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Shares of Internet-based mailing and shipping solutions company Stamps.com (NASDAQ: STMP) fell as much as 10.4% on Monday after Pitney Bowes (NYSE: PBI) announced a new competing offering for its cloud-based SendPro mailing and shipping solution. Shares of Stamps.com closed the trading day down 7.9%.
Pitney Bowes asserted in a press release Monday morning that its new $5 SendPro delivers three times the benefits of Stamps.com's solutions for one-third of the cost.
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In the release, Pitney Bowes explained the new offering:
Investors may want to keep an eye out for a statement or competitive response from Stamps.com. In specifically naming Stamps.com in its press release, Pitney Bowes is clearly taking aim at its rival's customer base.
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