Amazon shares are threatening to reclaim $1,000 ahead of Prime Day (AMZN)

pulse

July 10, 2017 7:51 PM

Prime Day is Amazon's version of Black Friday, with tons of deals available only to those who subscribe to Amazon Prime.

Amazon created its own holiday to get shoppers spending like mad, and it starts a few hours after the closing bell Monday.

The company is expected to pull in $1 billion in just 30 hours, according to JPMorgan. That would be a 55% increase compared to last year's Prime Day. China, India, and Mexico are newly included this year.

The one-day sales bump is nice, but even more important to Amazon's bottom line is the increase in the number of Prime subscribers. JPMorgan said that the number of subscribers is expected to jump in order to take advantage of the subscriber-only deals. Amazon's secret weapon is customer loyalty and converting more people to sign up for Prime means those customers are more likely to spend more with Amazon in the future.

Amazon is up 1.90% on Monday, the day Prime Day launches. At $997.22, the company only needs a 0.27% bump to cross the $1000 milestone. The company first crossed it earlier this year.

Amazon is up 32.24% this year. Prime Day starts at 9 PM on Monday.

pulse