Amazon poised to shake up the meal kit delivery business
18 July, 2017, 00:38 | Author: Valerie Burke
"You be the chef", according to the U.S. Patent and Trademark Office records.
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. Now Blue Apron stock has now plunged even below that trimmed IPO Price of $10, crashing as low as $6.51 on Monday.
The Street earlier reported Amazon's trademark application.
The tagline is, "We do the prep". And while you may be lamenting Blue Apron's current status as a brand new competitor of Amazon, remember: it could happen to absolutely anybody and there's nothing you can do about it.
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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.
Blue Apron shares tumbled more than 11 percent to $6.51, a drop of almost 35 percent since its June 29 initial public offering price of $10.
An Amazon spokesperson didn't immediately respond to a request for comment. It seems like the next logical step for Amazon's grocery ambitions, and this all points to the fact that Blue Apron doesn't own a competitive advantage in an industry with low barriers to entry - not something investors are looking for.
IPO in late June couldn't have come at a worse time. Shares declined to $6.51 which is a 35 percent drop since its initial public offering.
The fall in share price value could have additional implications for the unprofitable meal kit-delivery company. It lost another 10 percent in trading Monday after Amazon's trademark application was announced.
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