Shares of Kroger Co. (KR) were down double digits in premarket trading on Thursday after the grocer cut its full-year earnings guidance during the release of its first-quarter results.
Kroger shares were down 18% to $24.90 on Thursday in early afternoon trading.
Kroger cut its 2017 adjusted EPS guidance to between $2 and $2.05 per share from its previous view between $2.21 per share and $2.25 per share. Wall Street has a consensus full year estimate of $2.20 per share, according to FactSet.
Kroger matched analysts' first quarter earnings expectations of 58 cents per share, while revenue of $36.3 billion came out ahead of analysts' $35.6 billion estimates.
What's Hot on TheStreet
Beware Tesla fanboys: Tesla (TSLA) burning money, but shareholders are the likely ones to blister and feel the pain. The standard 90-day corporate equity lockup period for Tesla, following its $402.5 million stock sale of March 16, ends Thursday TheStreet reports. As a result, Tesla will be free to conduct another stock offering as soon as Thursday, which is a real possibility given the electric car company's debt situation, partly due to its Solar City investment, and need for additional cash. Any new issuance the company may seek would likely need to take place before July, which is when Tesla issues its quarterly report on car sales. Alternatively, an offering could come in late August after Tesla issues its quarterly financial report.
Shares could start to come under pressure.
Mining stocks get whipped: Global mining stocks found themselves in a hole Thursday TheStreet reports, after South Africa's government said that at least 30% of domestic mining assets should be black-owned even if previous black owners sell their stakes. South African-exposed mining companies fell sharply in the wake of the announcement. London-listed Anglo American plc (AAUKF) tumbled 4.4% to 1,013 pence ($23.87) a share, South32 Ltd fell 4% to 158 pence, BHP Billiton plc (BHP) was down 2% to 1,155 pence, Rio Tinto RIO fell 2% to 3,079 pence and Glencore plc (GLNCY) fell 2.6% to 279.2 pence. South African gold producers were hit even harder. Sibanye Gold Ltd. (SBGLF) plummeted 6.7% to 1,562 South African rand ($121.38) and AngloGold Ashanti Ltd. (AU) fell 4.8% to 14,015 rand.