GrubHub Briefly Stumbles As Amazon May Launch Competing Service

GrubHub GRUB stumbled nearly 11 percent Wednesday afternoon on news Amazon.com 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 had been up nearly seven percent Wednesday. It's currently at $35.62, up less than one percent.