The stock market saw ups and downs on Tuesday, buffeted by crosswinds on the macroeconomic and geopolitical fronts. Even though some believe that the escalating trade war could get resolved fairly quickly without lasting damage to the global economy, others fear that a speedy resolution is unlikely. Some key individual companies also had bad news that weighed on investor sentiment. J.M. Smucker (NYSE: SJM), Mallinckrodt (NYSE: MNK), and Lancaster Colony (NASDAQ: LANC) were among the worst performers. Here's why they did so poorly.
Shares of J.M. Smucker fell 8% after the jelly maker's fiscal first-quarter financial results weren't as strong as many had hoped. Revenue was down 6% from year-ago levels, and adjusted net income slumped 11% over the same period. Smucker also cut its full-year guidance, expecting sales to be flat to down 1% and seeing weaker earnings than originally projected. The food industry has become increasingly competitive, especially in areas like premium pet food, and Smucker will have to refine its strategic thinking in order to stay in front of its rivals and maintain its leadership in some key niches.
Image source: Smucker's.