NEW YORK (TheStreet) -- Shares of Amazon.com (AMZN) - Get Amazon.com, Inc. Report are down 0.45% to $373.45 in afternoon trading Thursday after it was reported that Amazon would close its Webstore e-commerce platform service.
"Amazon has started telling online merchants that it plans to shut down its Amazon Webstore business, which helps small and midsize retailers create and run their own online shop," Re/Code reported.
The e-commerce software business has become more competitive in recent years, and Amazon is feeling the pressure from companies like Shopify and Bigcommerce which have expanded their tool sets and attracted more customers, according to Re/Code.
Separately, TheStreet Ratings team rates AMAZON.COM INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMAZON.COM INC (AMZN) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."
You can view the full analysis from the report here: AMZN Ratings Report