Amazon.com Inc. (AMZN - Get Report)  could be at it again.

The company is reportedly planning to launch a delivery service for businesses, according to The Wall Street Journal.

As Amazon's eventual entrance into the business shipping market came to light, shares of FedEx Corp. (FDX - Get Report) slid 1.68% to $235.25 at the market close Friday. United Parcel Service Inc. (UPS - Get Report) stock fell 2.64% to $106.39 as the closing bell rang.

The service is reportedly called "Shipping with Amazon," and will specialize in picking up packages from businesses and delivering those packages to customers. The service is expected to undergo testing in Los Angeles in the coming weeks with more cities following suit after that.

"SWA represents a natural extension of third-party logistics services, particularly in markets where Amazon has the delivery density to offer a competitively-priced alternative to UPS/FDX," Baird analyst Colin Sebastian wrote in a Feb. 9 research note. "In our prior research, we identified potential $400 billion to $500 billion incremental market opportunity for Amazon, meaning with just 1% of the market, Amazon could create a new $5 billion revenue stream."  

Morgan Stanley analysts, including Ravi Shanker, expect Amazon to build out its network in "dense urban areas," they wrote in a Feb. 6 research note. 

It wouldn't be the first time Amazon disrupted a new industry with plans to make an entrance.

It's the same type of reaction the healthcare sector had when Amazon announced a possible move into pharmaceutical drug sales followed by a healthcare partnership with Berkshire Hathaway (BRK.A - Get Report) (BRK.B - Get Report) and JPMorgan Chase & Co. (JPM - Get Report) -- shares of CVS Health Corp. (CVS - Get Report) and Walgreens Boots Alliance Inc. (WBA - Get Report) dropped.

And the same thing also happened last summer when Amazon announced its acquisition of Whole Foods Market -- shares of grocers including Kroger Co. (KR - Get Report) and Walmart Inc. (WMT - Get Report) took a tumble.

Shares of Amazon fell 0.81% to $1,339.60 Friday.

-- This story has been updated to include commentary from analysts. 

-- Anders Keitz contributed to this report.