Why Archer Daniels Midland Stock Plummeted by 6% Today

Archer Daniels Midland (NYSE: ADM) -- also known as ADM -- had some news to report after the market closed Monday, and investors didn't find it comforting. They traded out of the stock assertively on Tuesday, bidding it down by about 6% through the close of the session. That did not compare well to the S&P 500 index's gain of more than 1% for the day.What set off that exodus was the release of Archer Daniels Midland's preliminary third-quarter and nine-month results. Its non-GAAP (adjusted) net income for Q3 is expected to be $530 million, or $1.09 per share. That's well down from Q3 2023's profit of $880 million, or $1.63 per share. The company did not provide any revenue numbers on Monday. Meanwhile, year-to-date cash from operating activities was forecast at just under $2.47 billion. In contrast to the bottom line, this was notably above the parallel figure from 2023 ($1.89 billion).Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool