Grocery store stocks plummet on Amazon-Whole Foods deal
Amazon’s acquisition of Whole Foods Market sent the stocks of grocery store operators and other companies that compete with Whole Foods plunging.
Investors worry that Amazon, which has already won over hordes of shoppers of clothing, electronics and many other kinds of goods, wreaking havoc on department stores and other brick-and-mortar retailers, will do the same thing with groceries.
Whole Foods Market ended trading Friday up $9.62, or 29.1 percent, to $42.98. Amazon was up $23.54, or 2.4 percent, to $987.71.
Here’s how some of their competitors fared:
■Walmart Stores: The giant retailer sank $3.67, or 4.7 percent, percent, to $75.24.
■Target: The retailer fell $2.85, or 5.1 percent, to $52.61.
■Costco: The wholesale club company gave up $12.95, or 7.2 percent, to $167.11.
■Supervalu: The grocery store operator lost 54 cents, or 14.4 percent, to $3.22.
■United Natural Foods: The purveyor of natural and organic foods suffered gave back $4.36, or 11 percent, to $35.39.
■Kroger: The grocery store chain declined $2.27, or 9.2 percent, to $22.29.
■Sysco Foods: The food distributor sank $1.15, or 2.1 percent, to $54.38.
■CVS Health: The drugstore company lost $3.64, or 4.5 percent, to $76.45.