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DoorDash stock receives downgrade amid heightened competition, slowing growth

Yahoo Finance Live examines DoorDash shares.

Video transcript

[AUDIO LOGO]

[MUSIC PLAYING]

SEANA SMITH: It's time for our Triple Play, three stocks that we are watching here in the final 25 minutes of trading. We have DoorDash, Boeing, and Cracker Barrel. So let's kick it off with my pick, and that's DoorDash. The stock falling today. You can see it off just about 2% on a downgrade from RBC. Now, the firm lowering its rating on the stock to sector perform from outperform on increased competition, also slower growth that they think could continue here in the coming quarters. RBC writing in a note to clients that the risks are, quote, "too important to ignore."

Earlier this week, DoorDash announcing plans to eliminate about 1,250 jobs, or 7% of its workforce, in an effort to cut costs. We're looking at a chart, year-to-date chart-- a very different story. I guess for the one month, we're in the green, but year-to-date, under a severe amount of pressure. Jared, obviously, the company looking to cut costs here. Competition, though, like RBC noted, really mounting, and they specifically called out Uber there as a huge competitor going forward.

JARED BLIKRE: Yeah, you know, you've got to wonder, is Uber kicking itself for not getting out of this business years ago? Because it almost did. But I'm looking at the YFi Interactive real quick here. I'm showing the one-month returns. And you'll notice that it's deliveries-- delivery services that are mainly in the green. Uber, Hertz, Lyft, those are all in the red, as is Avis Budget Group there. But--