Zacks
0
All posts from Zacks
Zacks in Our Research. Your Success.,

Prime Day Lifts Amazon (AMZN) Above $1,000 a Share

On Wednesday, shares of e-commerce giant Amazon.com AMZN are back above the $1,000 mark, and in late-afternoon trading, the tech stock is up about 1.26% to $1,006.72 per share.

Prime Day 2017 was a huge success for Amazon, with sales growing by over 60% from last year’s event. The company said Prime Day was its “biggest day ever”—Amazon also said that about Prime Day 2016—and sales this year surpassed its 2016 Black Friday and Cyber Monday results.

Amazon saw a “record number” of Prime members shopping across 13 countries, and the company said that “tens of millions of Prime members” purchased items during the shopping event, representing a 50% increase from Prime Day 2016.

Amazon also said that it added more new Prime members on July 11 than on any other day in the company’s history. Prime Day has become an effective way to increase sign-ups for its popular membership service, and this year is a key example of the power of Prime (also read: Everything an Amazon Prime Membership Gets You Today).

"To those customers who tried Prime for the first time and our long time members, thank you for a great Prime Day," Greg Greeley, the Amazon Prime division's vice president, said in a statement.

"Our teams around the world will keep working to add more and more to your membership, so Prime continues to make your life better every day. We are already looking forward to our Prime Day celebration next year."

The Echo Dot, Amazon’s mini Alexa-enabled smart speaker, was the most sold product during Prime Day, and the device helped the company achieve its huge sales numbers this year. The Dot was on sale for $34.99 (originally $50), and outsold thousands of other items that were also discounted like television sets and other household products.

Like its bigger sibling, the Echo Dot can be used to get information about the weather, order things from Amazon, play music, and much more; it offers many of the same features as the original Echo, but it has a lower-quality speaker.

Prime Day 2017 also saw record sales for the Echo, Fire Tablets, and the Kindle. Excluding Amazon devices, an Instant Pot pressure cooker was a top-selling item in the U.S., while shoppers in the U.K. were picking up Sony PlayStation 4s. In Germany and Austria, Amazon sold a ton of Soda Stream machines, and in Japan, Happy Belly bottled water was popular.

Amazon shares first crossed the $1,000 milestone back in May, and rose as high as $1,017 a share before falling back down.

More Stock News: 8 Companies Verge on Apple-Like Run

Did you miss Apple's 9x stock explosion after they launched their iPhone in 2007? Now, 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade, which could, in turn, save $200 billion in U.S. healthcare costs.

A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Amazon.com, Inc. (AMZN): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research