Spam-Maker Hormel's Stock Suffers Worst Day In Nearly 60 Years After Earnings Miss, Outlook Cut: Retail Eyes Buying The Dip

Hormel Foods Corp shares dropped over 13%, closing at a more than 10-year low on Thursday, after the canned meat company missed quarterly profit expectations and slightly trimmed the outlook for its fiscal year ending October.

The session also marked the worst day for the iconic American brand's stock in 57 years, according to Koyfin data.

On Stocktwits, however, the retail sentiment for the company's stock shifted to 'extremely bullish' as of early Friday, from 'bullish' two days ago. It was one of the top discussed stocks on the platform, with message volume rising over 2,500% in the past 24 hours.

Several users claimed that the stock was a good buy at current prices, especially since it is a key dividend stock. Users also noted the weak performance and questioned the leadership.

"$HRL I agree ceo gotta go and a big miss. But this is what I expected. Cheap entry point for solid div. And will bounce after holidays food purchases," one user said.

Hormel brought back Jeff Ettinger, who served as Hormel's CEO from 2005 to 2016, as interim CEO this summer. Ettinger's comeback follows years of profit declines and poor earnings, following the company's $3 billion acquisition of the Planters business from Kraft Heinz in 2021.

On Thursday, Hormel stated that higher prices for meat, such as pork and beef, and nuts, resulting from U.S. tariffs, are eroding the company's profit, and the company would raise prices accordingly.

Hormel's comments make it clear that Americans can expect to see inflation in staples, following similar price hike announcements from food giants, including J.M. Smucker.

Homel Brands began as a small meatpacking business in Austin, Minnesota, in 1891.

Over the decades, it grew into a global food company, moving beyond traditional meats into nut butters (Skippy), deli and natural meats (Applegate), poultry (Jennie-O), and snacks (Planters).

The company is behind the iconic precooked can meat, SPAM, which became a staple during World War II and remains widely popular to this day.

As of last close, Hormel Foods' stock is down nearly 20% year-to-date.

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