Is Amazon Amazing, No More?

The traders are closely watching the action in Amazon after the stock hit record highs then rolled over.

What must you know about this stock? For insights we turned to Citi analyst Mark Mahaney.

“The pullback is significant,” says Mahaney. “We had a huge run in Q3 and that means investors will probably look for something similar in Q4.”

That may seem like a problem waiting to happen but "Amazon has materially gained share in the recession. I understand why invesors would be worried about the recent run but my guess is that we see that even more of the same in Q4. I’d be hesitant to leave a long position.”

What are the catalysts that are going to drive growth next year?

"The new revenue growth drivers are 1) Kindle sales, 2) the acecleration in international markets and 3) they're starting to get into household and personal care products. Amazon is now the biggest seller of diapers online because people have expanded from books, to videos to consumer electornics to household items," says Mahaney.

What’s the trade?

Mahaney tells the desk, "I have a small ‘buy’ rating on Amazon with a $140 price target."

I"’m bullish too," says Joe Terranova.

"It’s a great company, but I just can’t get on board with Amazon at these levels," counters Karen Finerman.

"Instead of Amazon, I'd put Akamai on the radar as a tech trade," Pete Najarian.

* And in case you’re wondering, Mark Mahaney tells us he’d be a big buyer of Google .


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Trader disclosure: On Dec. 8th, 2009, 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), (GE), (INTC), (TIE); Najarian Owns (AAPL) Calls; Najarian Owns (BAC) Calls; Najarian Owns (C) Calls; Najarian Owns (GE) Calls; Najarian Owns (INTC), Is Short (INTC) Calls; Najarian Owns (TXN), (TXN) Call Spread; Finerman Owns (GOOG), (AAPL); Finerman's Firm And Finerman Own (RIG); Finerman's Firm Owns (BAC) Preferred, (BAC), (BAC) Call Spreads; Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm Owns (CSCO), (MCD), (MSFT), (TGT), (WMT), (YUM); Finerman's Firm And Finerman Own (WFC) Preferred; Finerman's Firm Is Short (IWM), (SPY), (IJR), (MDY), (UNG), (USO)

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For David Trone
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