Market Overview

Investors Back GrubHub As Amazon Shuts Down Restaurants Business

Investors Back GrubHub As Amazon Shuts Down Restaurants Business, Inc. (NASDAQ: AMZN) is to shut down its Amazon Restaurants business in the U.S, according to Geekwire.

“As of June 24th, we will discontinue the Amazon Restaurants business in the US,” an Amazon spokesperson said in a statement to  GeekWire.

In November, Amazon Restaurants shut down its London business, according to TechCrunch. 

Shares of the online and mobile food ordering and delivery business GrubHub Inc (NYSE: GRUB) spiked Tuesday as the news of Amazon's move hit the Street. 

GrubHub shares were rallying by 7.11 percent to $69.33 at the time of publication Tuesday, while Amazon shares were up 0.59 percent at $1,871.56. 

Related Links:

KeyBanc Cuts GrubHub Estimates, Says Food Delivery Service Losing Share Of Diner Spending

Whitney Tilson: 'I Think We Are In An IPO Bubble'

Photo courtesy of GrubHub. 

Posted-In: GeekWire techcrunchRestaurants Media General Best of Benzinga


Related Articles (AMZN + GRUB)

View Comments and Join the Discussion!
Lightning Fast
Market News Service
$199 Free 14 Day Trial

Analysts Discuss Broadcom's New Supply Agreement With Apple

Valens, Tilray Increase Extraction Volume, Add Manufacturing Option To Contract