Amazon.com Inc. (NASDAQ: AMZN) is in the midst of upgrading its Prime membership, and what this means is that now roughly 10 million items qualify for one-day delivery.
Currently, Amazon’s Prime membership goes for $119 for an annual membership. The firm is in the process of expanding its delivery service, with soon to be more than 10 million items available for one-day delivery.
It’s unclear when Amazon’s service will be upgraded, but more than 100 million items currently qualify for two-day delivery through its Prime service.
On the other hand, Walmart Inc. (NYSE: WMT) is looking to catch up to Amazon with its most recent delivery option. The retail giant said that it rolled out next-day delivery last month. It’s for many fewer items though. Walmart offers next-day delivery on 220,000 products in Phoenix, Las Vegas and Southern California. It plans to expand that to most of the United States by the end of the year.
Excluding Monday’s move, Amazon had outperformed the broad markets, with its stock up about 18% year to date. In the past 52 weeks, the stock was only up about 9%.
Shares of Amazon were down more than 2% at $1,734.15 Monday morning, in a 52-week range of $1,307.00 to $2,050.50. The consensus price target is $2,170.21.