Instacart, grocers fall after Amazon expands same-day delivery

Shares of Instacart (CART) after falling after Amazon.com (AMZN) this morning announced an expansion of its grocery delivery service. Amazon customers in more than 1,000 cities and towns can now order groceries with same-day delivery, and the company has plans to expand this to over 2,300 cities and town across the U.S. by the end of 2025. For Prime members, same-day delivery is free for orders over $25 in most cities. If an order doesn’t meet the minimum, members can still choose same-day delivery for a $2.99 fee. For customers without a Prime membership, the service is available with a $12.99 fee, regardless of order size. Instacart is down 12% to $45.08 in morning trading while Walmart (WMT) and Tagret (TGT) are down 1%. Grocers Albertsons (ACI) and Kroger (KR) are down 3% and 4%, respectively.