Hormel Foods (NYSE:HRL) stock fell in Thursday's premarket deals after its quarterly results fell short of Wall Street expectations and as the company downgraded guidance for the full year. At $162.7 million, third-quarter net income was down sharply year-over-year, from $218 million while sales slipped 2.3% to $2.96 billion, missing analyst forecasts for $3.04 billion. Earnings per share was marked at 40 cents, versus market consensus of 41 cents. The food brand umbrella – including the likes of Skippy peanut butter, Spam, and Hormel Pepperoni – meanwhile cautioned the market that it expects a continuation of tight consumer trends, which it sees as 'highly intentional' spending. In New York, Hormel stock was down 2.95% in premarket trading at $38.49.