AMZN is going to have a very interesting report tonight. The stock is up about 33% since its last report while estimates for the quarter have fallen from 61 cents to 48 cents. Estimates have also dropped for calendar year 2010 and 2011 as well.
Obviously market players are expecting something very impressive in this report tonight and a big bump up in estimates. After what happened to AAPL on its report the risk of a 'sell the news' reaction to AMZN looks quite high especially in view of its far less favorable valuation.