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J.M. Smucker Co. is tapping the investment-grade corporate bond market on Wednesday with a deal to finance its acquisition of Twinkies and HoHos maker Hostess Brands Inc.
Smucker (SJM) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
J.M. Smucker Co.'s stock SJM, -1.98% was down 1.9% Thursday, extending its losing streak to seven straight days, during which it has lost 7.5% of its value, according to Dow Jones Market Data. The stock has fallen for nine of the past 10 days and is track for its longest losing streak since April 24 of 2018, when it fell for seven days.
Smucker (SJM) reported earnings 30 days ago. What's next for the stock?
The J.M. Smucker (SJM) will offload its Sahale Snacks brand to Second Nature Brands to focus on areas with greater potential.
J.M. Smucker SJM, -2.31% will sell its Sahale Snacks brand to Second Nature Brands for $34 million in cash.
Robert Moskow, TD Cowen food analyst, joins 'Squawk on the Street' to discuss what it'll take for volume to reflect positively, how much of a weak consumer is already baked into stocks, and trends emerging in the consumer space.
On Sept. 11, J.M. Smucker (NYSE: SJM ) announced that it would acquire Hostess Brands (NASDAQ: TWNK ), the maker of snack food favorites such as Twinkies and HoHos, for $5.6 billion in cash and stock.
Last week, J.M. Smucker shares fell more than 10% after the company agreed to acquire the maker of Twinkies and other sweet treats for $5.6 billion, or $34.25 per share.
The The J.M. Smucker Company (NYSE:SJM) has made headlines with its announcement of a $5.6 billion deal to acquire Twinkie-maker Hostess Brands Inc (NASDAQ:TWNK) at a share price of $34.25 each – represents a hefty 54% premium to TWNK's share price.