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.

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