Amazon killed eight companies’ market value—in one day
Amazon on June 28 made an acquisition and launched a new program — two moves that cost eight companies billions of dollars in market value.
Amazon said Thursday that it would recruit entrepreneurs to run local delivery networks, and it intended to acquire online pharmacy startup PillPack. Both deals sent stocks tumbling, according to CNBC.
Companies that felt the fallout included FedEx and UPS, which lost a combined $3 billion on the delivery announcement. Meanwhile, the PillPack deal erased about $14.5 billion across Walgreens Boots Alliance, CVS Health, Rite-Aid, along with drug distributors Cardinal Health, AmerisourceBerg, and McKesson.