Hormel Foods Corporation
|Company Name||Hormel Foods Corporation|
On October 12, 2023, the United Food and Commercial Workers International Union announced workers for Hormel in Minnesota, Georgia, Wisconsin and Iowa voted to ratify a new labor contract that includes "the largest wage increases in the company's history." On that day, Hormel held an investor event and issued its financial targets which “outline[d] updated strategic priorities” and updated its long-term forecast, projecting sales growth in the low-to-mid single digits, and long-term earnings per share growth in the high single digits.
On this news, Hormel’s stock price fell $3.33, or 9.8%, to close at $32.40 per share on October 12, 2023, thereby injuring investors.
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