ConAgra Brands (CAG) Gains 5% on Confirmation of Eat-at-Home Trend

ConAgra Brands (NYSE: CAG) is gaining 5% in early trading Tuesday after highlighting "significantly increased demand in its retail business," while it sees a 50-60% decline in Foodservice organic net sales in the fourth quarter. The retail demand is more than offsetting the foodservice shortfall and it sees 2020 net sales and EPS above the high end of its range at this point.

CEO Sean Connolly said they have seen "significantly elevated demand for our retail products as consumers have started filling their pantries for more at-home eating." On a quarter-to-date basis, shipments and consumption in the firm's domestic retail business have increased approximately 50%.

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