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Apparently this has been Jim Cramer's stategy for trading Whole Foods Market (WFMI) stock: Buy High, Sell Low. Lately, he has been consistently negative on the stock after being burned by a long stretch of disappointing quarters calling the stock a "bearish story" citing multiple contraction and slowing growth. He has called it too risky and too expensive. After a disappointing quarter at the beginning of 2006, Cramer was right back on the wagon with Whole Foods Market (WFMI) proclaiming that it had "paid its dues" on April 18, 2006 and recommending it all the way to June 2006 when he called it secular growth story. Since then, though, WFMI no longer has a nosebleed multiple and its attempt to buy smaller rival Wild Oats Markets (OATS) may be blocked by the Federal Trade Commission. Thankfully, though, viewers of Mad Money have missed WFMI's precipitous slide to the high 30's from 55 when Cramer abandoned it in July 2006.
3 comments:
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