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Whole Foods (WFMI:Nasdaq) plummets: It’s about time!

Posted May 14, 2008

Baltimore — (TFN): I 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 as 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 on April 24. 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 gains 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!

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Posted by J. Christoph Amberger · Filed Under US Stocks and Markets 

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