Amazon.com, Inc. (NASDAQ:AMZN) is scheduled to report earnings on Thursday after the bell.
On CNBC’s “Options Action,” Brian Stutland of Equity Armor Investments said the Amazon’s trade on Wednesday implied a move of 7.9%, which is much lower than the average 12.7% in the last eight quarters.
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There was a seller of 2,000 of the March 2023, 80 put spreads at an average price of $2.11 per contract, Stutland mentioned. The trader expects Amazon’s stock to remain above $80 by March expiration, he stated.
Amazon’s stock is “super discretionary,” and you get a combination of communication services and software as a service, Stutland mentioned.
“If you want to play that to the upside, I like buying a call instead,” he added.
AMZN Price Action: Shares of Amazon.com declined by 4.1% to settle at $115.66 on Wednesday.
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