Amazon.com, Inc. AMZN is scheduled to announce its Q1 financial results after the market closes on Thursday. Ahead of the report, Kevin O'Leary, O'Shares Chairman was on CNBC sharing some thoughts on the issue.
O'Leary started by assuring he does not owned the stock, and never has done so, arguing it is “the only company on Earth… that does not have to make money… In my view, the multiple is infinite,” he said, adding that one cannot ignore the P/E multiple. “When this puppy finally meets gravity, grown men are gonna weep,” he stated in a strongly-worded fashion.
Pete Narjarian explained, “going into the earnings tonight, the tell isn’t there right now.” Calls and puts are quite balanced, he suggested and "there’s a lot of hedging going on, because of the $13 pop that it experienced because of Facebook; not because of Amazon. So, going into it, you have got to be watching it into the final three hours of trading,” Narjarian concluded.
Shares of Amazon were down roughly 0.7 percent on Thursday.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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