Grocery stores are getting whacked as the Amazon-Whole Foods deal finalizes
The Amazon-Whole Foods deal is official now, and so is its effect on the grocery business.
The Federal Trade Commission has greenlit the $13.7 billion deal, and Whole Food's shareholders voted to let the acquisition go through.
Meanwhile, the United Foods and Commercial Workers International Union filed a letter with the FTC saying the deal would create unfair competition "with nearly every grocery store in the nation," and it looks like investors agree with them.
Grocery store stocks dropped an average of 4.04% on Thursday. The biggest loser, Kroger, lost about $1.6 billion of market value in just over an hour.
Here are some of the biggest grocery stocks and their one-day moves:
- Target (TGT) $54.41 -3.79%
- Sprouts Farmers Markets (SFM) $22.69 -4.46%
- Kroger (KR) $21.27 -7.32%
- Walmart (WMT) $78.35 -2.03%
- Supervalu (SVU) $20.74 -4.99%
- Costco (COST) $152.50 -4.30%
- Dollar General (DG) $75.28 -1.39%
Amazon is also down slightly on Thursday, 0.19%.
