Why Angie's List (ANGI) Stock Is Down Today

NEW YORK (TheStreet) -- Angie's List (ANGI) was falling -3.9% to $11.19 Tuesday following reports that Amazon.com (AMZN) will launch its own local services marketplace.

According to Reuters, Amazon is planning to launch the new marketplace sometime later this year. The new service will compete directly with Angie's List and reviews site Yelp (YELP).

Amazon has reportedly reached out to service providers and startups in Seattle and San Francisco ahead of the launching the new service.

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"Angie's List, Inc. (Angie's List) operates a consumer-driven service for members to research, hire, rate and review local professionals for critical needs, such as home, health care and automotive services. As of December 31, 2012, the Company offered its service to approximately 1.7 million paying members in 219 local markets in the United States. The Company helps consumers purchase high cost of failure services in an extremely fragmented local marketplace. These services, which include home remodeling, plumbing, roof repair, health care and automobile repair. The Company's ratings are based on reviews from the Company's members and the Company accepts no anonymous reviews. The Company's typical member is between the ages of 35 and 64, is married, owns a home, is college educated and has an annual household income of at least $100,000. In August 2013, the Company announced the acquisition of online start-up SmartHabitat Inc."

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