Lyft, Inc. LYFT on Apr 15 announced that it has launched a new on-demand delivery service for people in need during the coronavirus crisis. The company, through this online delivery service, will supply essential goods, including grocery, meals and medical supplies.
On the same day, Uber Technologies, Inc. UBER said that customers in New York City and Miami Area would be able to order restaurant meal deliveries over phone instead of through only the app. Online delivery services have become the sole option for millions ordering essential goods, food and food products as they stay locked in their homes due to the COVID-19 outbreak.
Online Delivery Services Go the Extra Mile
Lyft will be delivering essential goods, including grocery and medicine, through its newly launched online delivery service. The company’s initial partners for delivery services include Dole Packaged Foods and a group providing meals to students in need.
The ride-hailing service provider also looks to provide earning opportunities to drivers, who have been suffering due to an almost total-collapse of ride-hailing trips. Lyft’s drivers could also be booked to deliver goods for government agencies, non-profit organizations and healthcare groups.
The services will initially be available in Atlanta, GA; Austin, Dallas, Houston and San Antonio in Texas; Indianapolis, IN; Orlando, FL; Phoenix, AZ; San Francisco and San Diego in California; and Seattle.
Uber, which already offers an alternative to transporting passengers with its restaurant food delivery platform, said that New York City and Miami Area customers can now order restaurant meal deliveries over phone. The on-call service is aimed at extending services to the elderly Americans.
Demand for Online Delivery Soars
Demand for online delivery, be it grocery, household staples or food, has grown over the past couple of weeks. Not only online delivery services but also other food companies and retailers with a strong online presence have been trying to help Americans, who are unable to step out of their homes due to the pandemic.
While companies like Yum! Brands, Inc. YUM have their own delivery chains, many restaurants opt for food ordering and delivery platforms like Zomato and Grubhub Inc. GRUB. Many ride-hailing service companies are also offering free delivery to help restaurants and stores, which are closed due to the coronavirus outbreak. Also, many companies like Chipotle Mexican Grill, Inc. CMG are getting into partnerships with food delivery services like Uber Eats to penetrate the online delivery space.
With almost the entire country closing down due to the pandemic, people have been facing problem procuring essential goods, as they remain locked in their homes. This has seen a surge in demand for online grocery, household staples, restaurant food and food products. Given this scenario, it is prudent to say that these five stocks are likely to rally in the near future.
The Hain Celestial Group, Inc. HAIN produces, distributes, markets, and sells various natural and organic foods as well as personal care products. The company offers groceries non-dairy beverages and frozen desserts, flour and baking mixes, cereals, condiments, cooking oils, infant and toddler food.
The company’s expected earnings growth rate for the current year is 10.6%. The Zacks Consensus Estimate for the current-year earnings has improved 4.3% over the past 60 days. Hain Celestial sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Campbell Soup Company CPB together with its subsidiaries, is a worldwide manufacturer and marketer of high-quality, branded convenience food products. The company’s brands are sold in approximately 120 countries.
The company’s expected earnings growth rate for the current year is 17.4%. The Zacks Consensus Estimate for the current-year earnings has improved 6.7% over the past 60 days. Campbell Soup carries a Zacks Rank #2 (Buy).
Chewy, Inc. CHWY provides pet food, pet products, pet medications, and other pet health products. Even amid the coronavirus crisis, pet owners believe dog food, cat food, and cat litter are not discretionary expenses, hence their demand is consistent.
The company’s expected earnings growth rate for the current year is 27.6% compared with the Zacks Consumer Products - Staples industry’s projected earnings growth of 3.2%. Chewy carries a Zacks Rank #2.
Sprouts Farmers Market, Inc. SFM, which operates in a highly fragmented grocery store industry, has a unique model that features fresh produce at the center of the store, an expansive bulk foods section, and a vitamin department focused on overall wellness.
The company’s expected earnings growth rate for the current year is 4.8%. The Zacks Consensus Estimate for the current-year earnings has improved 15.9% over the past 60 days. Sprouts Farmers carries a Zacks Rank #1.
Kimberly-Clark Corporation KMB is engaged in the manufacture and marketing of a wide range of consumer products around the world.
The company’s expected earnings growth rate for the current year is 5.7%. The Zacks Consensus Estimate for the current-year earnings has improved 0.1% over the past 60 days. Kimberly-Clark has a Zacks Rank #2.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Click to get this free report Kimberly-Clark Corporation (KMB) : Free Stock Analysis Report The Hain Celestial Group, Inc. (HAIN) : Free Stock Analysis Report Campbell Soup Company (CPB) : Free Stock Analysis Report Yum! Brands, Inc. (YUM) : Free Stock Analysis Report Chipotle Mexican Grill, Inc. (CMG) : Free Stock Analysis Report Grubhub Inc. (GRUB) : Free Stock Analysis Report Sprouts Farmers Market, Inc. (SFM) : Free Stock Analysis Report Uber Technologies, Inc. (UBER) : Free Stock Analysis Report Chewy Inc. (CHWY) : Free Stock Analysis Report Lyft, Inc. (LYFT) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research