Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of DoorDash (NYSE: DASH) opened up at $115 on Tuesday but have regained those losses and more after it announced a partnership with Rite Aid (NYSE: RAD) to offer same-day delivery of non-prescription health, convenience, and wellness essentials.
DoorDash said consumers can now order products via the DoorDash platform from more than 2,100 Rite Aid locations across 17 states through the DoorDash app or website, with average delivery in less than an hour.
The DoorDash platform will offer more than 24,000 products from Rite Aid, including health and beauty supplies such as shampoo and makeup, non-perishable and perishable grocery staples such as milk and ice cream, over-the-counter medicine like pain relievers, cold and flu care, and household products such as paper towels, cleaning supplies, and more.
“Amidst the pandemic we accelerated our momentum into new categories to address consumers' heightened needs for access to everyday health and wellness essentials,” said Fuad Hannon, Head of New Verticals at DoorDash.
“As we continue to expand our offerings in the convenience space, we're thrilled to partner with Rite Aid to provide their customers with on-demand access to their favorite products and a wide selection of home essentials delivered right to their doorsteps, in a matter of hours,” added Hannon.
After closing Monday's session at $120, DoorDash shares opened up on Tuesday at $115. However, they have since regained those losses and are, in fact, up 0.40% on the day at $120.93.
Rite Aid shares are trading 2.81% below Monday's close at $17.31.
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