TheStreet’s Action Alerts PLUS Portfolio Manager Jim Cramer said Amazon’s move to acquire Whole Foods is a disruption of society.
“This is what I regard to be a move by Amazon to destroy the margins and own the business of food and groceries in this country,” Cramer said.
Whole Foods’ technology woes have now been solved thanks to Amazon’s technology prowess. “One of the things Whole Foods underspent on for a long time was point of sale,” Cramer said. “You don’t have to worry about that anymore because Amazon is the king of point of sale.”
Shares of Walmart , Kroger and Target sunk on Friday following the news.
“Amazon is a country and it’s a country that offers everything you need to feed and clothe the family,” Cramer noted. “This is what I call the most ultimate disruption that I have seen in an industry.”
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