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Grocery stores are getting clobbered after Amazon buys Whole Foods

Seth ArcherAug 26, 2024, 09:50 IST

Amazon announced it would be buying Whole Foods for $42 a share on Friday, and Whole Foods' competitors started tanking after the announcement.

Amazon decided to buy the popular grocery store for $13.7 billion, a 27% premium to the company's share price.

Walmart (WMT): Down 5.74% to $74.38
Costco (COST): Down 7.46% to $166.63
Kroger (KR): Down 11.16% to $21.90
Target (TGT): Down 7.77% to $51.15

Whole Foods and Amazon gained after the announcement. Amazon was up 7.36% in premarket trading and Wholefoods was higher by 0.43%.

"Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy," Jeff Bezos, Amazon CEO said in a statement.

Follow Amazon's price move live here...

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