In my last Cabot Wealth Advisory, I wrote about how earnings season could be the launching pad for many leaders.  Correct!  I’m now seeing many stocks with real growth stories shooting ahead after stellar reports (not just turnaround plays that are reporting “not as bad as we thought” earnings).  And two of them I wrote about in my last issue–Amazon (AMZN) and Visa (V).

Amazon reported first quarter revenues of $4.89 billion, up 18% from a year ago, which is very impressive given the horrific economy.  Earnings jumped 21% to $0.41 a share–not the fastest growth in the world, but that number beat estimates by 10 cents a share, and again, a big retailer producing 20% growth during the first quarter’s economy spells big potential going forward.

Really, though, Amzon’s sexiness has to do with Kindle, and by all accounts, sales of the e-book reader were great.  AMZN reacted well to earnings last Friday, but has pulled back this week.  I can’t say this is my favorite stock in the market, but I do believe it’s a liquid leader, and with retail stocks generally acting well, I think it can be nibbled at around here, or on weakness; the 50-day moving average (at 72) should provide support on any further pullback.

Visa (V) also had a good quarter (it just reported last night).  The most impressive thing to me is that earnings of $0.73 a share not only beat estimates by nine cents, but was up 40% from a year ago … and that up from 37% growth the prior quarter.  Acceleration!  The stock broke through some key resistance in the 60-61 area this week and while the company also announced a shelf registration in the weeks ahead (i.e., it could offer shares, which could temporarily depress the stock), I think the stock is a good buy anywhere in the low- to mid-60s.

As for next week … keep an eye on Coinstar (CSTR), which operates the Redbox DVD kiosks, which you might have seen at your local convenience or grocery store.  I’ve used it, and it’s cheap ($1 per night) and easy (you can reserve your movie online and return it to any Redbox kiosk, not just the one you rented it from).  Coinstar’s earnings have been declining, but big growth is forecast starting in the second quarter.  Earnings are due out next Thursday; if the stock breaks above 35.5 after earnings, it should be a good buy.