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Whole Foods dives after results; announces $1B buyback

Shares of Whole Foods plunged nearly 8 percent after the company released fiscal fourth-quarter earnings on Wednesday.

Whole Foods also announced a $1 billion share repurchase program, along with a new capital allocation strategy.

The grocery store posted quarterly revenue of $3.44 billion, missing analysts expectations. Analysts had expected the company to report earnings of 34 cents a share on $3.47 billion in revenue, according to a consensus estimate from Thomson Reuters.

Shares were down more than 7 percent in...