Take Your Position: Amazon

Will Amazon's oddly timed announcement about e-books influence how the stock moves into earnings, Thursday?

On Monday the company released a statement saying it's now selling more e-books than hardcover books - specifically, 143 e-books for every 100 hardcover books.

And last month Amazon cut the price of the Kindle to $189 from $259.

What’s the word on the Street?

There’s concern about why they released the info about the e-books just a couple days ahead of earnings, explains Guy Adami. Speculation suggests it could be to ease the blow of their profit report.

I thought Amazon’s press release was a positive surprise, counters Tim Boyd of MKM Partners. They have a history of putting out odd press releases at odd times. I wouldn’t read anything into it. I’d be a buyer of the stock on weakness.

I think the stock is expensive, says Tim Seymour. Press release aside, they generate a lot of sales overseas and the weak euro / strong dollar could present headwinds.

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Trader disclosure: On July 21, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BAC), (FCX), (GOOG), (MOS), (SBUX); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Terranova owns (EMC), (CREE), (CRCM), (LRCX), (COP), (AXP), (BMO), (CSX), (PEP), (CVS), (GS), (PCP), (C), (APA), (FCX), (JOYG), (MMM), (MOS), (GLD), (UAUA), (WYNN), (GOOG), (BBY), (SU), (KOL); Pete Najarian owns (C) calls; Pete Najarian owns (CRUS) calls; Pete Najarian owns (ISRG) call spreads; Pete Najarian owns (DD) call spreads; Pete Najarian owns (GNW) call spreads; Pete Najarian owns (V) call spreads; Pete Najarian owns (CNI) call spreads; Pete Najarian owns (TEVA) call spreads; Pete Najarian owns (PFE) call spreads; Kelly owns (BP) puts; Kelly is short (GS)

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