business news in context, analysis with attitude

• Safeway yesterday said that its second quarter net income was $243.3 million, up seven percent from $218.2 million during the same period a year ago. Q2 sales were up three percent to $10.12 billion, on same-store sales that were off 0.3 percent.

The company's stock plunged 11 percent during the day, or $3.32, to $26.69.

KC's View:
Which strikes me as an enormous overreaction by Wall Street…but that’s no surprise.