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Buy Amazon ahead of earnings?

Thursday marks the busiest day of this quarter's earnings season with 65 S&P 500 companies releasing their quarterly results.

Amazon is one of the 65.

Investors will be closely watching the Seattle-based company's earnings after it's fellow F.A.N.G. stocks reported mixed results -- Netflix missed, while Facebook posted a strong beat. (Google parent company Alphabet is also set to report earnings Thursday after-the-bell.)

After starting the year in the red, Amazon shares are up 24% over the past three months.

But despite the upward surge and the company's expansion into web services, Amazon's high multiple might make some investors pause. With a 133X forward price-to-earnings ratio, the stock is simply too expensive for some would-be buyers.

The "Halftime Report" experts discussed if this stock is a buy ahead of earnings -- or if you should stay on the sidelines for now.

Trader disclosure: On July 28, 2016 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Pete Najarian: Long stock: AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, VIAB. Long calls: AAL, ABT,AKS, AMJ, ANF, BSX, BZH, CHK, CIT, CLF, CNX, COP, DAL, DVN, FB, GILD, GPS, HALO, HOG, INTC, KGC, LLY, MCD, MPEL, MRO, MT, MU, NGD, P, PG, SCHW, SLV, SLW, TMUS, VLO, XLE, YELP. Puts: CS, NLY, EEM

Jon Najarian: Long Calls AXL, CNX, DLPH, EW,EWZ, FB, FEYE, GLD, GPRO, HFC, HOG, HOLX, HZNP, MAS, MSFT, TASR, VLO, X

Joe Terranova: Long VRTS

Steve Weiss: Long AAL, ADC, ATVI, CAVM, HZNP, IMS, MBLY, SRPT