The KUIK Morning Market Report for Friday, June 16:
Markets are down.
Dow Jones Industrial Average
30 Year Treasury
Amazon.com announced that it’s acquiring Whole Foods for $42 per share in an all-cash transaction of about $13.7 billion, including Whole Foods’ debt. The deal gives a $13.4 billion market cap for the natural and organic grocer. Whole Foods will continue to operate under the Whole Foods brand, and John Mackey will continue as chief executive with its headquarters rstaying in Austin, Tex. They expect the transaction to close during the second half of 2017. Amazon shares are are up 2.7%, and Whole Foods shares are up 27%.
The Commerce Department reports housing starts fell 5.5% in May to a seasonally adjusted annual rate of 1.09 million units. That was below expectations. Economists expected 1.23 million. That was the third monthly drop in a row. Permits also fell, down 4.9% to an annual rate of 1.17 million, the lowest level in 13 months. Home construction is still up 3.2 higher year-to-date than in 2016.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.