Amazon.com (AMZN) could see a major rally in stock price ahead of this year's Prime Day event, Deutsche Bank analyst Lloyd Walmsley said Wednesday.
The Prime Day promotional event was held on July 15 in 2015 and July 12 in 2016, suggesting Amazon is preparing to announce this year's Prime Day soon. In 2016, Amazon shares rose almost 4% between Prime Day's June 30 announcement and the July 12 event.
"Amazon's brilliant positioning in the dead of summer marks it as the first corporate created holiday of the year in the U.S.," Walmsley said.
Media reports have suggested Prime Day will last 30 hours this year instead of the typical 24 hours, meaning a boost in sales for the online retailer. About 70% of all online shoppers plan to browse Amazon on Prime Day, according to Bizrate Insights.
Amazon shares were slightly up in midday trading.
What's Hot On TheStreet
The stock market may be overvalued: Now may be the time to pay extra attention to red-hot tech stocks such as Apple (AAPL) and Facebook (FB) . As TheStreet first reported Tuesday afternoon, asset valuations are somewhat "rich" by standard metrics, Federal Reserve Chair Janet Yellen said in London during a conversation about economic issues with British Academy President Lord Nicholas Stern. Yellen's comments on equity valuation and bank strength closely mirrored Fed Vice Chairman Stanley Fischer's from an IMF event held earlier in the day.
The iPhone has changed how you make money: TheStreet's Scott Gamm is out with a piece that will really get you thinking. Apple's iPhone will turn 10 years old on Thursday. The device not only turned Apple into one of the world's most valuable companies, helping to boost its stock price more than 700%, it also changed the way we invest and trade stocks Gamm points out.
In fact, the original iPhone -- and the current versions -- have an internal stocks app, allowing users to check the broader market indexes and individual stock prices. Having this in your pocket was a big deal 10 years ago.
"I think it's actually made the life for a typical investor much easier," Angelo Zino, an analyst with CFRA Research, told TheStreet. "I think they've been able to tap news flows much quicker."
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