Why SuperMarket Stocks are Spiking Higher Now
Another quick answer for you, Kroger’s earnings. The supermarket retail chain operates food and drug stores, multi-department stores, and jewelry stores nationwide, and the company’s first quarter earnings were a home run. Kroger (NYSE:KR) walloped analyst expectations, reporting earnings of $.06 per share above projected targets, leading the company’s stock up over 4.6% in trading. The strong Q1 report from Kroger has served as a boon to the larger sector, with a number of competitors also reporting substantial appreciations in share values today on projections of a great quarter for the industry. Seems like investors are less concerned with the prospect of lower margins on higher food costs.
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Here’s a panel of supermarket stocks so you can see how the good word is making the rounds on the market:
Safeway Inc. (NYSE:SWY) was up 3.51%, Whole Foods Market (NASDAQ:WFM) jumped 2.39%, SUPERVALU Inc. (NYSE:SVU) was up .12%, The Fresh Market (NASDAQ:TFM) traded down .17%, Winn-Dixie Stores Inc. (NASDAQ:WINN) popped 4.42%, Ingles Markets Inc. (NASDAQ:IMKTA) climbed 5.92%, Wal-Mart (NYSE:WMT) ticked up .97%, and finally Target (NYSE:TGT) was down .56%.