Just when you thought it was over, Amazon came through with an earnings miss that pleased markets and caused a surge of 1.9% in the NASDAQ in the AHs, halving the losses endured today.
Some of the highlights.
Apparently, social media isn’t dead just yet, just Facebook.
So now it looks like a massive squeeze will reveal itself in the morning, mostly oversold tech stocks left for dead — like SHOP, AMZN, probably SE and any online retailer. These stocks were behaving like they were shutting down their websites.
That being said, the numbers are old and stale. I am much more interested in what Q3 will look like and dare I say — not as good as Q4 2021.
I closed heavily margined net long hedged with a massive $TZA position just in case, down 30bps for the session.
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Amazons entire bit is now based on their web services. Their North American and International business segments flipped to negative margins starting 2 quarters ago.
That’s old news isn’t it? AMZN has only ever made real profits on AWS as far as I know.
The numbers I saw showed the two other major divisions profitable as early as last summer.
Price action in AMZN SNAP PINS U made no sense today. Glad anyone that stayed short got crushed.