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Shares of American e-commerce giant Amazon Inc has risen since last week in anticipation of its annual Prime Day shopping event. The yearly event which will offer a wide variety of product discounts and offers exclusively for Amazon Prime members will be a 30-hour event.

Prime Day

Amazon Prime Day which is being held for a third consecutive year is being celebrated by the company in line with their anniversary. The Prime-member exclusive event which was held on July 12 last year lasts for thirty hours and can be accessed by Prime members from twelve other countries aside from the United States.

Amazon will be offering more than 100,000 deals during the event although the deals will vary from each country. The company will be placing new deals every five minutes during the thirty-hour event. The company is expected to put out bigger deals compared to the past two Prime Day events.

As early as last week, Amazon has started to reveal the deals which will be offered during Prime Day including a 30 to 50 percent discount in Amazon’s Echo and Echo Dot devices. Amazon will also be having huge discounts for various items in its technology section particularly for its own brands like the Amazon Audible, Kindle, and the latest Amazon Fire television.

The event which is compared with China’s Singles Day has reportedly cashed in bigger sales compared to the company’s earnings during Black Friday and Cyber Monday which has been one of the biggest sale days for the company in the past couple of years.

Shoppers without a Prime subscription can still access the sale after getting a subscription on or before July 11 while others have accessed the 30-day Prime membership trial.

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Amazon Stock Movement

As early as Friday last week where Amazon deals for the Prime Day event has started to be announced, Amazon shares have rallied by as much as 1.41% and has been mostly trading up in the past trading sessions. Aside from the number of sales the company would be able to record during Prime Day, investors are also expecting a significant rise in the number of their Amazon Prime users to which membership costs around $99 per year.

Amazon shares which crossed the $1000 level per share more than one month ago is currently trading at around $996.47 per share and is up by around 1.81%. The stock is somewhat expected to reclaim the $1000 level again at the end of the event which is currently ongoing. Shares of department and physical retailing stores like Macy’s were mostly down on Friday in anticipation of the Prime Day’s effect on Amazon shares.

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