Etsy's Stock On Track For a Selloff After Amazon Launches Rival Service

Etsy Inc.'s stock was indicated down about 2% in premarket trade Thursday, after Inc. announced the launch of a rival to the online crafts marketplace called Handmade at Amazon. The new Amazon online store describes itself as a place "customers can discover artisans from around the world, and shop local from artisans based in their community with the familiar Amazon experience they know and trust." Meanwhile, Etsy calls itself a marketplace "where people around the world connect, both online and offline, to make, sell and buy unique goods." Etsy's stock went public on April 16, closing that first day at $30, or 88% above its initial public offering price of $16. On Wednesday, it closed 11% below its IPO price at $14.18.

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