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35.07
0.83%
+0.268
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Why is Hormel Foods Corp. (HRL) Stock down?
We've noticed a 5.52% decline in Hormel Foods Corp. (HRL) stock during the 2024-03-01 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
12 Oct, 2023:
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.
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