Amazon is slipping after Walmart and Google announce a partnership to take on the retail giant (AMZN, WMT, GOOGL)

pulse

August 23, 2017 3:04 PM

Amazon stock price is slipping slightly after a couple new players team up to take on its dominant Prime service.

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Amazon is slipping after Google and Walmart announced a partnership that seeks to take on the e-commerce giant's biggest advantage in the space.

Shares are down 0.97% in early trading on Wednesday, trading at $957.51.

Google and Walmart announced a new partnership that brings Walmart's massive retail operation and Google's online prowess together. Users of Google's "Google Express" platform will now be able to order items from Walmart.

Google Express is the company's answer to Amazon's Prime subscription service. The service also announced it would be removing the $95 subscription fee. Orders that cost over a certain amount get shipped for free when shopping through the service. Users will be able to shop for Walmart's products on Google's web platform, mobile app, and voice assistant.

Walmart will be the largest vendor on the service, which also includes companies like Target, Costco and Bed Bath and Beyond.

Walmart is up 0.47% on the news while Google is down 0.47%.

Amazon's stock is up 27.45% so far this year.

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