Why J.M. Smucker, Hormel Foods, and The Toro Company Slumped Today
The stock market meandered on Thursday, with no noteworthy news to give it direction. Major benchmarks never moved very far from where they began, while investors were distracted by the inability of the White House to achieve progress on policy initiatives and expressed concern regarding the approaching debt ceiling debate. Adding to the subdued mood was bad news from a number of individual companies. J.M. Smucker (NYSE: SJM), Hormel Foods (NYSE: HRL), and The Toro Company (NYSE: TTC) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.
Shares of J.M. Smucker fell 9.5% after the company's first-quarter report revealed lower demand for Folgers coffee. Revenue fell by 4%, and increases in marketing and higher commodity costs caused net income to plummeted 23% compared to the year-ago period. Due to these disappointing results, J.M. Smucker reduced its full-year earnings forecast, which now falls below analysts' expectations.
CEO Mark Smucker believes the company has the situation under control, stating, "[W]e have taken actions to improve our competitive positioning for Folgers. As a result, volume trends are improving. ... We are also pleased with the progress on our cost management programs." Investors seemed unconvinced.
Source: Fool.com
J.M. Smucker Corp. Aktie
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