Amazon.com (AMZN) Stock Hits All-Time High During Annual Prime Day

Amazon.com (AMZN) shares hit an all-time high during its second annual Prime Day doubling sales from last year's Prime Day.
By Krishna Thakker ,

NEW YORK (TheStreet) -- Amazon.com (AMZN) - Get Report shares hit an all-time high during its second annual Prime Day, which offers deals for 100,000 products for its prime members, estimated to generate nearly double last year's sales, CNBC's Courtney Reagan reported on "Power Lunch" Tuesday.

Last year's Prime Day brought in disappointing sales between $375 million and $400 million, which launched the social media hashtag "#primedayfail," Reagan said. 

Retailers are experiencing network traffic up to three times a usual Tuesday in July, e-commerce advertising firm HookLogic told CNBC. Conversion rates from those that actually make a purchase is up 21% than an average Tuesday, Reagan added.

Many retailers do what they can to compete against Amazon's Prime Day.

Last year, Walmart (WMT) promoted no gimmicks sale prices and brought in 3.5 times its average daily revenue for July. This year Walmart is offering free shipping with no minimum purchase for the entire week, Reagan added.

Shares of Amazon are down by 1% to $746.03 on Tuesday afternoon.

Separately, TheStreet Ratings team has Amazon at a "buy" with a score of B-. The company's strengths 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 team feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

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. 

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

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