Amazon is serving notice to retail IPOs.
The announcement today that Amazon would be entering the meal kit delivery business has hammered competitor Blue Apron for another 10-percent decline. It seems like a long time ago, but the company only went public a little more than two weeks ago at $10. It dropped below that on its second day of trading and has been pretty much straight down since then. It broke below $7 this morning.
Wait a minute: Didn't we all know that Amazon was going to get into the meal delivery business? We talked about it leading into the IPO, and particularly after the Amazon-Whole Foods announcement. Everyone knew about this, right?
Apparently not. Down 10 percent on heavy volume tells me someone didn't get the memo. Or they weren't listening.