Hormel Foods Corp (HRL)

Hormel Foods Corporation Stock (HRL) dropped by 9.83% from $36.23 to $32.67 in the trading on Thursday October 12, 2023. The reasons why HRL stock down today include

• Long-term forecast: Hormel's goal of adding $250 million in operating income by 2026, or a compound annual growth rate of 5% to 7%, seemed to fall short of investor expectations.
• Deal with the union: Hormel had renegotiated its contract with the United Food and Commercial Workers International Union to give the largest wage increase in the company's history, at $3 to $6/hour, which seemed to cause HRL stock down today.