This is Amazing Stories for December 1948, cover by Harold McCauley. This ISFDB entry for this issue is here. I found this version of the cover at Pulp Covers. You can read and download the entire issue at the Internet Archive.
Pulp Parade #275: Glowing eyes. Can’t be good.
“The Red Dwarf fights the Sorcerer Queen”
It’s a short story: 2 bazookoid shots from Lister and they’re back on their way to Earth before Rimmer can finish espousing Space Corps directives.