Amazon is Real Money's Stock of the Day.
The internet giant's fifth annual Prime Day event began this morning at 12 am PST and will run for 48 hours this year, 12 hours longer than last year's 36 hour Prime Day.
Despite #BoycottAmazon and #AmazonStrike trending on twitter amid outcry for better working conditions and attacks from both sides of the political aisle, analysts estimate the two-day spending spree could generate more than $6.1 billion in total sales.
That would be a 46% increase from last year and would fall just shy of the $6.22 billion recorded during last year's Black Friday sales period.
RELATED: Amazon's Prime Holiday Is Still Not the Primary Online Sales Day (Real Money) RELATED: Amazon Showing a Surprising Upside Price Target on Prime Day (Real Money) In a note from Loop Capital analysts noted that, "Prime Day serves three primary purposes for Amazon: generating significant volume at a seasonally slow time of the year; driving incremental Prime subscriptions; and providing valuable free advertising," Additionally, this will be the first year that Prime Day includes Amazon Primes new 1-day shipping feature, which should help fend off discounted offerings from other major retailers, such as Walmart and Target.
For more in-depth coverage on Prime Day and how it will affect shares of Amazon stock get over to our premium site RealMonsy.com Amazon is a holding in Jim Cramer's Action Alerts PLUS charitable trust.
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