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HomeTrading StrategiesAmazon Inventory Hits 2-12 months Highs After Earnings

Amazon Inventory Hits 2-12 months Highs After Earnings


Amazon.com reported better-than-expected fourth-quarter earnings

Amazon.com Inc (NASDAQ:AMZN) inventory is gapping to two-year highs at the moment, after the Massive Tech big’s robust fourth-quarter outcomes. A record-breaking vacation procuring season boosted income within the final quarter, with assist from generative synthetic intelligence (AI) options in its cloud and e-commerce companies, which the corporate hopes to proceed to develop in 2024. 

Amazon inventory hit $171.31 at its peak at the moment, final seen up 7% at $170.41. Ought to these features maintain, will probably be the inventory’s finest day since its 8.3% post-earnings soar in August 2023, although its 6.8% rise after earnings in October comes shut. Headed for its fourth-straight weekly win, AMZN is up 50.7% over the previous 12 months. 

No fewer than 20 analysts lifted their worth targets in response to at the moment’s occasions, with the best from Mizuho to $230 from $220. No upgrades up to now, however the majority of analysts are already bullish, with 34 of the 40 in protection carrying a “purchase” or higher score.

Unsurprisingly, choices merchants are chiming in as properly. Up to now, 517,000 calls and 253,000 places have been exchanged, which is 5 occasions the general quantity sometimes seen at this level. Expiring at the moment, the weekly 2/2 170-strike and 172.50-strike calls are the preferred, with new positions opening on the latter. 



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