There are rumblings that Amazon is set to launch a delivery service as reported by the Wall Street Journal and subsequent tremors saw FedEX and UPS shares buckle.
A similar scenario to its entry into grocery and healthcare sector where there was a seismic reaction to the news that Amazon is the new player in town.
FedEx and UPS dropped -4.38% and -3.70% respectively while Amazon fell -3.59% at the time of publishing.
The world’s largest online retailer is said to be on the verge of launching a service called "Shipping with Amazon" which will deliver packages from third-party retailers on its site to customers. Amazon will roll it out in the coming weeks in Los Angeles.