Cal-Maine's stock heads for biggest 1-day plunge in 11 years

Shares of Cal-Maine Foods Inc. plunged 11% in midday trading Monday, putting them on track to suffer the biggest one-day drop in 11 years, after the egg producer reported disappointing fiscal first-quarter results, citing an "extreme drop" in egg prices. The stock was down as much as 14% earlier in the session before paring some losses. The stock had been performing sell the past several months, as it closed last Thursday at $45.74, the highest price in nearly 10 months, after closing at a near 10-month low of $37.02 on May 31. It was on track for the biggest one-day drop since it fell 12.0% on Nov. 11, 2008. Cal-Maine Chief Executive Dolph Baker said the drop in egg prices reflected the "oversupply" of eggs and egg-laying hens, as the U.S Department of Agriculture eggs reports showed that there were 331.4 million laying hens as of Sept. 1, up from about 330.6 million a year ago. The stock has now lost 4.3% year to date, while the S&P 500 has gained 18.8%.

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