05.04.2020 18:12:06

Why Hormel Foods Stock Rose 12.1% in March

Shares in Hormel Foods (NYSE: HRL) increased by 12.1% in March, according to data provided by S&P Global Market Intelligence. The rise is impressive in itself, but in a month when the S&P 500 dropped 12.5% it's nothing short of remarkable.There are probably two reasons for the out-performance, and they both relate to the COVID-19 pandemic.First, the social isolation measures imposed on the public are seen as boosting prospects at food companies like Hormel. Its food service sales (around 31% of sales) are likely to be hit with restaurant shutdowns. However, the rest of its revenue is possibly going to receive a boost as consumers stock up on food in response to shutdown measures.Continue reading
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