Panic Buying Spurs Investors to Stock Up on Food Shares
- Campbell Soup’s stock advances the most in six months
- Packaged-food makers outpace broader rise in U.S. equities
Photographer: Jim R. Bounds/Bloomberg
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Shares of Campbell Soup Co., Conagra Brands Inc. and other packaged food companies rose on Monday -- an investor reaction to widespread reports that shoppers are stocking up their pantries as the coronavirus rapidly spreads across the world.
“Anticipation of disruption is driving stockpiling now,” Piper Sandler analyst Michael Lavery said in a research note. “We believe from anecdotes that consumers are already stocking up on non-perishable food, as grocery stores see surges in traffic and larger baskets.”