Rising ingredient costs prompted Hershey to raise prices on chocolate products, and the company noted the change is unrelated to tariffs or trade policies.
"It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa," a spokesperson said.
Hershey (HSY) closed at $162.91 in the latest trading session, marking a -1.21% move from the prior day.
Emotions on Wall Street tend to swing like a pendulum, going from far too excited to far too pessimistic. That happens on a large scale, but also on the individual stock level.
New CEO Kirk Tanner's background in consumer packaged goods and brand building will help boost Hershey, one analyst says.
Kirk Tanner will leave his role as Wendy's CEO to take the helm at The Hershey Company, succeeding retiring CEO Michele Buck after her seven-year tenure.
In the most recent trading session, Hershey (HSY) closed at $169.93, indicating a -3.2% shift from the previous trading day.
Wendy's Chief Executive Officer Kirk Tanner will run Hershey, the latest management move at the snack and candy company.
One CEO is trading burgers for chocolates.
Kirk Tanner joins the Reese's Peanut Butter Cups maker as it navigates higher tariff-related costs and still-high cocoa prices amid growing uncertainty around consumer spending.
Wendy's CEO Kirk Tanner has been named the new chief executive of The Hershey Company. Tanner will replace Michele Buck, who is retiring after almost 20 years at Hershey, including almost eight as CEO.
Hershey (HSY) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.