PATH - Hot Stocks: Food stocks fight inflation; PATH hits post-IPO low; ALEC C-Suite stampede; SPB sells unit; KDMN takeover
The packaged-foods sector provided a ray of light for investors on Wednesday despite a slide for the overall markets. The segment bounced back from recent weakness on signs that companies might be starting to catch up to the inflation pressures that have weighed on the group. General Mills (NYSE:GIS), Kraft Heinz (NASDAQ:KHC), Simply Good Foods (NASDAQ:SMPL), Post Holdings (NYSE:POST) and J.M. Smucker (NYSE:SJM) all finished higher on the day amid the sector's rally. Meanwhile, biopharma firm Kadmon (NASDAQ:KDMN) was among the day's other standout performers. Word of a merger deal sent the stock skyrocketing. M&A news also underpinned a rally in Spectrum Brands (NYSE:SPB). A multi-billion-dollar sale of one of its business units inspired a buying spree in the stock. Conversely, the day's worst performers included Alector (NASDAQ:ALEC), which suffered a major decline after two of its key executives announced their upcoming departure. Meanwhile, UiPath (NYSE:PATH) set a new post-IPO closing
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Hot Stocks: Food stocks fight inflation; PATH hits post-IPO low; ALEC C-Suite stampede; SPB sells unit; KDMN takeover