Upbeat Earnings Boost Amazon.com Stock

AMZN is seeing a flood of bull notes today

Deputy Editor
Aug 4, 2023 at 10:25 AM
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Amazon.com Inc's (NASDAQ:AMZN) highly anticipated second-quarter report bested analyst estimates, with profits of 65 cents per share on revenue of $134.38 billion. The Big Tech giant's current-quarter sales forecast also beat expectations, sending the shares surging this morning. 

Following the event, Rosenblatt upgraded AMZN to "buy" from "neutral," while no fewer than 24 other analysts lifted their price targets. This upgrade is significant, as the firm was one of just a few carrying a bearish rating on Amazon.com stock. Now, 53 of the 55 in coverage hold a "buy" or better rating. 

At last glance, AMZN was up 9.2% at $140.77, and pacing for its best day since November. Jumping above the $40 level for the first time since August of 2022, the equity is up roughly 68% year-to-date. 

Already, 394,000 calls and 188,000 put have crossed the tape in the options pits -- five times the options volume typically seen at this point. Expiring at the end of the day, the weekly 8/4 135- and 140-strike calls are the most popular, with new positions being opened at the 142-strike call in the same weekly series. 


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