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  • Amazon Pulls Back Sharply Ahead Of Earnings 0 comments
    Jan 28, 2013 12:42 PM

    After new 52 week and all time highs last week,, Inc. (NASDAQ:AMZN) is pulling back sharply. The stock is trading at $275.72, -8.27 (-2.91%). This drop is occurring as investors are taking profits ahead of earnings on Tuesday, January 29th, 2013, after the markets close. Wall Street is expecting earnings of $0.29 per share.

    The key to remember is that Amazon, even if they beat estimates is still trading at a 100 plus price-to-earnings ratio. Institutions are unloading, recognizing this. On a technical basis, the chart is extremely extended and there may be a reversal candle on the daily chart as of today. That is a very bearish signal. All eyes will be on Amazon tomorrow when they report.

    Gareth Soloway

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