AMZN earnings: Options price in a ±7.8% move, with key gamma concentrations at $265 and $280. See our breakdown of the volatility setup, bullish/bearish scenarios, and a defined-risk trade worth considering.

Premarket movers Mag 7 stocks are mostly higher: Amazon (AMZN) +3%, Meta Platforms (META) +0.8%, Microsoft (MSFT) +1.9%, Nvidia (NVDA) -0.1%, Alphabet (GOOGL) +0.9%, Apple (AAPL) +1.5% while Elon Musk’s Tesla (TSLA) falls 5% as election results sharpen investor concern over the future of the Republican megadonor’s key holdings. SpaceX (SPCX), while not a member of the Magnificent Seven, drops 6%, as election results sharpen investor concern over the future of the Republican megadonor’s key holdings. Most data center and cloud computing stocks slip after Democrats made strong gains in midterm elections, clinching control of both chambers of Congress. Gina Hinojosa is set to become Texas governor after a state-level race that Bank of America strategists had described as a “referendum on affordability versus AI data centers.” CoreWeave (CRWV), Equinix (EQIX), GE Vernova (GEV) and Oracle (ORCL) are among the decliners, while other AI-linked names are broadly higher Solar, defense and healthcare stocks are also moving on election results. Advanced Micro Devices Inc. (AMD) gains 1% after the chipmaker gave a sales forecast that soared past analysts’ projections, a sign of buoyant demand for data center processors. Amdocs (DOX) plummets 38% after the IT services company’s outlook came in weaker than expected, reflecting a dispute with T-Mobile. Array Technologies (ARRY) gains 9% after agring to combine with Shoals Technologies (SHLS). Block (XYZ) rises 10% after the payments company reported third-quarter earnings and revenue that inched past analysts’ expectations. CVS Health (CVS) slips 2% after the health insurer said it plans to spin off its retail pharmacy business. Duolingo (DUOL) rises 19% after the language-learning software company raised its full-year revenue and adjusted Ebitda outlook above consensus expectations. Flywire (FLYW) gains 7% after the payments software company’s third-quarter results beat expectations and it gave an outlook that is seen as positive. Freshworks (FRSH) falls 9% after the software company’s outlook was seen as underwhelming. The company also reported third-quarter results in line with expectations, below its historical pattern of greater upside. Navitas Semiconductor (NVTS) gains 14% after the chipmaker’s results and forecast beat expectations, prompting Rosenblatt Securities to upgrade the stock. Procore Technologies (PCOR) climbs 12% after the construction management software provider reported third-quarter revenue that topped Wall Street’s consensus. Skyworks (SWKS) slumps 10% after the company’s first-quarter revenue forecast missed the consensus estimates. Spyre Therapeutics (SYRE) falls 4% after the biotech said it does not plan to advance SPY072 in rheumatic diseases. Super Micro (SMCI) climbs 2% after the maker of servers forecast net sales for the second quarter that beat the average analyst estimate.

$AMZN - MORGAN STANLEY SEES AMAZON AT $500 Morgan Stanley says Amazon (AMZN) could hit $500 by end-2027 if AWS growth accelerates, nearly doubling from current levels. The bull case depends on AWS eventually reaching $1T in annual revenue, fueled by AI compute demand and expanding capacity. Amazon recently raised its 2026 AI spending forecast to $220B. Morgan Stanley’s base-case target remains $335, implying roughly 28% upside.