As the bear market continues to rage on, one boring stock has quietly hit an all-time high. On Tuesday, shares of General Mills reached $76.09, a new intraday high since the food company started publicly trading in 1928. Investors have been positive on the food company, which has gained more than 10% this year while the major averages dropped into bear market territory over the same time period.
During its earnings call, General Mills CEO Jeffrey Harmening said more consumers are switching to at-home eating, instead of dining out at restaurants, to save money as food prices continue to rise. "Right now, the consumer is in a decent place and we haven't really seen any elasticity change," Harmening said. "And I think that's because of the shift from away-from-home to at-home eating.