TMTB: More AMZN; PINS EXPE TTWO FTNT MCHP First Takes

AMZN now down only 2% - big Op Inc beat in Q4 outweighing Q1 top line guide miss ($3.5B which was fx driven). The story is all about op inc margins here, so as long as they keep executing on that — NA, Intl, and AWS Op inc beat— everything on top is just gravy as investors want to own the stock (we saw similar px action with META last week getting bought up quickly). Q4 capex $27B higher than expects and we’ll see if get an ‘25 full year color on the call

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PINS +17%: Solid Q4 (inline revs/better MAUs + better EBITDA); Q1 guide MUCH better than feared