2023-07-12 11:26:40 ET
Shares of Domino's Pizza (NYSE: DPZ) jumped on Wednesday after the restaurant chain inked a delivery deal with Uber Technologies (NYSE: UBER) . As of 10 a.m. ET today, Domino's stock was up about 10% and hitting new highs for 2023. For its part, Uber stock was completely flat as of this writing.
Therefore, the market clearly believes the new partnership is a bigger deal for Domino's than for Uber. This optimism may be fueled by the belief that this could add $1 billion in new sales for Domino's -- that's a lot of pizza.
Almost all restaurant chains allow for third-party delivery from marketplaces like DoorDash , Uber Eats, Grubhub, and more. And some chains have exclusive partnerships with certain providers. But a notable holdout has been Domino's. Until now, the pizza stock has kept everything related to delivery in-house.
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Domino's Pizza Stock Jumps After Inking a Deal With Uber