Amazon Stock Could Go $20 Either Way: Pros
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When Amazon.com stock could go $20 either way after it reports quarterly results, how do you trade it? CNBC's "Fast Money" pros weighed in Wednesday.
"It all comes down to operating margins with Amazon because they're razor thin. Valuation's the other side of the coin. This is a tough one for me here at $230. I much rather watch, see what they report, see what margins are before I foray into Amazon," said Drakon Capital's Guy Adami.
Brian Kelly of Shelter Harbor Capital saw a level to jump in.
"If you get it down to $216 — not a bad place to enter long," he said.
Simon Baker of Baker Avenue Asset Management also wasn't a buyer.
"I'd be definitely waiting to buy Amazon after the close tomorrow," he said.
Trader disclosure: On Oct. 24, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long SBUX; Tim Seymour is long CHL; Simon Baker is long WFC; Simon Baker is long NFX; Simon Baker is long GLW; Brian Kelly is long SMH; Brian Kelly is long EWT; Brian Kelly is long SPY PUTS; Brian Kelly is short EWA; Brian Kelly is short XLF; Brian Kelly is short XLV.
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