Blue Apron Feeling Black-and-Blue After Amazon Moves
Blue Apron Feeling Black-and-Blue After Amazon Moves
Blue Apron's Stock Is Getting Crushed Amid Reports Of Amazon Meal Kit Trademark
18 July, 2017, 00:38
An investigation from TechCrunch turned up several trademarks that allude to a possible foray into the world of meal kits, including one for the phrase, "We do the prep".
Shares of Blue Apron (APRN - Free Report) fell 9% in morning trading on Monday after news broke that Amazon.com (AMZN - Free Report) has registered a trademark in the USA for a meal-kit business. The merger was announced while Blue Apron was preparing to go public and may have contributed to the meal kit company's bankers lowering their estimate for its shares value until the day they began to trade.
After starting off the process with a lot of good will, Blue Apron had to revise down its IPO price - and even then that seems to have been optimistic. Now it may expand into meal kits.
This fresh ambition by Amazon will no doubt threaten meal-kits provider Blue Apron, which just recently listed on the public market.
"We live to eat", the tagline for its already-in-circulation line of snack foods called Wickedly Prime.
After The Sunday Times uncovered a new Amazon trademark that signals the company's interest in its own meal-kit service, Blue Apron shares sunk more than 11 percent on Monday.
A German Blue Apron competitor, HelloFresh, is also reportedly mulling an IPO.
Last week, the top Democrat in the U.S. House of Representatives' antitrust subcommittee, David Cicilline, voiced concerns about Amazon's plan to buy Whole Foods, pushing for a hearing to look into the deal's impact on consumers. The stock fell as low as $6.51, Blue Apron's worst performance since it made its debut June 29.
Blue Apron had sought additional available credit before the initial public offering, according to people familiar with the matter. Just last week, the stock closed at a new low after an analyst slapped Blue Apron with a $2 price target, citing difficulty with the business ever becoming profitable. VMWare was up 3 percent Monday on a report it may partner with Amazon in corporate data centers.
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