5 Notable Market Movers to Watch on Wednesday

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1. DoorDash, Inc. (NYSE:DASH)

Number of Hedge Fund Holders: 52

Shares of DoorDash, Inc. (NYSE:DASH) fell over seven percent today following the news that e-commerce giant Amazon has decided to acquire stakes in Grubhub, which is a rival of DoorDash in the online food delivery market.

Amazon will also offer Grubhub’s food delivery services to its Prime members in the U.S. Industry experts believe that the Amazon-Grubhub partnership would likely impact the market share of DoorDash, Inc. (NYSE:DASH).

Meanwhile, DoorDash, Inc. (NYSE:DASH) is already facing difficulties in boosting its sales this year due to decelerating demand for online food delivery services as life has returned to normal in most parts of the country. DoorDash stock has lost more than 50 percent of its value on a year-to-date basis.

You can also take a peek at 10 Stocks to Profit From Inflation and David Abrams’ 2022 Portfolio: Top 10 Stock Picks.

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