NEW YORK (TheStreet) -- Amazon.com (AMZN) shares are down 1.11% to $295.57 in trading on Thursday, the same day the company unveiled its new one-hour delivery in parts of New York City.
Amazon's Prime Now delivery service promises one-hour delivery of items purchased on the site for a fee of $7.99, with the option of two-hour delivery being free for Prime customers.
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The company has been testing the service using bike messengers deployed from a building it purchased in Midtown Manhattan for the past few weeks, according to the Wall Street Journal. More than 25,000 items are eligible for Prime Now service, according to the company.
The company plans to expand the service to other cities next year which will be available to customers who purchase the company's Prime membership package for $99.
TheStreet Ratings team rates AMAZON.COM INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMAZON.COM INC (AMZN) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself, poor profit margins and feeble growth in its earnings per share."