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Hormel stock drops 8% as worst performer in S&P after workers ratify contract

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Hormel Foods Corp.’s HRL, -8.65% stock was down 8.7% to $33.11 a share on Thursday morning as the worst performer in the S&P 500 SPX, -0.10%. The food company is on track for its lowest close since March 23, 2018, when it ended the session at $32.55, according to Dow Jones Market Data. It’s also on a path for its largest percentage decrease since May 18, 2022, when it fell 8.76%.

The United Food and Commercial Workers International Union said members who work for Hormel in Minnesota, Georgia, Wisconsin and Iowa have voted to ratify a new contract containing the largest wage increase in the company’s history of $3 to $6 an hour. The union said the contract also nearly doubles bereavement leave, protects health care coverage and increases retirement benefits. Separately, Hormel is holding an investor day on Thursday.

 

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