SEATTLE - Amazon (NASDAQ: AMZN) announced today that its annual Prime Day event will be held from July 16 through July 17, offering Prime members exclusive access to a wide range of deals. The event will feature discounts across over 35 categories, including electronics, kitchenware, beauty products, and clothing. Prime members can anticipate new deals launching as frequently as every five minutes during certain times of the two-day sale.
To enhance the shopping experience, Amazon is providing early access to select deals for Prime members, including up to 40% off Sony (NYSE:SONY) Wireless Headphones and up to 30% off Peloton (NASDAQ:PTON) products. These "Invite-only deals" are anticipated to sell out quickly, and members can request an invitation to access them.
Moreover, Prime members can earn a $200 Amazon Gift Card instantly upon approval for Prime Visa (NYSE:V) from June 27 through July 24, or an $80 Amazon Gift Card instantly upon approval for the Prime Store Card from July 12 through July 17.
In the lead-up to Prime Day, Amazon is also offering deals on school supplies and dorm essentials with up to 40% off on items from Amazon Basics and Amazon Essentials. Customers can find discounts on products from brands like New Balance, HP (NYSE:HPQ), and Jansport.
Early deals for Prime members have already begun, with savings on products from brands such as Nordic Track and Hatch, as well as the lowest prices ever on select Amazon devices like the Ring Battery Doorbell Plus and Kindle Scribe. Prime members can also enjoy up to 50% off on select Prime Video titles and channels.
Amazon is encouraging shopping from small businesses, with early access to deals available now. Furthermore, Prime members can save on travel with discounts on Carnival (NYSE:CCL) Cruise Line sailings and Avis car rentals, among other offers.
The company highlighted the significant savings enjoyed by customers, with Prime members saving nearly $24 billion from deals and coupons last year, including over $2.5 billion during Prime Day 2023.
Prime Day is not only a U.S. event but will also take place in numerous other countries. The information for this report is based on a press release statement.
In other recent news, Rivian (NASDAQ:RIVN) Automotive Inc has been making significant strides in cost-cutting measures, aiming for its first profit. The company has managed to eliminate numerous steps in the battery-making process, remove equipment from the body shop, and reduce the number of parts in its vehicles.
These changes have led to a 35% reduction in material costs and similar savings across other vehicle lines. Investors have been closely monitoring Rivian's progress, especially after a three-week shutdown in April. Rivian's cost-saving efforts are seen as crucial for the company's longevity and investor confidence.
In the tech sector, U.S. big tech stocks may be poised for a pause, with concerns about the sustainability of the tech rally. The steep ascent of stocks like Nvidia Corp (NASDAQ:NVDA) has raised questions, and market underperformers are starting to appear more attractive.
The concentration of the market rally in a few large companies is also a growing concern. Some analysts view the high optimism among both retail and institutional investors as a potential contrarian signal.
Amazon is planning a significant update to its Alexa voice assistant, introducing a conversational generative AI and offering two service tiers. The project, known internally as "Project Banyan," is seen as a crucial step for Amazon to compete with rivals like Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), and OpenAI. The new AI-powered Alexa is expected to provide more sophisticated assistance, such as shopping advice and completing complex tasks from a single prompt.
Amazon Business, the B2B procurement arm of Amazon.com Inc (NASDAQ:AMZN)., has rolled out a suite of new technology features aimed at streamlining the purchasing process for its business customers. The updates include the Amazon Business App Center, System for Cross-domain Identity Management, Integrated Quoting, and enhancements to Budget Management and Guided Buying. These tools are now available to Amazon Business customers in multiple countries.
Just Eat Takeaway, Europe's largest food delivery company, has announced a collaboration with Amazon to provide free delivery to Amazon Prime members for food orders exceeding €15 in Germany, Austria, and Spain. This partnership represents the first of its kind between the two companies in Europe and is expected to enhance the value proposition for Amazon Prime members in these countries.
InvestingPro Insights
As Amazon (NASDAQ: AMZN) gears up for its eagerly anticipated Prime Day, the company's financial and market position remains robust, according to InvestingPro data. Currently, Amazon boasts a colossal market capitalization of $1.96 trillion, underscoring its dominant position in the retail sector. The company's Price to Earnings (P/E) ratio stands at 51.58, reflecting investor confidence in its growth potential and market leadership.
InvestingPro Tips highlight that Amazon is trading at a high earnings multiple, which indicates high expectations for future earnings growth. Moreover, the stock is known for its low price volatility, offering a relatively stable investment compared to the broader market. This stability may be particularly appealing to investors who value consistent performance amidst market fluctuations.
Amazon's revenue growth remains impressive, with a 12.54% increase over the last twelve months as of Q1 2024. This growth is a testament to the company's continued expansion and innovation across its diverse business segments. The gross profit margin stands at a healthy 47.59%, showcasing Amazon's ability to maintain profitability despite its vast scale of operations.
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As Prime Day approaches, Amazon's strong financial metrics and market performance may serve as indicators of the company's ability to capitalize on this major sales event, potentially impacting its stock value and future growth trajectory.
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