Amazon competitors offering discounts on Prime Day


THANK YOU VERY MUCH. I DIDN’T REALIZE THAT. I DON’T KNOW THESE THINGS. I WANT TO BRING IN GARY KALTBAUM, BECAUSE LOOK, I WANT YOU TO MAKE — I’M MAKING A CULTURAL COMMENT HERE. IT SEEMS TO ME THAT AMAZON — YOU’RE LAUGHING AT ME, I KNOW YOU ARE, GARY –>>NO, I’M NOT. STUART: AMAZON HAS REALLY SHIFTED THE RETAILING WORLD IN A DRAMATIC FASHION. MIDSUMMER IS NOW BIGGER, I THINK, I THINK IT’S BIGGER THAN BLACK FRIDAY. WHAT DO YOU SAY?>>STUART, LAST YEAR AMAZON SOLD 100 MILLION PRODUCTS TOTALLING $3.5 BILLION ON PRIME DAY. YOU ARE GOING TO GET COMPETITORS FOLLOWING SUIT. IT’S A FACT OF LIFE. TARGET IS DOING THE SMART THING. eBAY IS DOING THE SMART THING. I EXPECT OTHERS. THEY ARE GOING AFTER THEM. TARGET’S ADVERTISING IS BASED ON THE FACT DON’T WORRY, YOU DON’T HAVE TO SIGN UP AND BE A MEMBER, YOU CAN JUST DO OUR SALES FOR FREE, AND eBAY’S CALLING IT A CRASH SALE BECAUSE THEY CRASHED THE WEBSITE LAST YEAR ON AMAZON. SO THE COMPETITION’S GOOD AND I MUST TELL YOU, IT’S GOING TO LOWER PRICES FOR THE CONSUMERS AND IT WILL CONTINUE GOING FORWARD. STUART: THAT WAS MY QUESTION. IS THIS PHENOMENON A GOOD THING FOR AMERICA? MY ANSWER IS YES, UNEQUIVOCALLY. THIS IS A GOOD THING. YOU?>>COMPETITION LOWERS COST. SIMPLE AS THAT, FOR THE CONSUMER. I HAVE TO TELL YOU, I EXPECT PROBABLY AMAZON TO GO AMAZON PRIME QUARTERLY DAY. YOU WILL SEE A LOT MORE OF THIS GOING FORWARD. STUART: THE STOCK RIGHT NOW, $1900 A SHARE. LET ME TALK ABOUT BITCOIN. OVERNIGHT IT TOUCHED $14,000. THEY HAD TECHNICAL PROBLEMS, ON A BIG EXCHANGE. BITCOIN WAY, WAY DOWN. NOW IT’S $11,700. GARY, YOU HAVE NEVER BEEN A BIG FAN OF BITCOIN, HAVE YOU?>>NO. LOOK, THE FIRST TIME I EVER TALKED TO YOU ABOUT IT WAS IN DECEMBER OF ’17. I TOLD YOU ALL THESE COINS WOULD DROP 80% TO 100% AND ALL THE SCAM COMPANIES THAT WERE CHANGING THEIR NAMES WOULD TURN TO DUST. WE BASICALLY GOT A LOT OF THAT. BITCOIN IS STANDING TALL VERSUS THE REST OF THEM AND IT REALLY TURNED WHEN FACEBOOK, WHEN THE RUMORS CAME OUT FACEBOOK WITH THEIR 2.4 BILLION PEOPLE MAY TRY TO COME OUT WITH SOME CRYPTO CURRENCY AND THE STOCK’S BEEN EN FUEGO AS THEY SAY. THERE’S NOTHING BEHIND IT, NO BACKING, NO EARNINGS, NO SALES GROWTH. THEY’RE JUST BUYING INTO SOMETHING, I CALL IT AIR, AND GOD BLESS THEM IF THEY MAKE MONEY OFF IT. LOOK, THIS MOVE HAS BEEN REAL STRONG. I MISSED IT BUT I ALSO MISSED THE 80% DOWN. STUART: I’M TOO OLD FOR IT ANYWAY. LAST ONE. PRESIDENT TRUMP, PRESIDENT XI, THEY MEET ON SATURDAY IN JAPAN. NOW, WHAT DOES THE MARKET DO ON MONDAY MORNING IF WE JUST — IF ALL WE GET IS A HANDSHAKE AND A SMILE? WHAT DOES THE MARKET DO?>>IT WON’T BE HAPPY BUT I DON’T THINK THE MARKET WILL GET KILLED BECAUSE THERE IS SOME MOVEMENT BUT I WILL TELL YOU, IF THE TARIFFS START HEADING NORTH AGAIN, I THINK THAT’S BIG TROUBLE. I SEE IT EVERY DAY IN THE MARKETS. THAT’S SOMETHING PRESIDENT TRUMP NEEDS TO BE VERY, VERY CAREFUL ABOUT, BECAUSE OUR ECONOMY IS DECELERATING A LITTLE BIT HERE AND ANY MORE DECELERATION WILL TAKE YOU DOWN TO FLAT LINE. THAT WOULD NOT BE GOOD NEWS. IT’S AN IMPORTANT MEETING. STUART: WE HEAR TALK OF A TRADE TRUCE, WHATEVER THAT MEANS, IF THERE WAS A TRADE TRUCE, DOES THE MARKET GO UP MONDAY MORNING?>>I’M SURE IT WILL GO UP A LITTLE BIT, YEAH. LISTEN, I WILL TAKE A TRUCE AT THIS POINT IN TIME BECAUSE THE RHETORIC ON BOTH SIDES, NOT THAT GOOD. CHINA CAME OUT PRETTY STRONG TODAY SAYING THIS IS WHAT WE WANT OR ELSE. IT’S THINGS THAT TRUMP SAID HE WON’T GIVE. AGAIN, HOPEFULLY BETTER THINGS HAPPEN BUT RIGHT NOW, I THINK I’LL TAKE A TRUCE.

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