Why SUPERVALU INC. Stock Popped and Then Dropped Today
SUPERVALU INC. (NYSE: SVU) stock was all over the place today as shares initially jumped after the company reported second-quarter earnings and announced an acquisition. However, after climbing as much as 11.8%, the stock was deeply in the red by 11:30 a.m. EDT, and was trading down 10.6% as of 3:08 p.m. EDT.
It's easy to see why shares rallied in the morning. SUPERVALU beat earnings and revenue estimates, and the market seemed to cheer news that it would acquire Associated Grocers of Florida, but the subsequent slide was more mysterious. The stock began selling off during this morning's earnings call and fell sharply through the end of it, though there was no substantial change to the company's guidance.
Image source: Getty Images.
Source: Fool.com
