Stock Market Today, Sept. 10: Grab Holdings Slips on Atome Fintech Acquisition Reports
Grab Holdings (NASDAQ:GRAB), a Southeast Asian super-app, closed at $3.01, down 0.99%. Reports that Grab Holdings is in talks to buy Atome Financial may have pushed shares lower. Trading volume reached 77.9 million shares, coming in about 64% above its three-month average of 46.7 million shares. Grab Holdings IPO'd in 2020 and has fallen 75% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,592, down 0.58%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 26,082, down 0.65%. Among internet services and ride-hailing, food delivery, and digital financial services platform peers, Uber Technologies (NYSE:UBER) closed at $72.56, up 2.08%, and DoorDash (NASDAQ:DASH) closed at $201.03, up 1.92%, highlighting a split in sentiment across delivery names.
What this means for investors
Bloomberg broke the news today that Grab Holdings is in talks to buy Atome Financial, a buy-now, pay-later (BNPL) platform based in Singapore. Company representatives did not comment. The firm has been expanding its financial services footprint and acquired Stash Financial earlier this year. It is part of a wider everything-app strategy that integrates food delivery, payments, loans, and more.
Grab's Q2 results beat analyst expectations with revenue of $997 million, up 22% year-on-year. However, the stock -- currently down almost 40% since the start of the year -- has struggled as concerns about profitability, competition, and possible regulatory issues have weighed on investor confidence. Those are valid worries, but as the company continues to expand and scale its revenue, today's price could be an attractive entry point.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends DoorDash. The Motley Fool recommends Grab and Uber Technologies. The Motley Fool has a disclosure policy.
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