Amazon.com Inc. said in a Monday blog post that it will launch drone delivery in Lockeford, Calif., making it among the first areas in the U.S. to use the Prime Air service. Feedback from these users will help determine how the program is scaled up for additional users. Thousands of items will be eligible for drone delivery when it starts later this year. The Prime Air drone will deliver to customers’ backyards, hovering to release the items and then flying away. Prime Air drones can reach a speed of 50 miles-per-hour and fly at a 400-foot altitude carrying packages at a weight maximum of five pounds. Walmart has also made a push into drone delivery, with plans to add 4 million households to its service by the end of the year. Amazon stock has been on a multi-session losing streak, with shares down 3.4% in early Monday trading. Shares have slumped 36.6% for the year to date.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
