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Hormel Foods Corporation

Company NameHormel Foods Corporation
Stock SymbolHRL

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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