Diamonds and Dogs
GrubHub (GRUB) jumping on takeover rumors. The Chicago food-delivery provider is up 11% on news the company tapped a financial advisers to help review potential moves including a sale of the company or an acquisition. GrubHub is down 30% in the last year due to increased competition from rivals like Uber, DoorDash and others. In GrubHub's third quarter earnings, the company conceded that supply innovations in online takeout have been played out and annual growth would slow to a more normal longer-term state.
Walgreens Boots Alliance (WBA) reports disappointing earnings. Walgreens is down 6% after missing earnings estimates by 4 cents as sales rose just 1.6% to $34.34 billion. The pharmacy retailer is struggling to adequately respond to changing consumer demands and declining prescription-drug reimbursements. As one analyst put it, nothing in the numbers indicated that Walgreens has any momentum, suggesting that 2020 will largely be a year of treading water and slow progress.