Blue Apron was one of the first “meal kit delivery” services to hit the market. As such, the company is also one of the most recognizable companies in the industry. Which is why they’re going public. But Blue Apron, just two weeks ago, had set an initial public offering price at $15-17 per share. Now, Blue Apron has slashed its IPO price to $10-11 per share, lowering its valuation by more than $1 billion. Why the sudden slash in value? Should traders buy or avoid Blue Apron’s launch?
Read The Capitalist’s Take Here
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FOR FIRST TIME, ALL US BANKS PASS FED STRESS TEST; IMMEDIATELY SPLURGE ON BUYBACKS AND DIVIDENDS
The Federal Reserve has approved plans from the 34 largest U.S. banks to use extra capital for stock buybacks, dividends and other purposes beyond a cushion against possible catastrophe.
On Wednesday, the Fed said all of the 34 banks had passed the second, tougher part of its annual stress test, showing that many of the biggest lenders have not only built up adequate capital levels but also improved their risk management procedures.
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STAPLES TO BE ACQUIRED BY PRIVATE EQUITY FIRM SYCAMORE FOR $6.9 BILLION
Sycamore Partners said on Wednesday it would acquire U.S. office supplies chain Staples Inc for $6.9 billion, a rare bet by a private equity firm this year in the U.S. retail sector, which has been roiled by the popularity of internet shopping.
Buyout firms largely have refrained from attempting leveraged buyouts of U.S. retailers in the past two years, amid a wave of bankruptcies in the sector that have included Sports Authority, Rue21, Gymboree and BCBG Max Azria LLC.
Sycamore's deal for Staples, however, which Reuters was first to report would come this week, illustrates that some buyout firms are distinguishing between mall-based fashion retailers, which are vulnerable to changing consumer tastes, from retailers with a niche and rich cash flow, such as Staples.
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– Wednesday, June 28th
Markets Soar UP Behind Financials as Banks Pass Stress Test
Big Insider Trades
– Salesforce.com, Inc. (CRM) President of Sales and Customer Success Maria Martinez Sells $1.2m
– Lululemon Athletica, Inc. (LULU) Director Glenn Murphy Buys $5.5m