In contrast to the broader market's upward trend on Monday, General Mills Inc (NYSE:GIS).'s shares underperformed against competitors Mondelez (NASDAQ:MDLZ) International, Kraft Heinz (NASDAQ:KHC), and Hershey. Despite a second day of successive gains, the company's shares only rose by 0.33% to $63.25, while Mondelez International, Kraft Heinz, and Hershey saw increases of 1.77%, 0.48%, and 0.51% respectively.
On the same day, the S&P 500 and Dow Jones indices experienced more substantial growth, climbing by 1.06% and 0.93%. This discrepancy highlights General Mills' struggle to keep pace with the broader market's positive momentum.
Additionally, General Mills' shares remain significantly below their year-high mark. On May 15, 2023 the company's share price had reached $90.89, which means current levels are $27.64 lower.
Trading volume was also a concern for General Mills on Monday as it fell short of its typical average. Only 3.5 million shares changed hands, a million less than its usual 50-day average volume.
This underperformance comes despite two consecutive days of gains for the company's shares, indicating that while General Mills is making progress, it still has ground to recover in comparison to its competitors and its own past performance.
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