We are excited by the opportunity to invest in a company that we believe is on track to be a significant player in the storage market.

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While it's imprecise to extrapolate trends from a single distribution center, in our view the activity levels at this facility demonstrate that Amazon is highly likely to meet or exceed our December quarter revenue estimate of $1 billion. Shipment levels appear to be at least on plan, with a very high backlog of orders to be filled.

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Despite posting a high-quality September quarter and beating consensus numbers, Yahoo's guidance continues to be cautious due to a challenging near-term business environment.

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The general takeaway from our moonlighting is that Amazon is executing on its near-term and long-term financial and operating goals. Customers are plentiful and active, customer service levels are high, and operations are becoming more efficient.

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