Whole Foods (WFMI:Nasdaq) Plummets: It’s about time!
May 15th, 2008 | By J. Christoph Amberger | Category: Stock Market InvestingI may have been premature when I asked you to short Whole Foods Market, Inc. (WFMI:Nasdaq) on April 24.
The green grocer’s stock price plunged close to 14% today the company reported shrinking first quarter profits that missed Wall Street’s estimates. “So much for the theory that Whole Foods’ customers were such chic-chic bourgeois butterballs that they would always spend top dollar for an organic quiche. And that the company would be immune to a downturn,” snarked Al Lewis of Denverpost.com.
The stock traded at $31.63 that day. And of course, climbed up to $35 by May 2. Today, the stock dropped as low as $28.85… almost -9% below my initial recommended short price and -17.5% below the post-recommendation high. If even a millionaire lawyer like Obama is concerned about the price Whole Foods charges for arugula, I don’t quite see people flocking to stock up on it in the current quarter, either. Take short profits over the next two days… and shoot for double-digit profits!
I’ll let you know when before Friday! But remember… you heard it here first!
Yours cordially,
J. Christoph Amberger
Executive Publisher
TodaysFinancialNews.com
P.S.: And please make sure you check out TFN’s roving editor Andrew Snyder’s new artice “ETF Investing: Protect yourself from the downside”.
Source: Whole Foods (WFMI:Nasdaq) plummets: It’s about time!
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Amberger began his career as a freelance contributor to Agora publications before emigrating from Germany to the United States in 1989, when he joined the editorial board of Taipan. In 1991, he took over as managing editor for the publication and assumed responsibility as group publisher four years later. In 2007 Christoph left Taipan and founded Today's Financial News.
