Amazon/Whole Foods Deal Affecting Two Minnesota Companies
Undated (KROC AM News) - Do you own stock in Minnesota-based Target or Supervalu?
Stock in both companies is taking a big hit on Wall Street as a result of Friday morning’s announcement that online giant Amazon is buying brick-and-mortar grocery store chain Whole Foods.
Target’s common stock plummeted $7 a share or nearly 15-percent when trading opened on Wall Street Friday morning. Supervalu fell by more than 20-percent.
Other companies that sell groceries also took big hits, including Walmart and Costco. In fact, in early trading the collective market cap of companies that deal in groceries was down $29-billion.
The $13.7-billion Amazon/Whole Foods deal is expected to be finalized later this year.