Consumers may want to think twice before buying that new bathroom rug on Amazon.com Inc. (AMZN) - Get Amazon.com, Inc. Report during the company's annual Prime Day sale if Wirecutter's analysis of the 2016 sales event is correct.
Wirecutter, a website that tracks the deals, released an analysis of last year's Prime Day that found that less than 1% of the deals were "uncommonly good prices," according to CNBC.
The Wirecutter team found that just 64 out of nearly 8,000 reviewed items met its criteria as a good deal.
"Some [retailers] will put these products on sale at different times of the year. So some products that seem low today might be available even lower at another time from someone else," said Wirecutter deals editor Adam Burakowski.
Amazon Prime Day began at 9 pm EST Monday and runs all day Tuesday.
What's Hot On TheStreet
Watch out, Apple: Louis Vuitton Tuesday unveiled its first smartwatch coined the Tambour Horizon in a bid to cut into Apple Inc's (AAPL) - Get Apple Inc. Report hold on the wearables market, TheStreet reports.
The watch was made in conjunction with Alphabet's (GOOGL) - Get Alphabet Inc. Class A Report Google and Qualcomm Technology (QCOM) - Get Qualcomm Inc Report and starts at a lofty $2,450. It works with both Apple and Android devices, and is the first Android Wear smartwatch that functions in China.
Yes, it's Amazon Prime Day: Although many probably have Amazon (AMZN) - Get Amazon.com, Inc. Report Prime Day fatigue right now, that doesn't mean they won't be spending aggressively on big digital deals. Amazon stands to ring up more than $2 billion in sales worldwide during the 30-hour sale known as Prime Day, Internet Retailer predicts. The gain would mark about a 21% increase from a year ago. U.S. sales alone are pegged at $1.56 billion, up 20% from last year, TheStreet reports.
Bitcoin has crashed: Traders that have rode the wave higher in Bitcoin via cryptocurrency plays such as Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Report and Nvidia (NVDA) - Get NVIDIA Corporation Report may want to reconsider their bullishness. Bitcoin prices entered into bear market territory Tuesday, TheStreet reports, as an embarrassing legal case kicked off in Japan and experts continue to squabble over key changes to the cryptocurrency's infrastructure.
Bye-bye regulations: President Trump late Monday nominated former Treasury official Randal Quarles as the Federal Reserve's top bank supervisor. As TheStreet's Ron Orol reports, the nomination could lead the way to a dismantling of many Obama Administration bank regulations and is one that is expected to send a positive signal for now to big and regional bank stocks. Orol points out that the appointment could boost bank stocks such as Bank of America (BAC) - Get Bank of America Corp Report , Wells Fargo (WFC) - Get Wells Fargo & Company Report , Citigroup (C) - Get Citigroup Inc. Report and Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. Report in the near-term.
Apple, Alphabet, Wells Fargo and Citigroup are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL, GOOGL, WFC and C? Learn more now.
For More Amazon Prime Day Coverage:
- Here Are the 5 Best Amazon Prime Day Deals We've Seen So Far
- Why Amazon Prime Day 2017 Could Blow the Past Two Years Out of the Water
- Why Jim Cramer Thinks Amazon Prime Day Could Create Buying Opportunities in Retail
- 6 of the Most Expensive Items Going on Sale for Amazon Prime Day
- These 5 Rival Retailers Are Trying to Steal Amazon's Prime Day Thunder
- 10 Skinny Wallets to Help You Forget You Spent All Your Money on Amazon's Prime Day
Visit here for the latest business headlines.