I often tell the story of Ronald Read the man who passed away at age 92 in Rhode Island leaving his $8.0 million fortune to a local library and hospital. Read was a WWII vet who served in north Africa, pumped gas and finally retired as a janitor from JC Penny’s in 1997.
His portfolio was all household names including McCormick (MCK) his number eight top position and Stock of the Day this session.
The company posted results that beat the street driven by strong sales in the United States.
One of the reasons sales popped in America was the performance in recently acquired Frank’s and French’s which management highlighted in its statement this morning:
"Both our consumer and flavor solutions segments contributed to our constant currency sales growth of 16%. Growth in both segments was led by incremental sales from the Frank's and French's portfolio.
I have to say we have two bottles of Frank’s Red Hot in our refrigerator and I don’t own the stock. I bet 99% of the buyers of the product never considered buying the stock. It’s been a quiet winner for a long time rallying to $114 from $30 at the meltdown bottom. Sometimes boring is a pretty investment strategy but mostly the chart is a reminder that even stodgy names that from time to time become stodgy stocks will have their moments (years) of rapid increases in valuation.
If you are not currently a subscriber to one of our premium services, click here to take a free trial.
Add a Comment!
Products & Services |
In The Media |
About Us |
All Rights Reserved.