SJM - General Mills leads packaged food stocks higher as pricing power impresses

Strong results out of General Mills (NYSE:GIS +4.9%) has investors taking a look at other packaged food stocks on a down market day. J.M. Smucker (SJM) +1.22%, Campbell Soup (CPB) +1.11%, Kellogg (NYSE:K) +1.09%, Hormel Foods (NYSE:HRL) +1.01% and Hershey (NYSE:HSY) +0.88% all outperformed in Wednesday morning trading with the Dow Jones 30 and S&P 500 Index both in negative territory. The biggest pullout from the General Mills (GIS) report was that the company was able to raise guidance on confidence that higher prices will offset some of the inflation pressures with input costs. There has been some concern that consumers would push back on prices and demand would tail off.  Operationally, GIS also gave a good readout on the supply chain. "Even though General Mills gave an update at CAGNY near the end of its quarter (recorded about a week earlier), its customer service levels on pizza, snacks, and dough improved

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General Mills leads packaged food stocks higher as pricing power impresses