General Mills is boosting its manufacturing partners to meet packaged food demand
The shares of General Mills, Inc. (NYSE:GIS) are down 0.7% this morning, last seen trading at $63.80. This drop comes amid news that the company is looking to match a surge in packaged food demand through increasing the ranks of its manufacturing partners, some by up to 20%.
On the charts, General Mills stock has been rapidly moving higher since hitting a one-year low of $46.59 on February 28. The equity did manage to capture a nearly four-year high of $65.48 last Friday, and has now managed to tack on 19.9% year-to-date. However, short-term resistance has emerged at the $66 level.
Long-term, the options pits are full of bullish activity. This is per General Mills stock's 50-day call/put volume ratio of 6.83 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits higher than 86% of readings in its annual range, meaning long calls are being picked up at a quicker-than-usual clip.
Now looks to be an affordable time to jump on the options bandwagon, too. GIS's Schaeffer's Volatility Index (SVI) of 22% sits in the 9th percentile of all other readings from the past year -- a boon for premium buyers.