Why Sanderson Farms, Noble, and Gigamon Slumped Today
The stock market had a relatively uneventful day on Friday, and major benchmarks were able to celebrate an extremely strong week that included several record highs. Investor sentiment got a bit of a downward push from poor performance in the labor market, which lost jobs in September for the first time in nearly seven years. Even with that bad news, most investors seemed satisfied with the state of the economy, especially as the jobs numbers were affected by Hurricanes Irma and Harvey. A few stocks got hit hard, and Sanderson Farms (NASDAQ: SAFM), Noble (NYSE: NE), and Gigamon (NYSE: GIMO) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Sanderson Farms fell 6.5% after receiving a downgrade from a major analyst company. JPMorgan downgraded the meat producer's stock from neutral to underweight, yet in an unusual move, the analyst actually raised its price target on the downgraded stock from $129 to $134 per share. Meat companies have been working hard to try to take maximum advantage of opportunities while avoiding controversial issues. Yet with the stock having doubled between November 2016 and last month, some investors believe that Sanderson is ready to take a break -- at least for a short while.
Image source: Sanderson Farms.
Source: Fool.com
