UPS, FedEx fall on report Amazon readying delivery service

(AP) – Shares of FedEx and UPS are falling following a report that powerhouse Amazon is readying its own delivery service.

Rumors have swirled that Amazon.com Inc. was looking to bring some of its delivery services in house as the retailer looks to have more control. On Friday The Wall Street Journal, citing anonymous sources, said Amazon is planning a new service called “Shipping With Amazon” that will allow it to pick up packages from businesses and deliver them to consumers. The service is expected to start in Los Angeles and then expand.

Shares of United Parcel Service Inc. and FedEx both declined more than 4 percent before the market open. Amazon’s shares rose slightly.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s