What's Going On With Amazon Stock Tuesday?

Amazon.Com, Inc AMZN stock gets investor attention ahead of its quarterly earnings this week.

Amazon Web Services (AWS) launched the AWS Israel (Tel Aviv) Region. Starting Tuesday, developers, startups, entrepreneurs, enterprises, government, education, and nonprofit organizations have an even more excellent choice for running their applications and serving end users from data centers in Israel. 

Also Read: Amazon To Double US Same-Day Delivery 

The new AWS Region will likely support an average of 7,700 full-time equivalent jobs annually through a planned investment of $7.2 billion (approx. ILS 26.6 billion) in Israel through 2037.

Active customers in Israel include Aidoc, Bank Hapoalim, the Consumer Protection and Fair Trade Authority, Migdal, Ministry of Transport and Road Safety, Tnuva, Wiz, and others innovating on AWS.

Analyst Rating: Citi analyst Ronald Josey reiterated a Buy rating on Amazon.Com with a $145 target price. 

The analyst looked for in-line-to-better-than consensus revenue and operating income expectations ahead of Amazon's 2Q23 results scheduled for Thursday, August 3, after the market close. 

While the focus is on Amazon Web Services' growth in 2Q and QTD—though expectations appear to be coming down following Azure's 2Q23 result—Josey will be listening for progress with AWS' generative artificial intelligence offering, a key catalyst and one that he believes is increasingly coming into focus as Bedrock gains scale and functionality. 

On eCommerce, Josey looked for continued strength, wallet-share gains, and improved North American retail operating margins. 

Amazon remains one of the analyst's top picks across the internet sector.

Price Action: AMZN shares traded lower by 1.31% at $131.89 on the last check Tuesday.