Packaging company Avery Dennison saw a 17% stock price increase after announcing a partnership with Walmart to create RFID technology for fresh food. Third-quarter sales increased by 1% to $2.2 billion, with net income rising to $2.37 per share. The company beat analyst expectations for adjusted net income.

The breakthrough RFID technology will allow Walmart employees to track inventory in cold, moist environments more accurately. Avery Dennison’s partnership with Walmart drove the stock price increase, even though the company’s higher-than-expected quarterly profit was encouraging. The innovative sensor technology can function effectively in areas like meat cases and deli counters.

Avery Dennison’s tie-up with Walmart led to a surge in its stock price, providing appealing gains for investors. The company’s net sales were in line with analyst estimates, but its adjusted net income beat expectations. The partnership aims to improve inventory tracking in challenging environments like meat cases and deli counters.

Read more at Yahoo Finance: Why Avery Dennison Stock Was Rocking It This Week