Why iRobot Stock Dropped 14% This Week
Shares of iRobot (NASDAQ: IRBT) are down 12.9% this week as of Thursday's close, according to data provided by S&P Global Market Intelligence. They gave up a healthy chunk of last week's gains after European antitrust regulators expressed objections to Amazon's (NASDAQ: AMZN) pending acquisition of the home-robotics leader.
For perspective, iRobot stock ended last week on a high note by rallying nearly 40% last Friday after Reuters reported Amazon was set to win unconditional approval from European regulators to close on the acquisition. The European Commission (EC) previously opened an investigation into the deal in July.
On Monday, however, shares of iRobot fell nearly 20% after the EC sent a statement of objections to Amazon detailing its concerns surrounding the deal. In particular, EC officials say they're worried that as a merged entity, Amazon and iRobot could engage in "several foreclosing strategies aimed at preventing rivals from selling [robotic vacuum cleaners] on Amazon's marketplace."
Source Fool.com
iRobot Corp. Stock
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