Why Scotts Miracle-Gro Stock Was Down This Week
Scotts Miracle-Gro (NYSE: SMG) shareholders underperformed the market through Thursday trading this week. The lawn care and hydroponic growing specialist was down 11% compared to a 1.4% drop in the wider market, according to data provided by S&P Global Market Intelligence.
The move contributed to a tough year for the stock, which is down over 70% so far in 2022. It was sparked by growing concerns about Scotts' ability to turn its business around in today's weakening demand environment.
The stock price drop wasn't driven by specific news out of the company. Instead, shares fell along with the wider market. Investors this week became more concerned that a recession is on the way and that inflation and rising interest rates will continue impacting consumers into late 2022.
Source Fool.com
