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Amazon rips into iTunes

The online retailer's new AutoRip service gives customers free MP3 versions of the CDs they buy, in a move that intensifies competition with Apple's (AAPL) rival iTunes. Amazon's (AMZN) program lets customers listen to the songs immediately, before the CDs arrive. Customers who have bought AutoRip-eligible CDs at any time since '98 can find MP3 versions of them in their Cloud Player libraries for free. Amazon shares fell 0.4% to 265.34.