UL - Why Unilever Stock Jumped on Tuesday
2024-03-19 11:51:26 ET
Unilever (NYSE: UL) shares jumped out of the gate on Tuesday, rising 3% compared to a 0.2% drop in the S&P 500 . That boost erased just a small portion of the losses that shareholders have seen recently, though. The consumer staples giant's stock is up just 2% in the past year, while the wider market has rallied by over 30%.
Tuesday's uptick was sparked by news that Unilever is making aggressive moves aimed at boosting profit margins and reaccelerating growth.
Unilever is planning to spin off its ice cream business that's anchored by the Ben & Jerry's and Magnum brands, executives said in a press release before the market opened. That move will help the company save cash while focusing more on its core business lines.
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Why Unilever Stock Jumped on Tuesday