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Hormel stock sinks as shoppers look for protein elsewhere

Turkey troubles haunted Hormel Foods this spring, and the Minnesota company's stock dropped nearly 10% Thursday as a result.

The Austin, Minn.-based company behind Spam, Jennie-O turkey and Planters beat Wall Street expectations for its most recent quarter. However, investors couldn't stomach declining retail sales as consumers balked at higher prices and bought fewer turkeys.

"We expect this business to remain challenged for the rest of the fiscal year," CEO Jim Snee said Thursday about its turkey unit.


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