Jun 28, 2017

Blue Apron slashes IPO price

Dan Primack

Bree Fowler / AP

Meal-kit subscription company Blue Apron has cut its estimated IPO price range by more than 34%, or from $15-$17 per share to $10-$11 per share. Were it to price in the middle of its range, that difference would cut around $1.2 billion off of its fully-diluted market value. Blue Apron's IPO is expected to price tonight, with shares to begin trading tomorrow on the New York Stock Exchange under ticker symbol APRN.

What happened? Amazon's agreement to buy Whole Foods has taken a toll on grocery stocks, and it also appears to have made some investors leery of Blue Apron. One theory is that Amazon might offer a rival meal-kit service, using Whole Foods for branding and its physical locations for packaging and/or distribution. It is worth noting, however, that Blue Apron does not mention Amazon anywhere in its revised IPO filing, including in the "risk factors" section.

Go deeper

Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5 p.m. ET: 652,079 — Total deaths: 30,438 — Total recoveries: 137,319.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 4 p.m. ET: 116,505 — Total deaths: 1,925 — Total recoveries: 921.
  3. Federal government latest: President Trump is considering a quarantine on New York, parts of New Jersey and Connecticut. He signed a $2 trillion stimulus bill to give businesses and U.S. workers financial relief.
  4. State updates: Alaska is latest state to issue a stay-at-home order — New York is trying to nearly triple its hospital capacity in less than a month and has moved its presidential primary to June 23. Some Midwestern swing voters that supported Trump's handling of the virus less than two weeks ago are now balking at his call for the U.S. to be "opened up" by Easter.
  5. World updates: In Spain, over 1,400 people were confirmed dead between Thursday to Saturday.
  6. 🚀 Space updates: OneWeb filed for bankruptcy amid the novel coronavirus pandemic.
  7. Hollywood: Tom Hanks and Rita Wilson have returned to U.S. after being treated for coronavirus.
  8. What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingArrowUpdated 18 mins ago - Politics & Policy
Orion Rummler

Infant dies after testing positive for coronavirus in Chicago

Hospital staff working inside a COVID-19 screening tent in Chicago on March 26. Photo: Jim Vondruska/NurPhoto via Getty Images

An infant less than one year old died in Chicago, Illinois after testing positive for the novel coronavirus, the state health department said on Saturday.

Why it matters: The death would mark the first reported infant mortality from COVID-19 in the U.S. The fatality rate for the novel coronavirus in the U.S. is highest among those over 85 years old, per the CDC.

Go deeperArrow36 mins ago - Health
Rebecca Falconer, Orion Rummler, Marisa Fernandez

Trump weighs quarantine of New York, New Jersey, Connecticut

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

President Trump said on Saturday he is considering a "short term" quarantine of New York, New Jersey and parts of Connecticut — states that have already taken steps to quarantine residents and promote social distancing.

The big picture: With 112,000 people infected, the U.S. has the most COVID-19 cases in the world, exceeding China and Italy, per data from Johns Hopkins. A second wave of American cities, including Boston, Detroit, New Orleans and Philadelphia, are reporting influxes of cases.

Go deeperArrowUpdated 53 mins ago - Health