Shares of grocer Supervalu Inc. (NYSE: SVU) have lost more than -30% since the company announced quarterly results after the markets closed last night. We covered the gruesome details after the company reported its results.
Supervalu has suspended its dividend and withdrawn guidance. Its tactical plan appears to be to continue on its path to being a low-price competitor. That leads the company away from competitors like Kroger Co. (NYSE: KR) and Safeway Inc. (NYSE: SWY), and straight at Wal-Mart Stores Inc. (NYSE: WMT). Talk about going from the frying pan into the fire.
The company’s shares have been downgraded or had target prices lowered this morning by at least five different analysts. Shares are trading down more than -36% in the pre-market this morning, at $3.35, a new 52-week low if the price holds up once trading begins. The current 52-week range is $4.05-$9.44.
Paul Ausick
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