Reuters

(Reuters)

Sneak Peak of Amazon Prime Day Deals

By Technology FOXBusiness

In honor of its 20th anniversary, Amazon (AMZN) has invented a holiday, known as “Prime Day.” To celebrate, the company said it will be offering more deals than Black Friday this Wednesday.

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Giving a sneak peak of its big day, Amazon said that it will offer heavy discounts, including a 32-inch LED TV for $75, a $199 Chromebook laptop, and up to 70% off Cuisinart and other kitchen products.  

The event is limited to Prime members, a $99 annual subscription, which includes free two-day shipping and access to Amazon’s music and photo service.

Walmart (WMT) is also releasing select deals this week, taking direct aim at its online rival.

“We’ve heard some retailers are charging $100 to get access to a sale. But the idea of asking customers to pay extra in order to save money just doesn’t add up for us,” said the company in a blog post.  

Amazon is not the first e-commerce brand to invent a commercial holiday. Alibaba (BABA) owes much of its success to Single’s Day on November 11, bringing in $9.2 billion in gross merchandise volume last year.

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An eventful week for the e-commerce business, Ebay (EBAY) will be completing its spinoff of PayPal (PYPL) on Friday. Ebay reports earnings on Thursday and Amazon reports earnings on July 23.

“Prime Day” may also be a win-win for investors. UBS raised Amazon shares to a buy rating Tuesday as the stock hit a fresh record hovering around $465. Shares have soared 59% in the past six months.