Amazon said its two-day Prime Big Deal Days was its biggest ever October shopping event. Amazon stock was slightly higher in Thursday trading.
The two-day shopping event kicked off Oct. 8 and featured deals across most product categories. The event is in its third year and acts as a smaller, autumn version of Amazon's major summer Prime Day discount event. Amazon said in a news release that Prime members "saved more than $1 billion across millions of deals."
On the stock market today, Amazon stock is up nearly 1% at 186.80. Shares are pushing above Amazon's 21-day moving average in a potential bullish signal.
'Record' Prime Member Shopping
Amazon did not release exact figures on total sales for the two-day event.
"Our 2024 Prime Big Deal Days event marked a strong start to the holiday shopping season, with record-breaking sales and participation from Prime members worldwide," Doug Herrington, Chief Executive of Worldwide Amazon Stores, said in a news release.
Rival retailers Walmart and Target offered counterprogramming to Amazon through their own discount events. Walmart's Holiday Deals event runs through Oct. 13. Target is hosting a Circle Week through Oct. 12.
Forecasters such as Adobe project that total e-commerce spending growth will accelerate this holiday season.
Amazon Stock In Consolidation Pattern
Meanwhile, Amazon stock is trading within a long consolidation pattern with a 201.20 buy point, according to IBD MarketSurge.
Amazon stock fell to start the week following a downgrade from analysts at Wells Fargo. The note cited concerns that Amazon's investment in its Project Kuiper satellite internet business and competition for third-party sellers from Walmart could cut into margins.
Amazon stock has traded sluggishly since July. Shares hit an all-time high near 201.20 early that month before pulling back. A second quarter earnings statement that showed lower-than-expected revenue in early August sent Amazon stock tumbling. Shares recovered to a September high of 195.37 before pulling back.
