Traders woke up Thursday morning to big banks unleashing the green stuff as Blue Apron assembled a giant piled of its own green stuff in front of the New York Stock Exchange. So logic would hold that it'd be a perfectly bullish day for the overpriced-meal-in-a-box delivery startup to launch into public markets.
But some weird stew of fear and distemper bubbled up early in the day and soured the occasion. Perhaps it was central bankers, who have been unusually hawkish of late. Or maybe it was the guy who's supposed to administer a jolt of stimulative euphoria to the markets deciding to cap off a failed healthcare push with a reprisal of his much-loved routine, “blood coming out of women.”
Whatever it was, Blue Apron didn't even get the pleasure of enjoying a customary IPO spike lasting more than a couple hours. While the stock rose more than 10 percent in the a.m., APRN approached the end of the day pretty much flat.
Here's what happened to what has recently been a pathologically somnolent VIX, which rose more than 5o percent before edging down:
So it was a fun first day in the world for virginal, newly minted APRN shares. For a time there was the feeling that shit was truly going down, a mood that evidently subsided into merely a brief dress rehearsal for shit going down. A handful of traders contacted Dealbreaker out of the blue to express sentiments ranging from dear god it's the big one and I just want someone to gently rock me back and forth (these quotes not verbatim).
Anyway, an auspicious start for Blue Apron and what will soon be the third quarter. We'll see what tomorrow brings.