In the latest trading session, Amazon (AMZN) closed at $120.95, marking a -0.12% move from the previous day. This move was narrower than the S&P 500's daily loss of 0.2%. Elsewhere, the Dow lost 0.14%, while the tech-heavy Nasdaq lost 0.12%.

Heading into today, shares of the online retailer had lost 3.98% over the past month, lagging the Retail-Wholesale sector's loss of 3.44% and the S&P 500's loss of 3.29% in that time.

Wall Street will be looking for positivity from Amazon as it approaches its next earnings report date. In that report, analysts expect Amazon to post earnings of $0.27 per share. This would mark a year-over-year decline of 12.9%. Our most recent consensus estimate is calling for quarterly revenue of $128.05 billion, up 15.56% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $0.21 per share and revenue of $523.17 billion, which would represent changes of -93.52% and +11.36%, respectively, from the prior year.

Any recent changes to analyst estimates for Amazon should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.29% higher. Amazon currently has a Zacks Rank of #3 (Hold).

Investors should also note Amazon's current valuation metrics, including its Forward P/E ratio of 586.78. This valuation marks a premium compared to its industry's average Forward P/E of 23.08.

We can also see that AMZN currently has a PEG ratio of 26.03. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. AMZN's industry had an average PEG ratio of 1.17 as of yesterday's close.

The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 53, which puts it in the top 22% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow AMZN in the coming trading sessions, be sure to utilize Zacks.com.

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