Blue Chips Spotlight: Apple (NASDAQ:AAPL) Investors Should Not Overlook Amazon (NASDAQ:AMZN)

Blue chip investors will have all of their eyes on Apple (NASDAQ:AAPL) today, and understandably so, since today is the Company’s big release day for its key products like the iPhone, Apple TV, and the iPad.  Nonetheless, investors would be wise to not fall asleep on Amazon (NASDAQ:AMZN).

Unlike Apple, which chooses to announce new releases for its key offerings all at once, Amazon announces and executes new initiatives throughout the year. For example, much has been made of Amazon Prime, its delivery speed, prowess, and reach. Amazon now plans to stretch its wings and utilize Amazon Prime to enter the restaurant delivery segment in 10 targeted cities. Another new initiative is the ability to offer offline playback of Prime videos—which is a unique feature and advantage over rival Netflix (NASDAQ – NFLX). Just in time for the holiday season, the Company also plans to offer a (mass market) six inch tablet for just $50, in an effort to boost its Amazon Prime membership figures.

In addition to its product and service delivery prowess, the Company has been delivering on its financial expectations as well.  Investors may recall the blowout June quarter numbers that prompted earnings per share estimates to leap from $0.38 to $1.61 in 2015 and $2.57 to $4.95 in 2016.

While Apple may get more fanfare, Amazon’s recent trading history and forecasted EPS growth is enviable. Although still 10% below its 52-week high, Amazon is one of the few blue chip stocks and NASDAQ stocks to trade above all of its daily moving averages, which technicians view as a strong technical signal.  Sprinkle in a solid Relative Strength Index (RSI) of 55, Wall Street price targets 20% or more above the current price and it is easy to see why Amazon is a solid blue chip stock heading into the final quarter of 2015.