Why Kroger, Science Applications International, and Freeport-McMoRan Slumped Today
The broader stock market finished Friday with generally modest changes, as weakness in the Nasdaq Composite offset better performance from the Dow Jones Industrials. Market participants generally focused their attention southward, where Hurricane Irma has barreled through the islands of the Eastern Caribbean and looks poised to make landfall in Florida over the weekend. Yet some individual stocks suffered from company-specific news that weighed on their future prospects or reflected weaker conditions in their respective markets. Kroger (NYSE: KR), Science Applications International (NYSE: SAIC), and Freeport-McMoRan (NYSE: FCX) 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.
Kroger declined 7.5% after the grocery store giant released its second-quarter financial report. The company said that revenue rose nearly 4% on a 0.7% rise in identical-store sales (excluding fuel), but earnings fell by more than a fifth on an adjusted basis compared to the year-ago quarter. Kroger also reiterated its earnings guidance for the full year but failed to include any negative impact from Hurricanes Harvey and Irma in its projections. CEO Rodney McMullen said that he believes that Kroger has "the ability to grow identical supermarket sales and market share in 2018," but investors remain concerned that consolidation in the grocery space will weigh on its competitive position going forward.
Image source: Kroger.
Source: Fool.com
Freeport-McMoRan Inc. Stock
With 33 Buy predictions and not a single Sell prediction Freeport-McMoRan Inc. is an absolute favorite of our community.
With a target price of 52 € there is a slightly positive potential of 13.2% for Freeport-McMoRan Inc. compared to the current price of 45.94 €.
