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Stocks Fall on Fed Skepticism; Most Dow Shares Decline

Shares of Big Lots (BIG) skidded 21% after the Columbus, Ohio-based closeout retailer said its fiscal second-quarter earnings declined 38% as revenue and same-store sales weakened and costs increased.

Shares of Hormel Foods (HRL - Get Report) gained 1.4% after the company posted stronger third-quarter results on solid performance at its grocery products unit, which benefited from strong Spam sales and the MegaMex Foods joint venture.

Shares of grocery store operator Safeway (SWY) were downgraded to "hold" from "buy" at Jefferies, which cited weakness in industry fundamentals. Shares tumbled 4.1%.

Hain Celestial Group (HAIN - Get Report), the Melville, New York-based natural and organic food and personal care products company, said its British subsidiary has reached a deal to buy Premier Foods' portfolio of grocery brands and a manufacturing base in the U.K. Shares popped 19%.

Los Angeles-based Guess (GES) posted weaker quarterly results and cut its guidance. Shares plummeted 23%.


--Written by Andrea Tse in New York.

>To contact the writer of this article, click here: Andrea Tse.
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