Archer-Daniels-Midland shares fall 14% - CFO on leave, profit forecast lowered

Archer-Daniels-Midland shares fall 14% - CFO on leave, profit forecast lowered

According to a report by ch.marketscreener.com, Archer-Daniels-Midland saw its shares fall massively by 14% in pre-market trading. This came after the company furloughed its finance chief and cut its full-year profit forecast. The reasons for this were an investigation into certain accounting practices and procedures relating to ADM's Nutrition segment, which was initiated at the request of the US Securities and Exchange Commission (SEC). The delay in reporting fourth-quarter results is expected, and its adjusted earnings per share forecast for the fiscal year ending December 2023 was cut to $6.90 from "over $7 per share." The impact of these events on the market and the financial industry could be significant.

The development at Archer-Daniels-Midland is expected to create uncertainty in the financial markets, particularly for investors who have relied on the company's stability and growth. Since Archer-Daniels-Midland operates in the agri-food industry, the impact may also extend to the corresponding sector in the financial industry. Investors and analysts will closely monitor developments at the company in order to assess the long-term impact on the market and the financial industry.