Kroger stock punished after 3Q results

Kroger sell off - Time

Investors dumped shares of Kroger Co. Tuesday, and selling continued Wednesday, after the supermarket giant posted third quarter results that fell significantly short of Wall Street's expectations. Kroger shook up investors when it posted an unexpected loss of $874.9 million, or $1.35 a share, and warned that it didn't expect a significant improvement in its business until the second half of 2010.

Tuesday's plunge was especially sharp, with the stock falling 12%, making it the day's worst performing stock. Kroger's doom-and-gloom forecast is also causing investors to have jitters about rivals, such as Supervalu and Safeway, whose shares fell 9% and 7% respectively on Tuesday. Even shares of Wal-Mart, Whole Foods and Costco did not go unscathed, as their shares slipped as well.

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