Amazon.com Inc. (NASDAQ:AMZN) shares are in the spotlight Thursday, with earnings on deck, AWS growth and capital spending in focus, recent analyst activity, a technical setup showing improving momentum and Edge Rankings all drawing attention.

• Amazon.com shares are under pressure. Why are AMZN shares declining?

Earnings Preview and History

Amazon is scheduled to report third-quarter earnings on Oct. 29 after the market closes. Analysts estimate earnings per share of $1.96 along with revenue of $202.21 billion. For the prior quarter, Amazon reported earnings per share of $5.75, beating the consensus estimate of $1.82, which included a $53.4 billion gain tied to its Anthropic stake. The company also posted revenue of $200.61 billion, beating the consensus estimate of $196.46 billion.

What to Watch: AWS Growth, AI Spending and Advertising Trends

Investors will be closely tracking AWS, after revenue grew 37% to $42.2 billion in the second quarter, its fastest growth in 18 quarters, with a backlog of $496 billion. Analysts expect AWS growth of 30% to 35% in the third quarter. Capital spending will also be in focus after Amazon raised its 2026 capex outlook to $220 billion from $200 billion.

Third-quarter guidance calls for net sales of $197 billion to $202 billion and operating income of $22.5 billion to $26.5 billion, and growth looks softer because Prime Day fell in the second quarter this year instead of the third, which Amazon said cost nearly 4 percentage points of growth. Advertising, which rose 26% to $19.8 billion last quarter, will be watched as well.

Analyst Consensus & Recent Actions

The stock carries a Buy rating with an average price forecast of $335.62. Recent analyst moves include:

• Morgan Stanley: Overweight (Raises Target to $350.00) (Oct. 19)
• Wells Fargo: Overweight (Lowers Target to $329.00) (Oct. 12)
• Cantor Fitzgerald: Overweight (Lowers Target to $310.00) (Oct. 12)

Amazon Trades 5.8% Above Its 200-Day Average, With Improving Momentum and a May Golden Cross Intact

From a trend perspective, Amazon is still holding a constructive longer-term posture: it’s trading about 1.1% above the 20-day SMA ($254.46), about 0.4% above the 50-day SMA ($256.33), and roughly 5.8% above the 200-day SMA ($243.21). That said, the 20-day SMA remains below the 50-day SMA (a short-term bearish crossover), which can keep rallies choppy until price proves it can build separation above the short-term averages.

Momentum is best framed through MACD right now: MACD is above its signal line and the histogram is positive, which points to improving momentum versus the prior downswing even if price is still vulnerable to a pullback on a weak tape. In plain terms, when MACD is above the signal line, it suggests downside pressure is easing, and buyers are starting to regain control at the margin.

Key levels are tight enough to matter quickly if volatility picks up after the open:

• Key Resistance: $259.50 — a nearby pivot area where rebounds can stall, sitting just above current price and close to the short-term moving-average zone
• Key Support: $244.50 — a nearby level where buyers previously stepped in, also not far above the 200-day moving-average area that often acts as a trend "line in the sand"

Zooming out, the bigger-picture backdrop remains positive with the stock up 20.38% over the past 12 months, and the golden cross in May (50-day SMA above the 200-day SMA) still supports the longer-term uptrend narrative. Traders will also remember the recent swing high in August and swing low in September as the most recent range that can define breakout or breakdown risk.

Benzinga Edge Rankings

Below is the Benzinga Edge scorecard for Amazon, highlighting its strengths and weaknesses compared to the broader market:

• Momentum: Bullish (Score: 75.56) — The stock’s trend profile is still supportive, even with premarket weakness.
• Quality: Neutral (Score: 59.67) — Fundamentals screen as steady rather than standout, which can keep the stock trading more "macro-driven."
• Value: Neutral (Score: 56.25) — Valuation looks closer to the middle of the pack, suggesting price may hinge more on execution and guidance than multiple expansion.
• Growth: Bullish (Score: 92.19) — Growth is the clear pillar, helping explain why the stock can stay well-bid on longer timeframes.

The Verdict: Amazon’s Benzinga Edge signal reveals a growth-led profile with supportive momentum, which can help the stock recover quickly when index pressure fades. The main trade-off is that value and quality read more middle-of-the-road, so the next catalyst—especially earnings—may matter more than the multiple.

Amazon Shares Edge Lower

AMZN Price Action: At the time of publication, Amazon shares are trading 1.73% lower at $257.82, according to data from Benzinga Pro.

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