GrubHub woke to the news on Tuesday that Amazon was coming for it. GrubHub investors didn’t seem to like the sound of that.
Here’s what GrubHub’s stock did in the hour after Amazon announced it was expanding its new restaurant delivery service to its third metro area, Los Angeles, with plans to quickly launch the service in more cities around the country.
It took some time for the news to set in, but when it did investors sent GrubHub’s stock down more than 4 percent. The stock rebounded slightly to end the day down a little more than 3 percent. That’s still good for a loss in market cap of more than $65 million. Thanks, Bezos.
This article originally appeared on Recode.net.
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