Amazon (AMZN) To Announce Apple TV Competitor April 2: Report

NEW YORK (TheStreet) -- Amazon (AMZN) will reportedly announce its set-top box which will compete with Apple's (AAPL) Apple TV on April 2.

Shares of Amazon were falling 1.5% to $338.25 Thursday.

The online retailer sent out invitations to a press event in New York City on April 2, saying it will give the press an update on its video business. According to Re/Code Amazon will use the event to announce its rumored set-top box that will compete with the Apple TV, Roku boxes, and Google's (GOOG) Chromecast.

Amazon recently made some moves in the video game industry by acquiring developer Double Helix. Previous reports said the company's set-top box will have some sort of video game component.

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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 robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and poor profit margins."

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