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) 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.
Hain Celestial Group (HAIN), 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%.
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