February 11, 2011
Shares of Whole Foods Marketing (NASDAQ: WFMI) gapped higher at the open on Wednesday, February 10, after the company raised its 2011 outlook. By the close, WFMI was up 11.6%.
The company said Wednesday that it expects to earn $1.76 to $1.80 a share, up from a range of $1.66 to $1.71 a share. It raised its identical-store sales forecast to growth of 7% to 9%, up from 5% to 7%. For the quarter ended Jan. 16, net income at Whole Foods rose 61% to $88.7 million, or 51 cents a share. Sales jumped 14% to $3 billion.
Wednesday’s rally pushed share prices above the October 2007 resistance at $53.00 a share.
The close above resistance means share prices should reach the next resistance level. The new target for WFMI is now at the October 2006 rally high at $66.00 a share.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in Whole Foods Marketing.