Damages from Matthew could rival Katrina

Forecasters worry Matthew could become one of the most expensive storms in the nation’s history.

There are at least 200-thousand homes along the coast from Florida to North Carolina at risk of damage from the storm surge alone.

Even if Matthew is downgraded to a category 1 storm, repairing and replacing those homes would cost $43 billion, according to Corelogic.

Should it remain a category 3 storm, the surge could affect an additional 300-thousand homes, which could cost an additional $60 billion.

Right now the most expensive hurricane in the U.S. was Katrina which caused 154 billion in damages.

Whole Foods shares jumped Thursday on rumors that is might be bought by Kroger.

There were no official reports, just lots of chatter circulating on Twitter and in chat rooms.

Whole Foods shares have been trading at a 4 year low.

Neither company commented on the rumors.

Oil climbed above 50 dollars a barrel.

In all it was a quiet day with the Dow finishing down about 12 points.

Walmart is scaling back the number of U.S. stores it plans to open over the next two years.

The retailer seeks to bolster its online business and improve its foreign operations instead.

Alliance MMA will become the only mixed martial arts company to be listed on a U.S. exchange.

Alliance will trade here at the NASDAQ and will use the proceeds to roll up 15 to 20 regional MMA organizations that will serve as a super minor league, of sorts, that hopes to funnel fights into the UFC.

For more business headlines from Jane King at the Nasdaq, watch Daybreak Monday through Friday.

Categories: Daybreak, Morning Business Report

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