🚀 Amazon adds Grubhub to Prime

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Amazon has permanently added free Grubhub subscriptions to its Prime membership benefits, enhancing the $139-a-year loyalty program. Previously offering a yearlong Grubhub subscription with free delivery on orders over $12, Amazon has now made it a permanent perk. Additionally, non-Prime members can place Grubhub orders via Amazon's website and app. This move is part of Amazon's strategy to attract and retain members amidst competition from Walmart and Target's loyalty programs. The e-commerce giant has also included discounted One Medical memberships among its Prime benefits, alongside fast shipping and video streaming. Amazon, which acquired a 2% stake in Grubhub in July 2022 with the potential to increase it to 15%, had previously operated its own food-delivery service, Amazon Restaurants, before closing it to focus on grocery delivery.

2. McDonald’s USA president Joe Erlinger addressed concerns over price increases in an open letter, revealing that menu items are about 40% more expensive since 2019. Responding to claims that prices have more than doubled, Erlinger clarified that the price of a Big Mac meal has risen by 27%, a 10-piece McNuggets meal by 28%, and medium fries by 44%, citing higher input costs such as wages and goods. Amid consumer pullbacks and inflation, McDonald’s reported lower-than-expected same-store sales in Q1. To address value perceptions, McDonald’s will offer a $5 value meal from June 25 for a month, which analysts believe may impact sales and margins but aim to reinforce the brand’s value positioning. Franchisees, however, argue that the promotion needs more support from McDonald's to be viable in the long term.

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4. Headlines

   1. Salesforce shares fell by 17% after the company missed its earnings forecast for the first time since 2006.

   2. Nelson Peltz has dumped his stake in Disney after losing a proxy battle with the incumbent management team.

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