Amazon meal kits? Trademark filing sends Blue Apron's stock to new lows
Amazon.com (NASDAQ:AMZN) may be planning a service that rivals Blue Apron (NYSE:APRN), sending shares of the popular meal kit provider to new lows.
Amazon registered a trademark for the slogan, “We do the prep. You be the chef,” according to a filing with the U.S. Patent and Trademark Office. The filing from July 6 says the trademark covers “prepared food kits,” signaling that Amazon has its sights on the fast-growing market dominated by Blue Apron.
Blue Apron tumbled 8.4% to $6.74, dropping below its IPO price of $10 a share. The stock fell as low as $6.51, Blue Apron’s worst performance since it made its debut June 29.
Amazon rallied 1.1% to $1,012.95 in recent trading. The e-commerce giant hit an all-time high of $1,017.00 last month.
An Amazon spokesperson didn’t immediately respond to a request for comment.
News of a possible mail-order meal service from Amazon comes one month after the company agreed to buy upscale grocery chain Whole Foods (NYSE:WFM) for $13.4 billion. Amazon has sought to expand its food delivery business, AmazonFresh. The company has also introduced grocery pickup locations in Seattle.
The Times of London was first to report on the trademark filing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 198.38 | -4.50 | -2.22% |
| APRN | NO DATA AVAILABLE | - | - | - |
