Why Scotts Miracle-Gro Stock Was Down on Monday
Scotts Miracle-Gro (NYSE: SMG) investors lost ground to the market early Monday. The stock fell 6% by 11 a.m. ET, compared with a 0.7% decline in the S&P 500. That drop added to significant losses in 2022 for owners of the lawn care and hydroponic growing specialist. Shares are down over 70% so far this year.
Monday's decline came as investors grew more worried about the company's next earnings report, due out later this week.
Scotts Miracle-Gro will announce its fiscal third-quarter results on Wednesday morning, and expectations are weak surrounding that report. Executives said back in early August that they were seeing major pullbacks in ordering volumes for key lawn care products as retailers trimmed their inventories.
Source Fool.com
