Pre-Earnings Check-In with Amazon.com Stock

One of the many Big Tech giants reporting earnings this week, Amazon.com Inc (NASDAQ:AMZN) will announce third-quarter results after the close tomorrow, October 30. Analysts anticipate profits of $1.57 per share -- a 9.8% year-over-year increase -- on revenue of $177.88 billion, or a 12% jump from the same quarter a year ago. Investors will also be scrutinizing AI spending, especially after the company cut 14,000 job cuts earlier this week. 

Looking back at its post-earnings history, AMZN finished the session lower after its last three reports, including an 8.3% drop this past August. The options pits are pricing in a 10.3% next-day swing, regardless of direction, which is higher than the 5.5% move the stock has averaged over the last two years. 

Last seen down 0.2% to trade at $228.96, Amazon.com stock could snap its fourth-straight win streak. Shares have been on the rise since bouncing off the historically bullish 200-day trendline, though the $240 region still lingers above as a potential ceiling. 

The brokerage bunch is firmly bullish on the "Magnificent 7" name, with each of the 58 analysts in coverage carrying a "buy" or better rating. Plus, the 12-month consensus price target of $267.09 is a 16.5% premium to current levels, and represents never-before-seen highs.