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GrubHub Briefly Stumbles As Amazon May Launch Competing Service

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Courtesy of Benzinga.

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GrubHub (NYSE: GRUB) stumbled nearly 11 percent Wednesday afternoon on news Amazon.com (NASDAQ: AMZN) is rolling out a similar food delivery service.

The report from TechCrunch said the competing service will be part of the Amazon Local unit and will be in a slow rollout mode, beginning in Seattle and on to California.

TechCrunch cited anonymous sources and said the company declined comment.

Until the news hit, GrubHub shares had been up nearly seven percent Wednesday. The stock is currently at $35.62, up slightly from Tuesday’s closing price but up more than eight percent from the session lows.

Posted-In: techcrunchNews Rumors

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