as in studying the Quran, it includes the knowledge of the rules of the universe (time, space, creation, etc think quantum physics) and belongs to Allah (swt) but can be given by Allah (swt) to whom he chooses. The verse states that Asad has a very small knowledge of it.
You will find this mainly in Shia and Sufi Islam, with Shia believing that Imam Ali was the guardian of the knowledge of the book and could perform what we would think of as miracles.
However the Prophet Mohammad (pbuh) is not reported to have mentioned this and one would have thought he would have done if it was proof of people performing miracles.
However we do know that the Prophet Mohammad (pbuh) was transported by Allah (swt) from Mecca to Jerusalem for the Night Journey. However this is a miracle given by Allah (swt) and not something I can use to nip to the supermarket.
I believe the Jews call this mystical tradition Kefitzat Haderech but would need to check with BB about their beliefs (and my bad spelling).