Updated from 7:39 AM EDT.
NEW YORK (TheStreet) -- Shares of ConAgra Foods (CAG) - Get Report were jumping 7.71% to $46.46 in mid-afternoon trading on Thursday after the company reported better-than-expected earnings for the 2017 fiscal first quarter.
Before today's market open, the Chicago-based packaged food company reported adjusted earnings of 61 cents per diluted share, exceeding analysts' estimates of 48 cents per share.
Revenue for the period was $2.67 billion, below analysts' estimates of $2.73 billion.
ConAgra said it remains "on track" to execute the spin-off of its Lamb Weston business this fall.
Last year, the company announced plans to separate into two, independent public companies. Lamb Weston will be a food service supplier of frozen potatoes.
More than 5.05 million of the company's shares changed hands so far today vs. its average volume of 2.77 million shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. Among the primary strengths of the company is its solid stock performance, considering both the consistency and magnitude of the price movement over time.
But the team also finds weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CAG