Amazon (AMZN) stepped up and bought shares of Whole Foods (WFM) for $13.7 B. While Whole Foods shareholders saw some relief from the prolonged pain of holding the stock, the rest of the industry group plummeted on the news. The weekly chart of WFM shows the shareholder pain for the last five years.
The Industry group dropped broadly on the news. Amazon's delivery prowess just doubled down the biggest risk to market share by adding physical locations in primary markets.
Amazon moved $30 higher on the news as well.
Greg Schnell, CMT, MFTA