Conagra Higher After Announcing Split Into Two Companies

Conagra CAG shares are trading higher by $1.74 at $41.10 in Wednesday's session. The catalyst for the rally is the announcement the company will split into two separate units, Conagra Brands (leading brands) and Lamb Weston (supplier of frozen potatoes). The split instigated a higher opening, but the issue retreated only one penny to $39.89, before resuming its move higher. The ensuing rally has found resistance at $41.46 and it retreated to the $41 area. The current high coincides with a trio of highs from $41.36-$41.77 on November 9-11. Joel Elconin is the co-host of Benzinga;s #PreMarket Prep, a daily trading idea radio show.

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