UPDATE: Blue Apron stock plunges after Weight Watchers announces meal kits
Shares of Blue Apron Holdings Inc. (APRN) fell 17.1% in Thursday trading after Weight Watchers International Inc. (WTW) said that it would be rolling out its own meal kits. Weight Watchers plans to unveil its kits next week at a Chicago conference. Earlier this week, Walmart Inc. (WMT) also announced that it would be debuting meal kits in stores (http://www.marketwatch.com/story/walmart-is-expanding-in-meal-kits-just-as-the-market-becomes-more-crowded-2018-03-07). Shares of Blue Apron have come under pressure since the company's June IPO in part due to increased competition in the meal-kit industry. Shares are down 24% so far this week, and they're off 79% from their IPO price of $10. The S&P 500 Index is up 16% over the past 12 months.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
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