Amazon (AMZN) will report first quarter results after the bell and host a call at 16:00.

Analysts expect Q1 operating income up 3% to $1.036 bln (and EPS -16% to $1.25) with revenue up 40% to $49.94 bln. 

Amazon has beat estimates on the top-line and guided revenue in-line four quarters in a row. 

Amazon guided for Q1 operating income of $300M-1.0B on revenue of $47.75-50.75 billion. 

The Street expects Q2 operating income of $1.14 bln with revenue up 38% to $52.24 bln. 

Amazon Web Services (AWS) continues to be dominate as the #1 public cloud computing service: operating income grew 46% to $11.35 bln with sales up 45% to $51.1 bln last quarter.

TECHS:

Amazon has a market cap just over $700B after the stock reclaimed the 50-day moving average nar $1500 this session.

The options market implies a 5% expected move in the stock tomrrow. 

IF AMZN delivers a number better than the 3% operating income the street is looking for it will likely cause a panic buying event.