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Wall Street falls as Amazon-Whole Foods deal crushes retailers

Reuters 

By Yashaswini SwamynathanREUTERS - U.S. stocks fell on Friday as Wal-Mart and other retailers were slammed by Amazon.com's biggest foray into the brick-and-mortar retail sector with its $13.7 billion deal to buy upscale grocer Whole Foods.Amazon shares were up 3.2 percent at $995.18, while Whole Foods surged 27 percent to $41.95.The deal by Amazon, a proven retail disruptor, is seen as a threat to supermarket chains and grocers, given the company's readiness to sacrifice margins for market share.Wal-Mart sank 6.2 percent to $74.03 even as the big- box chain strengthened its ecommerce presence ...

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First Published: Fri, June 16 2017. 22:26 IST
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