Investors Shouldn't Miss What 1 Company Just Said About the Consumer Economy
Investors have been trying to get excited about the possibility for a stock market turnaround in 2023, but much of the week between holidays has shown how downbeat Wall Street is right now about market prospects. However, it appeared that investors could get some respite from the downward pressure on Thursday morning. Futures on major market benchmarks were all higher in premarket trading, with the Nasdaq Composite (NASDAQINDEX: ^IXIC) seeing the most significant gains, rising three-quarters of a percent.
This week has been a slow one for companies releasing their financial results. That's partially due to the fact that the primary earnings season isn't set to start for another couple of weeks, and it also reflects the generally lower levels of business activity in some businesses in the week before New Year's. However, one company, Cal-Maine Foods (NASDAQ: CALM), did share its quarterly report with investors late Wednesday afternoon. As it turns out, what Cal-Maine said gives an interesting view into the situation that many consumer-facing businesses are currently experiencing as they make plans for 2023.
Shares of Cal-Maine Foods were down about 4% in premarket trading on Thursday morning. Investors reacted negatively to the release of the egg specialist's financial report for the fiscal second quarter that ended Nov. 28, even though they included huge increases in many key metrics.
Source Fool.com
