Shares of Ball (NYSE: BALL) plunged 24% for August, according to data provided by S&P Global Market Intelligence , after the aluminum can maker's second-quarter report beat Wall Street sales estimates, but widely missed earnings expectations.
Consumer demand was much lower than expected as inflation continues to take a toll on sales. Coupled with Ball's exit from Russia following that country's invasion of Ukraine, the metal-container company was forced to slash its target for shareholder capital returns from an expected $1.75 billion to $1 billion.
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Why Ball Stock Plunged 24% in August