The "Fast Money Halftime Report" panel discussed Amazon.com AMZN ahead of its earnings report Thursday.
Market Rebellion co-founder Jon Najarian isn't expecting a move higher than $100 in either direction. After seeing how other big tech names reacted following earnings, he sold calls against his existing long call options and stock in Amazon.
Short Hills Capital's Steve Weiss said he looked into hedging his long stock position, but options contracts were too expensive. He is holding onto his stock, although expectations are high: Amazon is "going to continue to be the gift that keeps on giving."
Amazon is trading at a reasonable multiple for the first time at 37 times next year's earnings, Aureus Asset Management's Karen Firestone said.
The stock underperformed for nearly nine months before beginning to outperform about a month and a half ago, she noted. If the stock pulls back following earnings, Firestone would buy more.
Related Link: Why This Analyst Likes Google And Amazon Over Facebook At Current Levels
Price Action: Amazon has traded as high as $3,773.07 and as low as $2,871 over a 52-week period.
At last check Thursday, the stock was down 0.56% at $3,609.98
Photo: courtesy of Amazon.
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