Storch Advisors CEO and former Toys 'R' Us CEO Gerald Storch told 'Varney & Co.' that Amazon is 'flashing a big buying opportunity.'
Storch Advisors CEO and former Toys 'R' Us CEO Gerald Storch says that Americans fear recession as prices are rising faster than consumer incomes.
"Amazon sales were up 40% over a year ago... over two years, it's still 40%," he said. "That's going to come back to normalcy as we get to the end of the year, holiday time, and all that excess capacity [Amazon has], which they did overbuild too rapidly." He went on to say that rising costs are going to "spread over" a much bigger sales base, and Amazon will "do just fine."Varney also asked Storch whether he sees a recession coming amid Amazon shares falling.
"I think that's a fear for everyone right now. It's clear that prices are rising faster than consumer incomes. It's also clear the Fed has to do something about it," Storch replied.
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