Why SpartanNash Stock Rose This Morning Before Giving Back Gains

Shares of SpartanNash (NASDAQ: SPTN) rose this morning, with gains of as much as 11% before closing roughly flat for the day, after the company reported first-quarter earnings. The grocery wholesaler and retailer easily beat expectations as grocery demand remains strong amid the COVID-19 pandemic. SpartanNash estimates that $0.38 of adjusted earnings per share was driven by increased consumer demand related to the crisis as people stocked up on food and other consumer staples.