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US STOCKS-Consumer staples edge higher on ConAgra boost
September 18, 2014 / 7:32 PM / 3 years ago

US STOCKS-Consumer staples edge higher on ConAgra boost

NEW YORK, Sept 18 (Reuters) - Consumer staples stocks were edging higher heading into the latter stages of trading, as ConAgra shares climbed in the wake of its quarterly earnings.

The S&P consumer staples index was up 0.2 percent, buoyed by a 4.6 percent jump in ConAgra to $33.48 after the company posted a higher-than-expected quarterly profit and said its consumer foods business was recovering. The gains would mark the biggest jump for the stock since December.

Since hitting a three-month high on September 8, ConAgra shares had come under modest pressure, falling 2 percent through Wednesday. The stock may have room to advance, however, with Thomson Reuters StarMine holding an intrinsic value of $37.14 on the stock, roughly 11 percent higher than its current value.

Index snapshot at 15:22 EDT (1722 GMT):

* S&P 500 was rising 9.07 points, or 0.45 percent.

* Nasdaq Comp was gaining 25.97 points, or 0.57 percent.

* Dow industrials was adding 106.45 points, or 0.62 percent.

* Russell 2000 was adding 3.36 points, or 0.29 percent.

* S&P MidCap was adding 3.99 points, or 0.28 percent.

* S&P SmallCap was gaining 2.76 points, or 0.42 percent. (Editing by Bernadette Baum and Nick Zieminski)

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