iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,563 Blog Posts

Retail Stocks Crater as Amazon Preps for Prime Day

If you can get past having a listening device plugged into your house 24/7, I strongly advise getting an Amazon echo. I know, it’s literally a spy hub being willingly placed inside people’s homes — but it’s so cool. I’m willing to imprison myself for the joys of the Amazon echo. Personally, I like to listen to the 1920’s Network on Tunein radio — fantastic channel played at my behest via a simple voice command.

These small matters are a pittance in comparison to the pangs of hell the retailers find themselves in today, as Amazon prepares to offer extreme discounts tonight (9pm), in order to lure people into their web of control, on their annual ‘Prime Day.’

This is truly a horrific event for the mall.

Amazon is jogging higher by 1.62% today.

Here is the other side of that coin.

RH -4.4%, WSM -2.5%, FRAN -6.2%, EXPR -5.8%, GPS -5.5%, BKE -5.2%, M -4.1%, SHLD -5.3%, KSS -4.7%, DLTR -2.6%, BBY -7.2%.

There are more, dozens more. Best Buy is getting hit particularly hard today on news that Amazon is quietly rolling out their own Geeksquad.

Happy Prime Day!

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9 comments

  1. Cricket

    Not just retail.

    Amazon Prime subscription is on the verge of undermining cable TV – next year AP subscriptions should pass cable.

    This, I believe, is a critical source of income for CNN, ESPN, etc. Say bye bye to the traditional cable model too. Wouldn’t surprise me to see Amazon buy a cable outfit to integrate into their content delivery model, just like they bought the Washington Post.

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    • og

      If they won’t give it to Apple, will they give it to Amazon? I totally agree if either of them get live TV, cable is dead.

      Not sure how well YouTube TV is doing right now.

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      • Cricket

        W3C (headed by Berners-Lee) has just approved the use of encrypted DRM into browsers after months of debate. This is a big deal. Assuming it survives appeal, web content providers like Amazon will benefit enormously.

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        • Cricket

          “I totally agree if either of them get live TV”. Amazon owns Twitch,tv. Live broadcasts – 45 million gamers, but includes live share trading too.

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  2. gappingandyapping
    gappingandyapping

    What can it do that I can’t do from my MacBook?

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    • The Maven

      It is a dedicated device. And Siri still sucks ass.

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      • gappingandyapping
        gappingandyapping

        My laptop is dedicated too. What can this Amazon device do that my laptop can’t? I can order things from my laptop, listen to music, surf the web, get weather, get stock info, send emails, play games, do work… What does this have that I don’t?

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        • sarcrilege

          Monitor everything you do and report any transgressions to authorities.

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  3. sarcrilege

    1984 finally arrives in 2017.

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