Amazon (AMZN) May Develop Set-Top Box

NEW YORK (TheStreet) -- The world's largest Internet retailer Amazon (AMZN) is reportedly preparing to launch a set-top streaming box, according to The Wall Street Journal. Rumors of its development have been circulating since April.

The device would allow for internet-enabled video streaming through users' television sets, taking advantage of Amazon services such as Video on Demand and Amazon Prime. Amazon would be competing against devices with similar functionality, such as Apple's ( (AAPL)) Apple TV and Roku.

Amazon has recently filed for a trademark on the name "Firetube" for an unidentified project in the U.S. and Canada, reports CNet. The branding would be consistent with Amazon's tablet line, the Kindle Fire.

Amazon's hardware diversification has been a hot topic of late, with two smartphones rumored to be in development. The project is still in development and no release timeframe has been confirmed.

An Amazon spokesperson was not able to be reached by the time of publishing.

Shares of Amazon.com Inc (AMZN) stock are up today by $3.64 (1.16%) as of 3:53 p.m. ET. Thus far, 1.43 million shares of Amazon.com Inc changed hands as compared to its average daily volume of 2.42 million shares. The stock has ranged in price between $312.62 to $319 after opening the day at $315.13 as compared to the previous trading day's close of $314.76. Overall, Amazon.com Inc is leading the S&P 500 which is up 0.63%. 

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:

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