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Whole Foods (WFM) Stock Plummets After Q3 Earnings, Oppenheimer Trims Estimates

NEW YORK (TheStreet) -- Shares of Whole Foods Market (WFM) are plunging 8.73% to $30.70 in late-morning trading on Thursday after reporting lower than expected revenue and same-stores sales for the fiscal 2016 third quarter on Wednesday.

After yesterday's market close, Whole Foods reported earnings of 37 cents per share on revenue of $3.70 billion vs. analysts' estimates of 37 cents per share on revenue of $3.73 billion.

The Austin, TX-based supermarket chain reported a decline in same-store sales for the fourth consecutive quarter. Sales fell by 2.6% vs. analysts' estimates of a 2.3% drop, and quarter-to-date comps declined by 2.4%.

Oppenheimer lowered the company's fiscal 2017 earnings estimates after the results to $1.40 from...