NEW YORK (TheStreet) -- Amazon.com (AMZN) - Get Report stock is rising by 2.26% to $507.26 in midday trading on Wednesday, after the company introduced Amazon Flex, a delivery service that will hire drivers as independent contractors, the Washington Post reports.
The new service will hire drivers for $18 to $25 an hour to deliver packages to customers who ordered from Prime Now, the one-hour delivery option.
The move comes as Amazon seeks to bring purchases to consumers faster and compete with delivery start-ups, the Washington Post added.
Seattle-based Amazon is an e-commerce company offering products through its own operations as well as third-party sellers.
TheStreet's Bryan Ashenberg and Bob Lang of Trifecta Stocks have identified Amazon as the "Chart of the Day." Here is what Ashenberg and Bob Lang had to say about Amazon:
With nearly $89 billion in revenue last year, Amazon is one of the largest and relentlessly innovative retailers in the world. Its growth trajectory has been nothing short of awe-inspiring over the years, and its mix of products and services continue to set the standard for the retail industry. This year, the stock has reflected all of the above, but recent market action indicates that there may be a bull's-eye on its name.
As I mentioned recently, the stock market as a whole is struggling to find some direction, and that uncertainty is impacting everyone. Sellers are taking their nervousness out on every stock, including the best and strongest names. Stocks like Amazon command a nice premium if their growth is rich and robust, but they are vulnerable to heavy selling if the market multiple comes in.
This is exactly what has been playing out the last couple of days, and this is some very disturbing activity. Amazon saw heavy turnover and a break below the 50-day Moving Average, and now the Moving Average Convergence Divergence is on a sell signal. At this point, we could see a test of the August lows in the coming days.
Watch this video for more analysis of AMZN.
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