Amazon Stock Surges On Cyber Monday: Retail Mood Cheerful
By Stocktwits Inc | First Published Dec 2, 2024, 10:42 PM ISTThe holiday uptick contributed to a week-long rally in Amazon’s stock.
Amazon.com’s ($AMZN) stock rose more than 2% on Cyber Monday (10:45 a.m. ET) after a record spike in US consumer online spending over the Thanksgiving holiday, giving the online e-commerce giant a boost and lifting retail sentiment.
Retail sentiment on the stock turned ‘bullish’ (58/100) on Monday from 'neutral' (46/100).
Adobe estimates US consumers spent more than $6.1 billion online, a record high, on Thanksgiving holiday. That figure was 5.6% in 2023, according to the firm that tracks online spending.
Black Friday spending, meanwhile, was at $10.8 billion compared to $9.8 billion in 2023. Commerce cloud-related data from Salesforce projected American e-commerce spending went up 8% on Thanksgiving day alone.
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The increasing popularity of Buy Now, Pay Later (BNPL) services also contributed to higher spending, according to Adobe.
On Amazon's site, several Cyber Monday deals could be seen from fashion to headsets to sneakers.
"Cyber Week is off to a strong start, where bigger-than-expected discounts on Thanksgiving propelled impulse shopping in categories like electronics and apparel," Adobe Digital Insights analyst Vivek Pandya, said in a press release.
The holiday uptick contributed to a week-long rally in Amazon’s stock.
Amazon reported strong third-quarter earnings recently, posting adjusted earnings per share at $1.43 per share on sales of $158.9 billion. Wall Street analysts had expected adjusted earnings of $1.14 per share on sales of $157.3 billion.
Amazon's expecting sales of $185 billion in the current quarter. Wall Street expects the retailer to post $186.3 billion in its December quarter.
Amazon stock is up 41% year-to-date.
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