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Since the Coronavirus came into our lives this slice of the stock market has given ordinary people the chance to multiply their money by 96% in 21 days on JP Morgan.


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Stocks  | October 15, 2020

Amazon stock is closing in on a new buy point as the company's annual Prime Day event wraps up Wednesday night, with gross merchandise sales expected to climb 40% from last year's event.

Amazon (AMZN) does not release sales figures for Prime Day but has been consistent in saying the extravaganza tops all other big shopping events, such as Black Friday, in terms of its sales.

Estimates on sales for Prime Day range from $7.5 billion to $9.9 billion, the midpoint of which represents what is believed to be a 40% increase from last year.

Amazon stock fell 2.3%, closing at 3,363.71 on the stock market today.

Unprecedented Stock Market Opportunity In The Middle of the Pandemic

This new initiative is helping average Americans increase their chance of a long term market success in the middle of a global crisis. Handing some Americans gains such as 275% in one week on XLF, and 583%, in 7 days on XHB.

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Amazon Stock: Buy Point From A Cup Base

Shares of Amazon are approaching a 3,552.35 buy point in a cup base. Last week, the FANG stock leader bullishly regained its 50-day moving average.

In addition, the stock's relative strength line is approaching new highs, a sign of strong outperformance after the recent stock market correction.

The big difference with Prime Day this year is that it's running about three months later than its typical mid-July date. The event was postponed as a result of the pandemic outbreak. So Amazon is promoting the event as an early start to holiday shopping instead of its typical focus on summer and back-to-school merchandise. The event ends at 11:59 PT Wednesday.

JPMorgan analyst Doug Anmuth believes Amazon stands to benefit from the early start to holiday shopping as consumers continue to migrate online during the pandemic.

"We believe Amazon is well positioned to handle the holiday surge," Anmuth wrote in a note to clients. He said Amazon has increased warehouse square footage by 50%. He maintains an overweight rating on Amazon stock and price target of 4,050.

Earnings Growth Seen At 72%

Amazon is expected to report earnings later this month, though it has not yet announced a specific date. Analyst estimates call for earnings growth of 72% for the quarter, to $7.90 per share, according to FactSet. Forecasts for revenue stand at $92.6 billion, up 32%.

Amazon has a 99 Composite Rating and holds the No. 1 rank among its peers in the Retail-Internet industry group. Alibaba (BABA) and EBay (EBAY) also rank up's highest-rated stocks.


18 MONTHS OR MORE OF UNPRECEDENTED OPPORTUNITY

A revolutionary initiative is helping average Americans find quick and lasting stock market success.

275% in one week on XLF - an index fund for the financial sector. Even 583%, in 7 days on XHB… an ETF of homebuilding companies in the S&P 500. 


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