Amazon (AMZN) NewsBite - AMZN Hits 52-Week High On Strong Q3 Numbers

Posted: Friday, October 23, 2009 11:44 AM EDT

Amazon (NasdaqNM: AMZN) hit a new 52-Week high of $115.84 so far today. Currently the stock is up $22.21 (23.77%) to $115.66 on 27,419,758 shares traded. Today's high is up $80.98 from a 52-Week Low of $34.68 set back in November. Amazon stock has been showing support around $90.68 and resistance in the $95.48 range. Technical indicators for the stock are bearish and S&P gives AMZN a negative 2 STARS (out of 5) sell ranking. The stock is soaring today, trading up over 23% today after the company smashed analyst estimates last night. After the market close the company reported it had third quarter earnings of 45 cents per share, which was 12 cents above what analysts had been expecting to see. If you are looking for a hedged play on AMZN the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 80 range. [ABR-Seven Summits Strategic Investments NewsBite]

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