Why J.M. Smucker Stock Plummeted This Week
Shares of packaged food and beverage giant J.M. Smucker (NYSE: SJM) were down 13% this week as of 2:30 p.m. ET Thursday, according to data provided by S&P Global Market Intelligence.
Smucker reported dismal fiscal fourth-quarter earnings, with sales and adjusted earnings per share falling 3% and 13%.
Making matters worse, the company took another $980 million impairment charge on its $5.6 billion Hostess Brands acquisition, bringing the total amount written down to $2 billion.
Source Fool.com
