Shares of Hershey Inc. (HSY) have made a remarkable recovery, reversing an earlier loss to be up 0.4% in afternoon trading. This puts the popular chocolate seller on track to break its longest losing streak in 25 years.
Earlier in the day, the stock had taken a hit, dropping 1.3% and hitting an intraday low of $194.64 around 11 a.m. Eastern time. However, it quickly turned things around and surged ahead.
The recent decline in Hershey’s stock has been notable, with a 6.7% drop over the past nine sessions leading up to Tuesday’s close, where it hit a 20-month low of $197.18. This marks the longest losing streak since December 18, 1998, a nine-session stretch.
This downturn has been influenced by concerns about weak consumer spending, as interest rates push up borrowing costs and student loan payments restart.
Hershey Inc. is set to release its third-quarter results on or about October 26, according to FactSet. This upcoming report will likely have a significant impact on the company’s stock performance.
If the stock experiences another downturn and closes down, it will mark a 10-day losing streak – the longest on record since January 1972 based on available data from Dow Jones Market Data.
Over the past three months, Hershey’s stock has experienced a significant fall of 21.4%. In comparison, the Consumer Staples Select Sector ETF (XLP) has dropped 8.8%, while the S&P 500 (SPX) has lost 4.8%.
Hershey Inc.’s stock recovery is a positive indication for investors and suggests a potential turnaround in its performance.