Amazon Wreaks Havoc on Multiple Sectors’ Stocks
Wreaking havoc on competitive industries and their stocks is nothing new for Amazon, but they’ve had a particularly big month.
As Amazon keeps innovating, other companies are losing.
Best Buy stock took a $1 billion tumble last week when Amazon announced a Geek Squad competitor that will help consumers set up their home gadgets.
Supermarket stocks like Costco, Kroger, Walmart, and Target were all down big in wake of the news that Amazon planned to acquire Whole Foods. Costco, in particular, was down close to 16%.
And apparel stocks like Foot Locker and Under Armour were down while Nike’s stock was way up following Amazon & Nike partnership news.
And don’t expect Amazon to slow down.
In other news, tomorrow is Amazon Prime Day. 30 hours of deals starting at 9 PM ET.