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The company said the price increase takes effect immediately. However, consumers may not see the impact on store shelves right away. Many retailers will be able to buy products at the old prices for about 8 weeks.
Hershey said that it expects most of the financial benefit from the increases to be reflected in its 2012 results. The decision comes just weeks ahead of Easter, one of the most popular candy consumption holidays.
Hershey (NYSE:HSY) said it raised wholesale prices by 9.7% due to fuel, raw materials and transportation costs.
Good Morning. It's Thursday, March 31, 2011. At this hour, U.S. equity futures are mixed. Overseas, the Asian markets and the European markets are mixed.
The bank bumped its 2011 EPS estimate to $2.90 from $2.88, vs. the consensus estimate for $2.77 per share, and its 2012 EPS estimate to $3.12 from $3.10, compared to consensus estimates of $3.01 per share.
UBS cited accelerating sales momentum, at 11% year-over-year for the 4 weeks ended February 19th, driven by +10% higher volumes.
Hershey is currently above its 50-day moving average (MA) of $49.90 and above its 200-day of $48.54.
UBS raised its price target for The Hershey Company (NYSE:HSY) to $54 from $51 and maintained its neutral rating on the stock.
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From FNNO.com, this is the Financial News Network. I’m Cleo
Stiller-Farrell and this is your Midweek Market Wrap Up. The British
Bankers’ Association, which has the supervisory role of setting the
influential Libor rates, announced that it would be willing to give up
its...
The Wall Street Journal reports that home prices showed their best year-to-date gains since 2005, up 5.9% through July, signaling the housing market's steady march toward recovery. Also from the Wall Street Journal, IBM (IBM) will increase its efforts to sell so-called cloud computing services...
CEO Marissa Mayer is bringing in some more new blood to Yahoo!, tapping Ken Goldman as the company's new Chief Financial Officer. Goldman's appointment will take effect on October 22nd.
Goldman served as CFO at his most recent employer, Fortinet, having worked at Siebel Systems, Sybase,...
