vita

“It’s bad enough when some kid goes to college for a year to get a basketball contract and then drops out,” says William E. Vita, a partner at Shook, Hardy & Bacon.

Vita Coco’s stock rose 7% as its average tariff rate is expected to decrease from 23% to about 6% due to the exemptions.

Food companies like Hershey, Brinker International, and Vita Coco saw their stocks jump on Monday as investors cheered the tariff rollback on certain food and agricultural products.

Stock in Vita Coco, which sells coconut water and other beverages, shot up 7% on Monday.

In a Monday statement, Vita Coco said upon the latest exemption, the average tariff rate for its products arriving in the U.S. is expected to decrease from the previously announced 23%, to about 6% based on current sourcing and product mix.