Amazon.com Stock Dips After Losing 'Best Idea' Status

AMZN has shed more than 42% year-over-year

Fernanda Horner

Digital Content Manager

Nov 14, 2022 at 9:56 AM

AMZN

Amazon.com, Inc. (NASDAQ:AMZN) has fallen out of BofA Global Research's graces. The firm removed the e-commerce giant from its “U.S. 1” list, which features best investment ideas, but maintained a "buy" rating. At last check, AMZN is down 2.2% to trade at $98.60.

The equity extended its post-earnings selloff to a fresh Nov. 9, two-year low of $85.87, while last week's bounce failed to conquer pressure at its 20-day moving average, which moved in as resistance in late October. Over the last 12 months, AMZN has shed 42.8%.

Nevertheless, short-term options traders lean bullish. This is per the stock's Schaeffer's put/call open interest ratio (SOIR) 0.50, which is higher than just 2% of readings from the past year.

Echoing this, Amazon.com stock's 10-day call/put volume ratio of 2.01 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sit higher 95% of annual readings, implying a fierce appetite for calls of late.

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