Shares of manufacturing and transportation companies ticked lower as traders stepped back from the riskiest sectors on the stock market.
Amazon.com is experimenting with delivery services for third-party distributors in the Los Angeles area, according to analysts at brokerage Morgan Stanley. "If confirmed, this may be the catalyst that points to Amazon becoming a full-fledged parcel company, thereby competing with UPS and FedEx," said Morgan Stanley analysts. The Amazon experiment, Target's planned acquisition of delivery start-up Shipt and Walmart's investment in delivery capabilities suggest the shipping business is facing major competition from in-house operations, the analysts said.
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(END) Dow Jones Newswires
December 14, 2017 17:47 ET (22:47 GMT)