Why B&G Foods Stock Jumped Today
Shares of B&G Foods (NYSE: BGS) jumped on Wednesday even though there wasn't any company-specific news. However, many food stocks were trending higher today in the wake of the cyberattack on the world's largest meat processor, JBS. As of 3 p.m. EDT, B&G Foods stock was up 11%.
For reference, it's likely other stocks like Beyond Meat are also up today because of the JBS situation. According to the Associated Press, several of JBS's facilities in North America and Australia went down because of hackers. JBS is already recovering and expects to have some operations back today. However, even slight blips in the food supply chain can cause disruptions that lead to price fluctuations at the grocery store.
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Source Fool.com
