Stock Market Free Fall: Grocer Shares Plummet On Amazon-Whole Foods Deal
Major grocery stocks entered a free-fall Friday following Amazon's announcement that it will acquire Whole Foods for $13.7B in an all-cash deal.
While Whole Food's stocks soared 29% after the news broke, and Amazon's shares were up nearly 3%, shares of competing grocers like Costco, Kroger and Sprouts took a nosedive. Even Wal-Mart, which announced it will acquire online men's retailer Bonobos earlier Friday, is down.
More than $29B of grocery-related market share has been lost as of Friday morning. Check out some of the biggest losers below.