Amazon's Whole Foods deal rocks Wall St; energy stocks rise

Key Speakers At The 32nd Space Symposium

Jeff Bezos CEO and Founder of Amazon in Colorado Springs

Christy Curtis | 17 June, 2017, 06:48

Whole Foods will continue to operate under its own brand, with the acquisition expected to close sometime in the second half of this year. Whole Foods Market, which has more than 420 stores in more than 40 states in the US, soared more than 29.1% to $42.68. "Whole Foods Market has been satisfying, delighting and nourishing customers for almost four decades - they're doing an unbelievable job and we want that to continue."E-commerce has led to massive declines in retail purchases throughout all product channels in the past decade". Initially an internet bookshop, Amazon began delivering non-perishable food items like cereal and soup in 2006, prompting derision from the grocery industry. However, it's the only one released so far, although Amazon has said it plans to open more in the future. These are likely to be higher income households that traditionally spend the most on cuts of meat and buy expensive brands.

John Meyer, a portfolio and security analyst, said a "price war" between brick and mortar stores is already occurring. Target tumbled by 10 percent and Walmart was down by 6 percent.

Amazon announced Friday its plans to buy Whole Foods Market, according to an article by CNBC. It also had been facing increased pressure from rivals offering more organic options.

Whole Foods Market was founded in 1978 and as organic food became all the rage, so did Whole Foods. Currently, Amazon offers grocery-delivery services in five markets, but the move would allow it to expand. The Seattle-based company was recently granted a patent for technology that would block shoppers from comparing prices from their mobile devices while they're in stores. The app would then have automatically charged whatever products they took out of the store with them to their Amazon account.

Amazon will pay $42 a share for Whole Foods stocks and the company's net debt. Whole Foods will keep operating stores under its name. Its stock peaked in 2013 at $65.24. It has more than 400 stores in south of the border. The e-commerce leader's stock popped another 4% on Friday, lifting its market value to an incredible $477 billion. "They're greedy bastards, and they're putting a bunch of propaganda out there, trying to destroy my reputation and the reputation of Whole Foods because it's in their self-interest to do so".

Activist investor Jana Partners has been pushing Whole Foods to find a buyer since building a stake in the company earlier this year.

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Amazon's Whole Foods deal rocks Wall St; energy stocks rise

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