Whole Foods Shares Soon To Be At Half Of All-Time High?

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show. Whole Foods Market, Inc. WFM shares were trading $0.20 higher at $40.20 on Tuesday. The issue has been out of favor with investors since mid-February when it peaked at $57.57. The steep decline from this level accelerated on May 7 following a mixed Q2 earnings report, falling from $47.72 to $43.07. Since that day, it has drifted lower, making a seven-month low earlier in today's session when it reached $39.56 before rebounding back over $40.00. That level coincides with a pair of lows put in place on November 4, 2014 ($39.45) and November 5, 2014 ($39.79) before its run-up to $57.57. The company has suffered from lower traffic in its stores as others have entered the organic and fresh food arena with comparable products at lower prices. Whole Foods Market has been a terrible performer compared with the broad market since peaking at $65.59 in October 2013 Over that time period, the issue has declined more than 30 percent as the S&P 500 has gained nearly 20 percent.