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.
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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.