Nevada News Reporter

Food stocks rise after Kraft-Heinz merger disclosure

Food stocks rise after Kraft-Heinz merger disclosure

The mega-merger announced Wednesday between Kraft Food Group and H.J. Heinz may be helping the financial fortunes of other major food producers. Shares of 11 of the 17 companies Kraft identified in 2014 as its “performance peer group” rose in morning trading after the merger announcement, while stocks of the other six moved down.AP KRAFT HEINZ F A USA PA

Gainers included Mondelez International the snack food company that split from the old Kraft Foods in 2012. Shares of Mondelez, whose iconic brands include  Oreo, Cadbury, Tang, Ritz and Chips Ahoy, were up $2.83 at $36 in morning trading. The roster of some Kraft peers that posted higher early gains included General Mills; ConAgra Foods; Kellogg; J.M. Smucker; Coca-Cola and Hersheys.

Keurig Green Mountain headed the list of Kraft peers whose stocks moved lower in early trading. Shares of the coffee roaster and manufacturer of single-cup coffee brewers were down 2.33% at $120.99 in morning trading. Shares of Campbell Soup, Altria Group, McDonalds and Procter & Gamble also moved lower after U.S. financial markets opened.