Well, this is unfortunate. I have a habit of buying stocks right before they make major changes. I should have known how to see this coming. I think I might not have bought the stock.
Today Whole Foods released its results for Q3. It has decided to suspend their dividend for the time being, and they are also slowing the rate at which they open new stores in 2009. I don’t mind this latter part. It’s good for the company. I also don’t mind any swing in the share price (which has gone up on this report, funny enough). Turns out their quarter’s profits fell 31% or came in 31% less than the estimates (this from BNN today; I’m not sure which is which).
I’ll be hanging on to this amazing retailer, however. Yes, it’s emotional:)! Hopefully the future will see the dividends back. In the meantime, I won’t be increasing my position, but I won’t sell it, either. This means I’ll need to find a replacement paycheck for the Jan-April-July-Dec quarters. No problem, I love hunting for new stocks. Anyone else holding WFMI out there? What are you doing?
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