QQQs -10bps as NFP came in a bit weaker at 143k vs street at 175k. Yields ticking up 4-5bps across the curve. BTC +1%. China +2%. We’ll dive in earnings recaps (AMZN, PINS, NET, EXPE, BILL) then move onto some news/research…
AMZN -3%: Operating Profit shines again - outweighs lower top line guide / higher capex…bulls out defending in full force
Overall comes down to this: The bull case is centered on Operating Margins and AMZN came through on that front with a spectacular Q4. As long as they keep executing on this front, everything else is gravy on top. I just hope we get to taste that gravy sooner than rather later (I’m looking at you AWS). Not surprising to see stock down a few ppts this morning, but overall nothing changing in the story and buyside margin #s getting tweaked slightly higher this morning.
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