Amazon is taking on the grocery business, and Wall Street loves it.
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Amazon is climbing after it says it's buying Whole Foods (AMZN, WFM)
Amazon is taking on the grocery business, and Wall Street loves it.
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Shares of the e-commerce giant bumped up 3.23% to just below $1,000 after it announced it was buying Whole Foods for $13.7 billion.
Whole Foods jumped about 27.5% to match Amazon's offer of $42 a share.
Wall Street also sees bad times ahead for Whole Foods competitors. Grocery stores are getting clobbered on Friday morning.
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Elsewhere, Walmart announced it would be buying Bonobos on Friday, news that was overshadowed by the Amazon deal. Investors were less bullish on Walmart, as shares were down 6.08%. It's possible that at least some of the selling was a result of the Amazon deal.
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