McCormick & Co. (DOG)
MKC - NYSE
Looks like McCormick’s stock price got a little too spicy for some investors. The maker of Frank’s RedHot sauces, McCormick seasonings and French’s condiments took its biggest tumble since the start of the COVID-19 pandemic after third-quarter revenue missed expectations, hurt by a sluggish economic recovery in China. Even as price increases helped McCormick post sales growth of 6 per cent, the company’s product volumes fell, reflecting its exit from consumer sales in Russia and its decision to discontinue certain items, among other factors. With the stock down by more than 30 per cent from its 2023 high, investors are sticking with salt and pepper.
Cal-Maine Foods (DOG)
CALM - Nasdaq
A wise investor once told me, “Don’t put all of your eggs in one basket.” Ever since that day, I’ve always put my eggs in the fridge to keep them safe. Another thing he told me was, “Don’t put all of your money in an egg stock.” Cal-Maine Foods investors probably wish they’d heeded that advice. Shares of the largest U.S. egg producer cracked after fiscal first-quarter earnings came in at 2 US cents a share, well below analysts’ estimates of 33 US cents, as revenue plunged about 30 per cent. The decline reflected a sharp drop in average egg selling prices due to an avian flu virus that depleted supplies and drove up prices in the previous year, Cal-Maine said. Investors are wiping egg off their faces.
Neighbourly Pharmacy (STAR)
NBLY - TSX
“Would you be mine? Could you be mine? Won’t you be my neighbour? Hi neighbour!” Today, we’re going to talk about Neighbourly Pharmacy. Do you know what a pharmacy is? It’s a store that sells medicines like Prozac, Viagra and Ozempic. Can you say O-zem-pic? Neighbourly Pharmacy is a special pharmacy because its stock went up this week after Persistence Capital Partners offered to take the company private at $20.50 a share. That made a lot of investors happy. I own a few thousand shares myself, so I’m feeling very happy, too. Would you like to sing a song with me? “It’s such a good feeling to know you’re alive, it’s such a happy feeling, you’re growing inside … “
Clorox (DOG)
CLX - NYSE
What do you call it when hackers infiltrate Clorox’s computer systems? Answer: a bleach breach. Shares of the bleach and cleaning products maker tumbled after it warned that sales will fall by as much as 28 per cent in the quarter ended Sept. 30, citing “wide-scale disruption of Clorox’s operations, including order processing delays and significant product outages” tied to a cyberattack disclosed in August. With Clorox warning that it expects “ongoing, but lessening, operational impacts” in the current quarter, investors would rather drink bleach than own this thing.
Velan (DOG)
VLN - TSX
Test your business knowledge! Shares of Montreal-based Velan cratered after the global maker of industrial valves: a) disclosed that one of its manufacturing facilities was flooded under a metre of water due to a faulty toilet intake valve; b) announced the closing of its “Velan’s Vault of Valves” chain of retail stores after sales failed to meet expectations; c) was informed by Dallas-based Flowserve that it will not proceed with its proposed acquisition of Velan after the French government rejected the takeover as part of its foreign direct investment review process. Answer: c.
John Heinzl