Cal-Maine Foods (CALM) reported earnings on Mon 30 Sep 19 (b/o)

** charts after earnings **

 

Shares of Cal-Maine Foods Inc. (CALM) plunged 11% in midday trading Monday, putting them on track to suffer the biggest one-day drop in 11 years, after the egg producer reported disappointing fiscal first-quarter results, citing an "extreme drop" in egg prices. The stock was down as much as 14% earlier in the session before paring some losses.

The stock closed last Thursday at $45.74, the highest price in nearly 10 months, after closing at a near 10-month low of $37.02 on May 31. It was on track for the biggest one-day drop since it fell 12.0% on Nov. 11, 2008. Cal-Maine Chief Executive Dolph Baker said the drop in egg prices reflected the "oversupply" of eggs and egg-laying hens, as the U.S Department of Agriculture eggs reports showed that there were 331.4 million laying hens as of Sept. 1, up from about 330.6 million a year ago. The stock has now lost 4.3% year to date, while the S&P 500 (SPX) has gained 18.8%.