Update (4:05 p.m.): Updated with Thursday market close information.
The service is free for Amazon Prime customers, who already pay $99 a year. Amazon promises more than one million songs from approximately 90,000 albums and hundreds of pre-made playlists. Prime Music is now one more option for some streaming music users in a space that already includes Apple's iTunes Radio, Spotify and Pandora (P).
The stock closed down 1.7%, or $1.60, to $92.26.
Separately, TheStreet Ratings team rates APPLE INC as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."
Highlights from the analysis by TheStreet Ratings Team goes as follows: