GO - Kroger and grocery peers slump after earnings on concerns of post-pandemic letdown

Kroger (KR -7.8%) falls after the grocery store operator's earnings report did not meet the high expectations from the buy side amid the recent rise in COVID cases. Wells Fargo analyst Edward Kelly says Kroger's gross margin and share repurchase amount during the quarter may have disappointed the institutional investors. Wells Fargo keeps an Equal Weight rating on Kroger: "Guidance looks conservative, the company has material dry powder for share repurchases, Delta should help sustain momentum in the near term, and Buffett's Berkshire Hathaway has been buying 2% of the stock in each of the last few quarters. That being said, KR has rarely been a great investment at the current multiple and at least some of the COVID benefit should eventually unwind, making growth beyond 2021 difficult." Shares of Kroger trade at their lowest level since August 13 when some of the earnings buzz began. Peers Weis Markets (WMK

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Kroger and grocery peers slump after earnings on concerns of post-pandemic letdown