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
Freeport-McMoRan Inc. is currently one of the favorites of our community with 15 Buy predictions and no Sell predictions.
As a result the target price of 48 € shows a slightly positive potential of 15.83% compared to the current price of 41.44 € for Freeport-McMoRan Inc..
