Amazon stock lagged Thursday as the stock market had its best day in two weeks, but trader Steve Grasso remained bullish on the online retail giant.
“If you evaluate it, you have to evaluate it as a bunch of different things. You have to evaluate it as a cloud play, as a streaming play, as a retail play,” he said on “ Fast Money .”
As a straight retail play, Grasso conceded, Amazon might look expensive. But as a multifaceted technology play, “I think it’s still cheap.”
Grasso also noted that Amazon’s Kindle was No. 2 in the tablet market.
Amazon stock closed at $179.93, down 2.5 percent.
Tim Seymour of EmergingMoney.com wasn’t a buyer.
“At 130 times earnings, I don’t need to own Amazon in an environment where I don’t know that the U.S. consumer is alive and well,” he said. “You’re looking for fantastic companies, Amazon is that, but is it at a great price here?”
Seymour said that was the reason for rotation out of the pricey stock for retailers with cheaper retailers.Page 1 of 4 | Next Page