Amazon Shares Seen Range-Bound Until Late-September Earnings

Amazon shares are expected to remain within a narrow range until its next earnings report in late September, according to options trader Mike Khouw. The 'jade lizard' strategy proposed by Khouw involves selling the Sep. 25 $240 put and $300 call while buying the Sep. 25 $320 call, aiming to profit from Amazon's unlikely move before its quarterly results.

The stock has been trading sideways since jumping 15% post-earnings on July 30, as analysts point out a lack of catalysts before the next earnings report. Despite strong revenue growth, Amazon's shares trade at about 22 times fiscal 2027 adjusted earnings per share estimates of $12.35, close to the broader market multiple.

Amazon's estimated fiscal 2027 capital expenditure and EBITDA both surpass $280 billion, supporting its $828 billion fiscal 2026 revenue. The company's growth outlook and spending remain central concerns for investors as it continues to post strong top-line expansion.