Grocery stocks in panic mode as Amazon gets physical with US$13bn Whole Foods takeover
Investors in grocery stocks were in panic mode on Friday as e-commerce dominator Amazon made a US$13.7bn tilt at Whole Foods.
Amazon’s disruptive move is set to be the largest ever deal in the grocery sector, though already experts are pointing to the possibility that it may force prices lower across its stores.
In early deal Wal-Mart Stores Inc (NYSE:WMT) plummeted US$5.25, 7%, per share to around US$74.
Costco Wholesale Corporation(NASDAQ:COST) slumped 6.6% to US$167 per share, while Target Corporation(NYSE:TGT) lost more than 10%.
Amazon.com Inc stock, meanwhile, rose US$27.44 or almost 3% per share to trade at US$992.65.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/179402/grocery-stocks-in-panic-mode-as-amazon-gets-physical-with-us13bn-whole-foods-takeover-179402.html
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