Walmart is getting crushed ahead of Prime Day
Aug 26, 2024, 20:43 IST
Amazon's big annual Prime Day sale starts after the closing bell on Monday, and Walmart investors are quaking in their boots.
Shares of Walmart have fallen 2.35% on Monday ahead of Amazon's in-house holiday. The online giant is set to pull in $1 billion during the 30-hour sale.
Walmart has been trying to beef up its online retail business recently. It bought Jet.com last year and has been buying up small fashion retailers in an attempt to spur online orders. It's been a successful strategy so far, but hasn't succeeded in putting Walmart on the same level as Amazon.
As shares of Walmart fell, Amazon was gaining. Amazon was up 1.81% on Monday, and just a few dollars short of the $1000 per share milestone.
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