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Amazon's getting into shipping business -- UPS, FedEx shares drop

Shares of the two largest US shipping companies, UPS and FedEx, are tumbling. The drop came on news that Amazon will launch a competing package delivery service known as “Shipping with Amazon.” Amazon has flirted with shipping its own packages for a while now, most recently in October 2017. Then, shares of UPS and FedEx fell on news of an Amazon program called “seller flex." It's unclear how much of an effect losing Amazon’s business will have on FedEx and UPS.

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