Amazon (AMZN) will be reporting Tuesday as well. The world’s largest Internet retailer has surprised everyone – including most of the guys – as it keeps breaking out. Is Amazon stock worth adding to your shopping cart now?
The guys are eating crow on this trade. Guy Adami admits he’s been wrong for $10 on Amazon, but he doesn’t understand why it trades at a 49 multiple.
Jeff Macke isn’t feeling compelled in any direction when it comes to Amazon. Although, he says, if there’s a reason to own it it’s the Harry Potter shipment this summer. That won’t mean anything in the long-term, though, which is why the bears have been getting short.
Jeff doesn’t want to be long or short, he just doesn’t want to bother with it.
Eric Bolling agrees. “There’s no reason to own it. It’s not focused,” he says.
Pete’s Najarian is looking at Amazon’s P/E, which is around 100, and says it looks like a tech stock straight out of dot-com bubble.