The grocery sector was taking a hit on Friday morning following the blockbuster deal between Amazon.com (AMZN) and grocery chain Whole Foods (WFM) . The ecommerce giant will acquire Whole Foods in a transaction valued at $13.7 billion.

"This partnership presents an opportunity to maximize value for Whole Foods Market's shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers," Whole Foods CEO John Mackey said when the deal was announced.

Meanwhile, Amazon and Whole Foods' competitors' stocks were sliding this morning. Kroger (KR) stock was down by 14.01% to $21.15, Sprouts Farmers Market (SFM) was slipping by 12.93% to $19.53, Costco (COST) stock was lower by 6.11% to $169.06, Target (TGT) stock was down by 10.44% to $49.65, and PriceSmart (PSMT) was sinking by 2.83% to $85.85.

Walmart (WMT) , which competes with both Amazon and Whole Foods in the ecommerce and grocery spaces, saw its stock tumble by 5.41% to $74.69 this morning. The company announced an acquisition of its own on Friday, with the purchase of Internet apparel brand Bonobos Inc. for $310 million in cash.

Whole Foods stock was up by 27% to $42 late Friday morning. Amazon stock was up by 2.8% to $991.16.

What's Hot on TheStreet

Snap is bleeding value: Snap Inc. (SNAP) fell nearly 5% by the close of trading on Wall Street Thursday, but never dipped below the $17 price that shares were sold at on March 2, when the company debuted on the Nasdaq with a $3.4 billion IPO. By the end of that first trading day, with shares rising more than 44%, Snap was valued at just under $33 billion.

Since then it has been all downhill for Snap, TheStreet's Martin Baccardax reports.

Investors have questioned the relevance of the company's Snapchat app in a market dominated by messaging services such as Facebook's (FB) WhatsApp and the business-focused Slack Technologies. Wall Street has also raised questions about its ability to monetize the billions of messages it handles each day.

The stock is now 41% south of the all-time high reached on March 3. Snap's market cap has shrunk about $13 billion.

General Electric remains hot on everyone's minds: Change is in the air within the executive ranks at industrial giant General Electric (GE) , which of course could mean deep cost cuts to jump-start a stalled stock price.

"The change is welcome," TheStreet's founder Jim Cramer said during an exclusive conference call with members of his Action Alerts PLUS club for investors about long-time CEO Jeff Immelt handing off the baton to John Flannery. "Flannery will make the tough cuts that Immelt seemed incapable of making. We're looking for $2 billion in savings."

The Deal's super reporter Ron Orol just dove deep into GE in this must-read.

Alibaba wants to dominate: TheStreet's Natalie Walters is live with the second part of her exclusive interview with Alibaba's (BABA) vice chairman Joe Tsai. Alibaba executive chairman Jack Ma recently made the bold prediction that the Chinese e-commerce giant would hit $1 trillion in gross merchandise value (GMV) by the 2020 fiscal year, and eventually serve two billion customers by 2036. Although Alibaba currently dominates the enormous Chinese market, achieving such lofty goals obviously would require a significant global expansion.

TheStreet takes you through Alibaba's big plans.

General Electric and Facebook are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE and FB? Learn more now.

Worried about how to pay for your golden years? Ken Fisher, founder of Fisher Investments, and TheStreet's Jim Cramer will tell you what you need to know in a June 21 webinar on the market trends that are shaping retirement planning today. Register here for the event, which starts at 11 a.m. ET.

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