There seems to be no stopping Amazon.com Inc (NASDAQ:AMZN) reaching new milestones every year that passes by. From an online bookstore, Amazon has come a long way to become the largest e-commerce player in the world by market cap.
Back in May, I published an article discussing why Bill Miller could prove to be correct in projecting Amazon stock to double in just three years. The stock has surged approximately 30% since then, and it seems a near-term catalyst in the form of Prime Day could send shares even higher in the coming weeks.
The company has strategically scheduled the discount event for October, which coincides with the early holiday shopping period by Americans living in every corner of the world. From 2015 to 2019, Amazon held this event in July. Data from Reuters reveals that global consumer spending tends to spike during the fourth quarter of the year as consumers prepare for the holiday season that would officially commence with Thanksgiving on Nov. 26. The company is likely to benefit from this characteristic, which could be a catalyst in driving sales to a record high.