Karen Finerman: Whole Foods Results Positive for 'This' Stock
”This provides an excellent read through,” says Fast trader Karen Finerman. That’s her gut reaction to the latest results from Whole Foods.
”Whole Foods and Hain generally trade together,” she says, and strength in Whole Foods results should bode well for Hain, the maker of many natural and organic foods. "It's luxury food and luxury grocery shopping."
Looking at the Whole Foods results, the upscale grocer said quarterly profit rose a larger-than-expected 35 percent and it raised its full-year profit forecast, fueled by robust sales and snatching market share from other supermarkets.
By the numbers, net income for the fiscal third quarter ended July 3 rose to $88.5 million, or 50 cents per share, from with $65.7 million, or 38 per share, in the year-earlier period.
Sales rose 11 percent to $2.4 billion. Closely watched identical-store sales, which exclude relocations and expansions, jumped 8.1 percent.
"Sales momentum has been maintained, no doubt about it," adds BB&T Capital Markets analyst Andy Wolf in a Reuters interview.
Wolf says Whole Foods' upper-end consumers appear to be maintaining their shopping habits despite higher prices for food and fuel.
”Again, Whole Foods and Hain generally trade together,” adds Finerman. “It’s an incredible story.”
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Trader disclosure: On July 27, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (APPL); Seymour owns (BAC); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU) ; Cortes owns U.S. Treasuries; Cortes is short (LVS); Cortes is short (LULU); Cortes is short (IYT); Cortes is short the Euro; Cortes is short Copper; Cortes is short Corn; Stutland Owns (GOOG) and short (GOOG) calls; Stutland owns Australian foreign debt; Stutland is short (V) puts and owns (V) calls; Stutland is short (GLD) puts, long (GLD) call spread, and owns the (GLD); Stutland owns (TLT), is short (TLT) calls, and short (TLT) puts; Stutland owns U.S. Treasuries; Iuorio is long (TLT)
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CNBC.com with wires.