McCormick & Co., Inc. (MKC)

McCormick & Company (MKC) dropped by 8.46% from $74.72 to $68.40 in the trading on Tuesday October 3, 2023. The reasons why stock MKCis down today includes:

• Worse-than-expected Q3 results: In Q3, McCormick's net sales were actually up 6% year over year to nearly $1.7 billion. However, China had greater restrictions last year than this year because of COVID-19. But sales didn't bounce back as much as expected.
• Profitability: McCormick's Q3 operating income was up 4% from the same quarter last year. Considering net sales grew faster than operating income, inflation is clearly eating into the company's bottom line a little, which sent MKC stock down today.