Archer Daniels jumps after Citigroup upgrade

Archer Daniels Midland Co., the second-largest U.S. ethanol producer, jumped in New York trading after Citigroup Inc. upgraded the stock, saying a drought in Argentina will benefit American grain processors.

Archer Daniels gained 8.5 percent to $28.04 as of 10:50 a.m. in New York Stock Exchange composite trading after Citigroup raised the stock's rating to "hold" from "sell."