SEE - Why Sealed Air Stock Tumbled by 11% This Week
2023-05-05 16:22:57 ET
Has the bubble popped on Sealed Air (NYSE: SEE) stock?
Over the past few days, investors could be forgiven for thinking so. The company, best known as the purveyor of ubiquitous packaging material Bubble Wrap, published a fresh earnings report that fell just short of analyst expectations. The market clearly wasn't in a forgiving mood, as it collectively traded the stock down by more than 11% across this week, according to data compiled by S&P Global Market Intelligence .
On Tuesday, before market open, Sealed Air took the seal off its first-quarter results. These showed that the packaging company's net sales tallied $1.3 billion, representing a 5% year-over-year decline. That figure also represented a miss on the average analyst estimate of $1.36 billion.
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Why Sealed Air Stock Tumbled by 11% This Week