Meal delivery service Blue Apron (APRN) has had a rough go since it debuted June 29 at $10 per share. The stock is down another 6% to $7.65 per share in morning trading Tuesday.
Blue Apron's debut was one of the early victims of Amazon.com Inc's (AMZN) blockbuster decision to purchase organic grocer Whole Foods Market Inc. WFM forced the company to lower its expected debut price to between $10 and $11 from between $15 and $17 per share.
The company lost a third of valuation on that move, down to $1.9 billion from $3 billion, and the stock has not been able to recover since. Outside of Amazon, Blue Apron also has competition from private meal kit delivery companies like PeachDish, Plated and Terra's Kitchen.
What's Hot On TheStreet
The watch was made in conjunction with Alphabet's (GOOGL) Google and Qualcomm Technology (QCOM) and starts at a lofty $2,450. It works with both Apple and Android devices, and is the first Android Wear smartwatch that functions in China.
Yes, it's Amazon Prime Day: Although many probably have Amazon (AMZN) Prime Day fatigue right now, that doesn't mean they won't be spending aggressively on big digital deals. Amazon stands to ring up more than $2 billion in sales worldwide during the 30-hour sale known as Prime Day, Internet Retailer predicts. The gain would mark about a 21% increase from a year ago. U.S. sales alone are pegged at $1.56 billion, up 20% from last year, TheStreet reports.
Bitcoin has crashed: Traders that have rode the wave higher in Bitcoin via cryptocurrency plays such as Advanced Micro Devices (AMD) and Nvidia (NVDA) may want to reconsider their bullishness. Bitcoin prices entered into bear market territory Tuesday, TheStreet reports, as an embarrassing legal case kicked off in Japan and experts continue to squabble over key changes to the cryptocurrency's infrastructure.
Bye-bye regulations: President Trump late Monday nominated former Treasury official Randal Quarles as the Federal Reserve's top bank supervisor. As TheStreet's Ron Orol reports, the nomination could lead the way to a dismantling of many Obama Administration bank regulations and is one that is expected to send a positive signal for now to big and regional bank stocks. Orol points out that the appointment could boost bank stocks such as Bank of America (BAC) , Wells Fargo (WFC) , Citigroup (C) and Goldman Sachs (GS) in the near-term.
Apple, Alphabet, Wells Fargo and Citigroup are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL, GOOGL, WFC and C? Learn more now.
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