Shares of Walmart and Target were hammered on Friday after Amazon announced it would shorten its Prime shipping promise from two days to one day.
Wall Street analysts hailed the move as a “game-changing” coup, saying it would force competitors to ramp up spending to match Amazon’s one-day offer.
But concerns about the impact to Walmart and Target, in particular, are overblown, according to John Zolidis, president of Quo Vadis Capital. Shares of Walmart and Target were down more than 2% and 5%, respectively, in mid-day trading Friday.
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