Amazon Prime Day Isn’t the Catalyst It Used to Be
- In the past four years, the stock has fallen on week of event
- Investor focus has shifted to its cloud computing business
Amazon’s Prime Day begins on Tuesday.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Amazon.com Inc.’s annual Prime Day shows that e-commerce isn’t the driver it once was for the stock, as investor focus shifts to the company’s faster-growing and profitable cloud-computing unit.
In the past four years, the stock has fallen in the week of the two-day sale in which the retail giant discounts swathes of items. The first four years beginning in 2015 saw Amazon shares average a gain of more than 2% in the week of the event, according to data compiled by Bloomberg.