Amazon Expands Same-Day Grocery Delivery, Sending Rival's Shares Down
Amazon's move to expand its same-day grocery delivery service sent shares of rival grocery-delivery companies lower.
The e-commerce conglomerate said Wednesday it would now offer same-day delivery of groceries to 2,300 cities and towns, more than doubling its existing footprint.
While Amazon's stock rose 1.3% to $230.79, its competitors slid. Shares of Instacart's owner Maplebear retreated 6.9%, Uber Technologies declined 6% and DoorDash slipped 4.5%. Kroger's stock was down 2%...
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