Amazon Stock Rises as Prime Day Confirmed for Oct. 13-14

Home / Amazon Stock Rises as Prime Day Confirmed for Oct. 13-14

Amazon’s  (AMZN) – Get Report stock rose on Monday after the online retailer scheduled its annual Prime Day shopping extravaganza for Oct. 13-14, in time for the holiday season.

Shares of the Seattle company at last check rose 1.75% to $3149.80.

Prime Day, which is typically held in July, was delayed by three months due to the coronavirus pandemic.

Concern about supply-chain disruptions and managing excess inventory of Amazon devices amid the pandemic also contributed to the delay of the much-hyped event.

Amazon said it would spend an additional $100 million on promotions to help hard-hit small businesses reach more consumers. Small businesses generally have been hammered during the pandemic as shoppers were forced to stay home.

Starting Monday the tech giant will also offer Prime members a $10 credit to use on Prime Day when they spend $10 on items sold by select small businesses in Amazon’s store. 

“In the midst of an unprecedented year, we’re committed to making this the most successful Prime Day ever for our small businesses and excited for Prime members worldwide to discover new ways to support local entrepreneurs and save big on everything they need and love,” Jeff Wilke, Amazon’s CEO for worldwide consumer, said in a statement. 

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