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

Hormel Foods Corp.’s HRL stock was down 8.7% to $33.11 a share on Thursday morning as the worst performer in the S&P 500 SPX. 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.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.