Amazon is reportedly buying Whole Foods for a deal valued at $13.7 billion. Not much more is known about the deal, but the stock market is already responding. Here’s how a few competitors’ stocks are responding, as of 9:30 a.m. ET.
• Target‘s stock has already slipped over 4% pre-market.
• Tesco stock is already down 3% too.
• Kroger has also slipped 14%.
• Costco is down 7%.
Of course, it’s still early in the day. The stocks will surely go down and rebound many more times before we have any real understanding about this acquisition’s ramifications.
Amazon stock, meanwhile, is doing well—already up nearly 3%.
Disclosure: Joe Mansueto, owner of Mansueto Ventures, which publishes Fast Company, sits on Whole Foods’ board.