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Rising ingredient costs prompted Hershey to raise prices on chocolate products, and the company noted the change is unrelated to tariffs or trade policies.
The chocolate maker has notified retail customers of a double-digit percentage increase, as cocoa markets have stayed high on supply concerns.
"It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa," a spokesperson said.
A federal appeals court on Tuesday rejected a proposed class action by eight Malian citizens who sought to hold Hershey , Nestle and five other companies liable for child labor on Ivory Coast cocoa farms.
Nothing goes in a straight line on Wall Street, though investors often like to extrapolate current trends far into the future. These two facts can open up investment opportunities in growing companies that are facing problems likely to be temporary.
Cocoa futures just crumbled to their lowest level since November, and while that may sting for West African farmers, it's great news for candy bar capitalists. Chief among the beneficiaries is The Hershey Company HSY.
Hershey (HSY) closed at $162.91 in the latest trading session, marking a -1.21% move from the prior day.
Emotions on Wall Street tend to swing like a pendulum, going from far too excited to far too pessimistic. That happens on a large scale, but also on the individual stock level.
New CEO Kirk Tanner's background in consumer packaged goods and brand building will help boost Hershey, one analyst says.
Kirk Tanner will leave his role as Wendy's CEO to take the helm at The Hershey Company, succeeding retiring CEO Michele Buck after her seven-year tenure.