Conagra Foods Inc.(CAG) guidance strengthens the case for fresh purchase

ConAgra Foods Inc. (NYSE: CAG) said Tuesday that its fiscal first-quarter profit dropped 63 percent because of a gain last year, but adjusted results beat analysts' estimates. The maker of Chef Boyardee, Slim Jim and Reddi-wip also lifted its adjusted full-year earnings guidance on the strength of its consumer foods unit. CAG has moved up by 10% to $21.89 on rising volumes since August 20. CAG is likely to show further strength in days ahead.