Can Blue Apron Stock Bounce Back After Last Week's 11% Drop?
Blue Apron (NYSE: APRN) has a new and formidable competitor, and that's been enough to turn an already broken IPO into one of this year's worst performers among market debutantes. Shares of the meal-kit provider for foodies took an 11% hit during the week. Blue Apron has now surrendered nearly 35% of its value since going public at $10 late last month.
News that Amazon.com (NASDAQ: AMZN) is invading Blue Apron's turf came quickly. The week began with reports that Amazon filied a trademark application earlier this month for a do-it-yourself meal-delivery platform. Before the week was done, we saw Amazon start testing it out for its Prime Fresh customers in Seattle, and CNBC ran a segment in which a reporter tested the two products side by side.
Image source: Blue Apron.
Source: Fool.com
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