Why Grubhub Stock Rocketed 36% Higher Today
Shares of food delivery company Grubhub (NYSE: GRUB) rose as much as 36% on May 12. The jump happened about an hour or so into the trading day before pulling back. By 11:30 a.m. EDT, the stock was still up roughly 25%.
The big jump was precipitated by a news item from Bloomberg that claimed Uber Technologies (NYSE: UBER) had approached Grubhub with an acquisition offer. Citing "people familiar with the matter," Bloomberg said the two sides could reach a deal this month, but gave no specifics of the proposed transaction. Uber's stock was up by around 5% by 11:30 a.m.
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Source Fool.com
