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8/24/2017, 8:41 PM (Source: TeleTrader)
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Grocers fall as Amazon speeds Whole Foods deal

Operators of major supermarket chains mostly took a blow on the stock market on Thursday as Amazon.com Inc. revealed it is accelerating the process which will bring Whole Foods Market Inc. under its control. After obtaining all clearances, the two companies said they would execute the transaction on August 28, sparking fears about disruption in competition and conventional business models among grocers.

The Dow Jones' sectoral index stumbled 2.32% at 8:22 pm CET. Warehouse operator Costco Wholesale Corp. lost 2.84%, compared to the drop of 3.2% in Sprouts Farmers Market Inc. Wal-Mart Stores Inc. traded 1.55% down and Kroger Co. nosedived 4.85%. SuperValu Inc. saw its shares sink 3.71%.

Walgreens Boots Alliance went 1.69% to the hole, Target Corp lost 2.56%, and even Amazon headed 0.72% to negative territory. On the flipside, Home Depot outperformed by slipping just 0.17%, and Sears Holdings Corp. added 0.81%. Whole Foods surged 0.73%, outpacing the industry by far. 

Baha Breaking News (BBN) / IT