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Amazon wants to compete with Best Buy's Geek Squad

Paul Sakuma / AP

Amazon is rolling out a service to compete with Best Buy's Geek Squad and help customers with their consumer electronics purchases, according to Recode. The service is currently available in seven markets, and Amazon charges $99 for installations. It's also providing consultations on how to use its Echo digital assistant.

Amazon already has a marketplace for other home services, so this isn't foreign territory for the company.

Stock hit: The news seems to have affected Best Buy's stock price, which is now down by about 6.4% to $54.15. The company's Geek Squad has been a signature service for Best Buy.