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If you needed any further proof that Amazon is shaking the US commercial landscape to its very core, look no further than the past week.
Amazon’s $US13.7 billion deal for Whole Foods has had a ripple effect across sectors. Traditional grocery-store players like Kroger, Costco, and Target saw their stocks get battered after the deal was announced. Critics say the deal could give Amazon an unfair advantage. Walmart could go head-to-head with Amazon to buy Whole Foods.
The effects haven’t been contained to the grocery aisles, either. United Natural Foods, the primary distributor for Whole Foods, also took a hit. And the pharmaceutical supply chain took a big hit too. Then, it emerged that Amazon could enter into a partnership with the world’s biggest athletic-apparel brand, hitting the likes of Dick’s, Under Armour, and Foot Locker.
In the past week, Jeff Bezos has handed corporate America a $US50 billion question.
In Wall Street news, Deutsche Bank unexpectedly pulled an offer to hire a top executive at the last minute, delaying its efforts to end churn at its fixed-income operation. Most of the big banks are on the rise after passing the Federal Reserve’s stress tests Thursday. And the head of stock deals at Goldman Sachs is retiring.
Two once-hot activist hedge funds have lost a big chunk of their assets. And the Wall Street dad bro is having an existential crisis, according to Business Insider’s Linette Lopez.
In millennials news:
- BANK OF AMERICA: Millennials could signal the “big top” in the market
- Wall Street is waking up to a key demand of millennial investors
- Millennials are about to benefit from “one of the largest intergenerational wealth transfers in history”
- A VC says the 3 things an intern needs to do to score a full-time job have nothing to do with education or skill
Qatar Airways’ investment in American Airlines exposes an astounding level of hypocrisy in the airline business, according to Business Insider’s Ben Zhang.
Travis Kalanick’s resignation as Uber’s CEO has put an IPO in doubt — but there’s still a precarious path to a public offering. And here are 8 likely candidates for the Uber CEO role.
In tech news:
- Apple is beefing up its music service as it continues to battle Spotify
- Blackberry is sinking following its quarterly results despite getting a big boost from its arbitration win against Qualcomm
- RICHARD GREENFIELD: I am bullish on Twitter and would be shocked if it wasn’t bought within two years
- Yahoo is shutting down the news app it bought from a 17-year-old Brit for a reported $US30 million
Lastly, here are the best rooftop bars in New York City.