Investors are pumped for Amazon Prime Day
Amazon.com's second annual Prime Day is Tuesday, and consumers aren't the only ones excited. The investment community is more than happy with the mega-retailer, as AMZN stock hit an all-time high of $755.90.
Analysts are predicting Prime Day as the retailer's most successful day, reports CNBC. Prime membership went up 51 percent last year.
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The retailer's moves clearly haven't gone unnoticed, and are drawing competition from others in the industry. Wal-Mart Stores (WMT) is launching a free 30-day access to its ShippingPass service. It also promised free shipping for online orders through Friday, reports CNN.
Amazon's deals, found in 10 countries, begin at midnight PST and deals will come as much as every five minutes during Prime Day. Amazon has been building up its sales prowess as Prime Day approaches, with a countdown that started July 5.
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If its second annual Prime Day performs well, there's no doubt Prime will see a third incarnation, not to mention the likely copycats beleaguered retailers have in store to boost e-commerce efforts.
Amazon stock rose 70 percent in the last 12 months and nearly 12 percent so far this year. Wal-Mart stock, meanwhile, is up 1.3 percent in the last 12 months, although WMT has gained 20 percent so far this year.
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