Report of talks hikes Kraft, Hormel shares

Shares of Kraft Heinz Co. and Hormel Foods Corp. jumped on Tuesday after a report the companies are in talks over the sale of the Planters snack business.

Kraft Heinz’s Planters, the peanut brand, could be sold to Skippy-owner Hormel for around $3 billion, the Wall Street Journal reported.

Kraft Heinz jumped as much as 4.9 percent following the report before paring most of the gain. Hormel surged 8.4 percent.

COVID-19 has boosted sales for packaged-food companies as consumers stay home and cut down on meals from restaurants.