Hershey to Acquire Amplify Snack Brands in Cash Deal

19 December, 2017, 11:18 | Author: Inez Murphy
  • Campbell Soup Co. announced it will purchase Snyder's-Lance Co

The Standard & Poor's 500 index jumped 14.35 points, or 0.5 percent, to 2,690.16. The biggest gains have gone to companies that pay relatively higher tax rates, including smaller, US -focused companies, banks and retailers.

The Dow Jones industrial average picked up 140.46 points, or 0.6 percent, to 24,792.20.

Shares of Campbell Soup and Snyder's-Lance have risen after a report that the soup company is in advanced talks to buy the pretzel maker. In August the company reported profits had dropped 79 percent for the second quarter.

Buying Snyder's-Lance will "dramatically transform Campbell, shifting our center of gravity", Campbell CEO Denise Morrison said in a statement.

Based in Charlotte, NC, Snyder's-Lance produces iconic American snack brands like Cape Cod potato chips, Snyder's of Hanover pretzels, and the Lance brand.

Amplify's shares rose 71 percent to their highest in just over a year.

The tech heavy Nasdaq index gained nearly 53 points at 6,989. Cloud services provider Akamai Technologies leaped after Elliott Management, led by activist investor Paul Singer, disclosed a 6.5 percent stake in the company and said it wants to discuss changes to the company's business and other areas. The Camden firm had adjusted earnings before interest and taxes, or EBIT, of $1.49 billion, for fiscal 2017, a 2 percent gain.

HO, HO, HO: Joshua Mahony, market analyst at IG, cited grounds for optimism that included the prospect of corporate tax cuts that could leave companies with more money for earnings and dividends, along with news that German Chancellor Angela Merkel is inching close to a new governing coalition. Britain's FTSE 100 rose 0.4 percent to 7,519.43.

ENERGY: Benchmark U.S. crude added 23 cents to $57.53 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price worldwide oils, gained 18 cents to $63.41 a barrel in London.

Financial companies including regional USA banks did well Monday.

In Toronto, the TSX added 137 points at 16,178. Copper picked up 1 cent to $3.15 a pound.

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