It wasn't supposed to be this way: The 2017 tax cut and aggressive moves toward deregulation were supposed to pull the U.S. economy out of its glacial move higher.Economyread more
President Trump says Iran may not have intentionally downed an unmanned U.S. surveillance drone.Politicsread more
Slack pursued an unusual direct listing, meaning it did not have banks underwrite the offering.CNBC Disruptor 50read more
Slack's CEO said that the company didn't want to go public via an IPO so that it could be as transparent and accessible as possible.Deals and IPOsread more
Oil jumped as much as 6% on Thursday after Iran shot down a U.S. military drone, prompting President Trump to blast Tehran on Twitter.Energy Commoditiesread more
If Facebook cut corners in something as basic as the branding of its nascent crypto efforts, this dispute could give ammunition to its many critics.Financeread more
CNBC analysis using Kensho found that Disney, Verizon and Home Depot were some of the best performing Dow stocks in declining-rate environments.Investingread more
For doubters thinking the rally is just a last gasp of the decadelong bull market, chart analysts are here to prove them wrong.Marketsread more
Notorious "pharma bro" Martin Shkreli has reached a settlement with his former biopharmaceutical company Retrophin to resolve "all outstanding disputes" just week after he...Biotech and Pharmaceuticalsread more
"The slowdown in the global economy is reaching this shore," veteran trader Art Cashin says.Economyread more
Slack's public market debut on Thursday will generate billions for venture firm Accel and healthy returns for Andreessen Horowitz and Social CapitalTechnologyread more
Shares of online food delivery services GrubHub and Waitr Holdings jumped Tuesday after Amazon said it was shutting down its four-year-old rival service, which delivered restaurant meals to Prime members' doorsteps.
Grubhub shares, which have a market value of $6.3 billion, gained more than 7% on Tuesday, while shares of smaller rival Waitr gained 3%. Waitr has a market cap of $482.7 million. Uber, which operates Uber Eats, saw its stock, which is valued at $71.5 billion, rise less than 1%.
Amazon said Monday that it shuttering Amazon Restaurants on June 24. The service had operated in more than 20 U.S. cities. An expansion into the U.K. was closed late last year.
"A small fraction of Amazon employees are affected by this decision, and many of those affected have already found new roles at Amazon," the company said in a statement. "Employees will be offered personalized support to find a new role within, or outside of, the company."
Jeremy Scott, an analyst at Mizuho Group who focuses on the restaurant industry, sees Amazon's decision as part of an expected wave of consolidation in the food delivery industry, which he said could support two to three players at maximum.
The move does not, however, mean that Amazon is leaving the food delivery industry entirely, he added. The company purchased a stake in UK-based food delivery service Deliveroo in May, which Scott sees as an indication that Amazon may plan to enter the industry by acquiring established delivery services, rather than building its own.
The Amazon Restaurant service was "not a reflection of what they're aiming to do," he said.
In a research note, Cowen and Company analyst Thomas Champion said that the Deliveroo investment indicates Amazon "retains some commitment to the space."
Amazon's closure of Amazon Restaurants is good news for GrubHub, according to Scott.
It both eliminates the "existential threat of Amazon" in the short term and sets up Amazon to potentially seek to acquire GrubHub "down the road should they want to take a leap step into the market," he said. He added that GrubHub would be comparatively cheaper to acquire than some of its competitors in the industry.
Amazon's decision is "a modest positive" for GrubHub's shares and for GrubHub and other providers, to which Amazon orders will migrate, Champion added.
"The move is not terribly surprising given Restaurants never appeared to be a major priority for [Amazon]," he said. "In several years of operation, Restaurants had mixed traction, capturing single-digit market share in most markets."
News that Amazon was closing the service was first reported by GeekWire.