Amazon Stock Hits Over 2-Year Low After Earnings

Analysts are piling on bear notes in response

Deputy Editor
Oct 28, 2022 at 11:22 AM
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Amazon.com Inc (NASDAQ:AMZN) stock is weighing on the broader market today, down 10.3% at $99.59 at last glance, and earlier as low as $97.66, after the company's third-quarter results missed estimates. The Big Tech name also predicted a slowdown in sales over the holidays, leading no fewer than 25 analysts to slash their price targets, with the lowest from D.A. Davidson to $114 from $151. 

This bear gap has AMZN at its lowest levels since April of 2020. Dropping below the $101 level, which provided support for pullbacks through May and June, the equity is currently down 40.3% year-to-date.  

So far today, 571,000 calls and 564,000 puts have crossed the tape, with overall volume running at four times the intraday average. The two most popular contracts are both expiring today -- the weekly 10/28 100-strike put and the weekly 10/28 100-strike call -- with new positions being opened at both. 

It's also worth noting AMZN's Schaeffer's Volatility Scorecard (SVS) sits at 93 out of 100. This means the stock has exceeded option traders' volatility expectations during the last year.

 

 

 

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