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Stock Market & Financial Investment News

News Breaks
June 26, 2014
09:50 EDTCAGConAgra sees Consumer Foods' volumes getting sequentially better in FY15
says FY14 "not what we wanted." Says has started making changes to Healthy Choice, Chef Boyardee, Orville Redenbacher to improve performance, sees better overall performance on top and bottom line from this trio in FY15. Says has discontinued a number of Healthy Choice slow-moving SKUs, sees better volume performance for brand in Q2. Says eliminating easy open lid on Chef Boyardee cans "was a mistake." Expects profit to improve in Private Brands in FY15. Sees margins improving beginning in 2H. Says has begun closure of three plants as part of network optimization plan. Says profit performance for Private Brands will not be as strong as originally expected for the next several years. Sees upside coming from international foods business. Says has "rewired" organization to get sharper and faster in execution. Says should generate $300M by FY17 from the Ralcorp transaction. Regarding Ralcorp, says "We knew there would be work to do," but says "underestimated the degree of difficulty and the amount of time it would take." Says committed to saving $100M in SG&A costs by end of FY16, projects to be ahead of schedule in FY15. Comments made on the Q4 earnings conference call.
News For CAG From The Last 14 Days
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February 12, 2016
09:59 EDTCAGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aircastle (AYR) upgraded to Buy from Neutral at DA Davidson... Allegion (ALLE) upgraded to Buy from Outperform at CLSA... Bunge (BG) upgraded to Overweight from Neutral at JPMorgan... CAE (CAE) upgraded to Outperform from Market Perform at BMO Capital... Coeur Mining (CDE) upgraded on valuation, financial outlook at BMO Capital... Commerzbank (CRZBY) upgraded to Neutral from Sell at Goldman... ConAgra (CAG) upgraded to Buy from Neutral at BofA/Merrill... Equifax (EFX) upgraded to Buy from Hold at Deutsche Bank... Fresenius SE (FSNUY) upgraded to Buy from Hold at Berenberg... IAC (IAC) upgraded on share repurchase prediction at Stifel... IAMGOLD (IAG) upgraded to Neutral from Sell at Goldman... Louisiana-Pacific (LPX) upgraded to Neutral from Underperform at DA Davidson... Pandora (P) upgraded to Outperform from Market Perform at FBR Capital... Quintiles (Q) upgraded to Buy from Hold at Deutsche Bank... Quotient Technology (QUOT) upgraded to Buy from Hold at Craig-Hallum... Suncor (SU) upgraded to Buy from Neutral at Citi... Time Inc. (TIME) upgraded to Buy from Hold at Gabelli... Vonage (VG) upgraded to Outperform from Sector Perform at FBN Securities... Web.com (WEB) upgraded to Buy from Neutral at SunTrust.
08:24 EDTCAGConAgra upgraded to Buy on value creation at BofA/Merrill
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06:48 EDTCAGConAgra upgraded to Buy from Neutral at BofA/Merrill
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February 1, 2016
16:09 EDTCAGConAgra sees $1.6B tax asset from sale of private label operations to TreeHouse
ConAgra Foods announced the completion of the sale of its private label operations to TreeHouse Foods for proceeds of $2.7B in cash, excluding transaction-related expenses and subject to post-closing adjustments. A total of approximately 9,500 employees transitioned to TreeHouse Foods, including plant employees and those supporting the private label business located at the St. Louis, Mo., Downers Grove, Ill., and Omaha, Neb., office locations. Certain private label operations with a strong connection to ConAgra Foods' existing Consumer Foods business were not part of the sale, specifically canned pasta, cooking spray, peanut butter, pudding/gels, Gelit frozen pasta product offerings, as well as the HK Anderson and Kangaroo brand equities, trademarks and business portfolios. Results for these operations, which were not material, were moved to the Consumer Foods reporting segment in Q1. ConAgra Foods generated approximately $2.7B in cash proceeds from the sale, less transaction expenses, and intends to utilize the net proceeds primarily for debt reduction. The company expects the transaction to result in a tax asset of approximately $1.6B, which can be used to offset potential future capital gains over the next five years.

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