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Amazon shares hit intraday high in wake of Whole Foods deal

Acilia Dean | 21 Giugno, 2017, 10:53

For now, Whole Foods seems happy with the deal.

At a Whole Foods employee meeting on Friday, CEO and founder John Mackey proclaimed his excitement about Amazon's acquisition and gave some colorful background on how the deal went through.

"It was truly love at first sight", said Mackey.

After all this is the same company determined to do away with delivery vans and drivers in favor of drones so maybe we'll Whole Foods' 460 locations serving as launchpads for drones to deliver to nearby customers.

Barclays analyst Karen Short raised her Whole Foods price target to $48 from $38 and upgraded the stock to overweight from equal-weight, citing the possibility of counterbids. And we just fell in love. "And it was like, 'This is gonna be so incredible'".

And I was more surprised than most when the news broke last week that he's selling Whole Foods to Amazon (amzn) for $13.7 billion. That might not be the case if Whole Foods was bought by another grocery chain.

He said the two companies are now "engaged", but still need to wait until the transaction gets regulatory approval and is made official. And- these guys are really smart people.

In order to shop, customers download the free Amazon Go app, and swipe their phone screens to scan a QR code as they enter the store through sleek turnstiles.

"Until death do us part", Mackey said.

Obviously thinking about their first date together.

Amazon has been dipping it's toes into the fresh food market for quite some time now, with its grocery delivery and pickup service, AmazonFresh.

However 14% have said they would consider working for the internet giant. The top 10 grocery retailers plus Amazon control less than half of the market, Blackledge says, and a patchwork of several hundred grocery chains, convenience stores, dollars stores as well as mom and pop stores make up the remainder.

What exactly might these innovations be?

Amazon has been longing for a piece of the action and despite the launch of AmazonFresh over a decade ago, it is an industry that Jeff Bezos has found hard to get into.

Amazon's purchase of Whole Foods ups the stakes in this battle of giant retailers by giving Amazon not just the physical spaces, but also the knowledge on how to run them.

The line, according to the transcript, garnered laughter from employees in the room. Meanwhile, the grocer's outspoken CEO has already said too much. If Amazon pulls that deal off, the competition will be even more cutthroat in an industry known for razor-thin profit margins. These range from introducing greater automation, such as self-serve checkout, to using Whole Foods to distribute more Amazon private label brands.

The biggest US supermarket chain lost more than $7 billion in market value combined on Thursday and Friday, the biggest two-day loss for the company since December 1999. Meyer said Amazon has struggled in the past with selling perishables online. "And I said, 'I know".

Amazon hopes that the move will help differentiate Whole Foods from other grocers. "That's a very important cultural value", he said.

Whole Foods used to be one of the leaders in organic and natural foods, but other chains have increased the availability of those products.

The possibilities opened if Amazon is successful in acquiring Whole Foods, said RBC Capital Markets analyst David Palmer, would be "a game-changer in American eating".


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