Amazon.com Inc (NASDAQ:AMZN) shares are down 1.1% to trade at $260.06 at last glance, even after the tech titan reported adjusted first-quarter earnings of $2.78 per share on $181.52 billion in revenue, both of which surpassed estimates. Amazon also posted its fastest cloud growth in over three years, prompting over 20 price-target hikes, the highest coming from Benchmark to $370.
Amazon stock earlier tapped a record of $273.88 before pulling back sharply, with the stock now hovering near $260. AMZN is up 41.3% over the past 12 months. The shares appeared due for a short-term pullback, per their 14-day relative strength index (RSI) of 72, which sits firmly in "overbought" territory.
So far, more than 344,000 call and 185,000 puts have crossed the tape, two times the amount typically seen at this point. The most popular call is the weekly 5/1 270 and 265-strike call, with new positions opening at both.
