Austin, Minn.-based Hormel has been beset by lower prices for whole bird turkeys this year, as well as a production interruption at a Planters facility in Virginia and lower center-store and contract manufacturing volumes.
The Hong Kong listed company saw its stock price slump 98% on Tuesday. Sanergy Group shares have now increased 78% after the Chinese company said a ‘forced sale’ had driven the plunge in its stock.