What you need to know on Wall Street today
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get this newsletter delivered straight to your inbox.
- Grocery stores are getting clobbered
- Pharmacies take a $10 billion hit as Amazon lands Whole Foods deal
- Traders who were betting against Whole Foods dodged a bullet
- Here's why Amazon is buying Whole Foods
- Amazon could fix Whole Foods' biggest problem
- Here's the letter Whole Foods just sent its customers who are furious about it "selling out"
- The best jokes on Twitter about Amazon buying Whole Foods
- The CEO of Whole Foods called activist investors "greedy bastards," and then struck a deal that will lead to a huge payday for one
- Wall Street is handing Amazon $13.7 billion to buy Whole Foods
- The Whole Foods CEO joked about Lloyd Blankfein right before Goldman Sachs helped Amazon buy his company
- MARK CUBAN: Here's "the Amazon question" after the online retail giant spent $13.7 billion on Whole Foods
- Millennials are buying everything online - except cars
- "My immediate thought was no way": Why Bonobos' founder made the 'contrarian' decision to sell his brand to Walmart
- "Bonobos is now no longer cool": Walmart's takeover is infuriating some fans of the high-end menswear brand
In other news, Wall Street is seeing money pour in at a near record-setting pace. Goldman Sachs raised $7 billion to buy secondhand stakes in private equity funds. And one of the hottest hedge fund launches of the year might've found itself a name.
The Fed is repeating its mistakes of the 1970s, according to Minneapolis Fed President Neel Kashkari. And the Fed's 4th rate hike could challenge a popular assumption investors make about stocks
There were two developments this week that could have huge consequences for Russia's oil.
In non-Amazon tech news:
- The US economy looks a lot like the period before the tech bubble
- Traders betting against Snap have made a killing since its IPO
- The maker of Angry Birds is thinking about going public
- MORGAN STANLEY: There's one company pulling ahead in blockchain tech
- A man who left finance for tech explains the difference between interviewing at JPMorgan and Google
- BAML: These 7 stocks will be big winners in the sharing economy
In other news, these United emails reveal how terrified the airline has become of its customers. And a United Airlines employee brutally shoved an elderly passenger.Lastly, the most powerful Audi R8 convertible supercar has arrived.