Amazon.com (AMZN) Prime Day Pressured by Web Glitch, CNBC's Reagan Says

Amazon.com (AMZN) Prime members are flocking to the website today, but some are experiencing problems checking out on their discount items, CNBC's Courtney Reagan reported.
By Lindsay Rittenhouse ,

NEW YORK (TheStreet) -- A glitch on the Amazon.com (AMZN) - Get Report website may be preventing Prime members from reaping the benefits of a slew of discounts.

"In the last couple of hours, presumably peak hours, customers have been reporting problems adding items to shopping carts," CNBC's Courtney Reagan said on "Squawk on the Street" Tuesday.

CNBC reporters experienced the same issue, but after clicking on the "check out" button multiple times and refreshing the webpage, they were "successful," Reagan stated.

Customer complaints are continuing to pour in but Amazon has not yet made a statement about the glitch, she continued.

Amazon's second-annual Prime Day offers 100,000 low-discount deals to Prime members only in an effort to get more users to sign up for the exclusive subscription.

Prime members "are more valuable." They typically spend about $1,200 each year on Amazon products, compared to the $500 spent annually by non-members, Reagan commented.

Analysts estimated that last year consumers spent between $375 million to $400 million on Prime Day. They predict that number could double this year, according to Reagan.

Shares of Amazon are lower by 0.61% to $749.19 late this morning.

(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial)

Separately, TheStreet Ratings rated Amazon as a "buy" with a score of B-.

This is driven by a few notable strengths, which can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and solid stock price performance. TheStreet Ratings feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

You can view the full analysis from the report here: AMZN

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

Loading ...