Amazon earnings are on tap—and it is perhaps the highest-flying big tech stock out there, trading at more than 10 times revenue and a nosebleed P/E ratio.
Wall Street's looking for Amazon to report revenue of $22.3 billion and 28 cents earnings per share. Those expectations come despite the fact that Amazon actually guided to a loss at the midpoint of its range.
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Gene Munster over at Piper Jaffray sees good things coming from this report, though his own revenue and EPS estimates are below the Street — he points out that research firm Channel Advisor had holiday e-commerce numbers that suggested Amazon's revenue held up to expectations, and Channel Advisor seems to have predicted the direction of eBay's earnings pretty well two weeks ago.