NEW YORK (TheStreet) - Whole Foods Market WFM shares were plunging 19.5% to $38.63 after the specialty foods grocery sharply reined in expectations for the fiscal year as competition heats up, especially since Walmart (WMT) intends to be a player in the natural and organic food space.
Whole Foods shares hit an intraday 52-week-low on Wednesday of $37.31. More than 25 million shares were traded by mid-day, as investors got spooked from last night's earnings report.
Whole Foods reported second-quarter profit of $142 million, or 38 cents per share, for the 12-week period, ending April 13, below analysts' estimates. The average of 30 analysts' estimates was 41 cents a share, according to Bloomberg data.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts