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Stock Market & Financial Investment News

News Breaks
May 19, 2014
11:27 EDTUL, CPB, KRFT, CAGCampbell Soup falls after revenues miss, guidance cut
Shares of soup and convenience food maker Campbell Soup (CPB) are falling after the company reported mixed third quarter results and lowered its fiscal 2014 outlook. WHAT'S NEW: This morning, Campbell Soup reported Q3 adjusted earnings per share of 62c and revenue of $1.97B, compared to expectations of 59c and $2.0B, respectively. The company forecast FY14 adjusted EPS at the low end of its previously issued $2.53-$2.58 range, compared to consensus of $2.53. Campbell now expects sales from continuing operations will grow approximately 3% in the current fiscal year, compared with the previous range of 4%-5%. FY14 consensus is $8.35B. Full-year growth in adjusted EBIT is expected to be at the low end of the previously forecast range of 4%-6%. The company cited a challenging consumer environment and harsh winter weather for the weak forecast. It said consumers are suffering from continued underemployment, rising fuel, home and healthcare costs, and that these factors are "significantly" affecting purchasing behavior. PRICE ACTION: In late morning trading, Campbell Soup fell $1.13, or 2.5%, to $43.99 on heavy trading volume. Including today's pull back, the stock is down nearly 8% over the past twelve months. OTHERS TO WATCH: Other companies in the packaged foods space include ConAgra Foods (CAG), Kraft Foods (KRFT) and Unilever (UL) .
News For CPB;CAG;KRFT;UL From The Last 14 Days
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May 22, 2015
09:25 EDTCPBOn The Fly: Pre-market Movers
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07:20 EDTCPBCampbell Soup CEO says gross margin focus began to pay dividends in Q3
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07:19 EDTCPBCampbell nows sees FY15 adjusted EPS closer to favorable end of $2.32-$2.38
Campbell now expects a year-over-year change in sales closer to the lower end of the previously announced range of -1 to +1%; a change in adjusted EBIT closer to the favorable end of the previously announced range of -7 to -5%; and a change in adjusted EPS closer to the favorable end of the previously announced range of -5 to -3 percent or $2.32-$2.38 per share, consensus $2.35. Guidance includes an estimated 2-point negative impact from currency translation, the company noted.
07:16 EDTCPBCampbell Soup reports Q3 adjusted EPS 62c, consensus 52c
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May 21, 2015
15:01 EDTCPBNotable companies reporting before tomorrow's open
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08:27 EDTCPBCampbell Soup June volatility elevated into Q3 and outlook
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May 20, 2015
12:01 EDTCAGConAgra announces resolution related to 2007 voluntary peanut butter recall
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08:18 EDTKRFTKeurig Green Mountain downgraded at Argus on 2.0 brewer challenges
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May 19, 2015
12:47 EDTCPB, KRFTEarnings Watch: Target sees FY15 adjusted EPS $4.45-$4.65, 2%-3% sales growth
Target (TGT) is scheduled to report first quarter results before the market open on Wednesday, May 20, with a conference call scheduled for 10:30 am ET. Target offers merchandise at discounted prices through its retail stores and online business. EXPECTATIONS: Analysts are looking for earnings per share of $1.03 on revenue of $17.09B, according to First Call. The consensus range for EPS is 85c-$1.09 on revenue of $16.98B-$17.25B. LAST QUARTER: Target reported fourth quarter adjusted EPS of $1.50 on revenue of $21.75B, beating analysts' estimates for $1.46 and $21.63B, respectively. The company said comparable sales increased 3.8% in Q4, reflecting a 3.2% increase in comparable transactions. Target said digital channel sales contributed 0.9 percentage points to SSS growth. Target forecast Q1 adjusted EPS 95c-$1.05, SSS up about 2% and said its top priority is to drive digital sales growth. The company said it could be in a position to revisit stock buybacks later this year and noted that its workers' wages are "competitive." NEWS: At its Financial Community Meeting on March 3, Target forecast fiscal year 2015 adjusted EPS $4.45-$4.65, against estimates at that time for $4.50, on sales growth of 2%-3% for the fiscal year. The company also forecast 10% annual EPS growth for 2016 and beyond, as well as 5%-10% annual dividend growth. Target forecast $2B in savings in expenses and cost of goods over the next two years and 9.5%-10% EBITDA margins over the next five years. As for share repurchases, Target sees $2B this year, and said it continues to support the dividend and repurchase "billions." Looking to FY15, Target forecast FY15 capital expenditures of $2.1B and sees expected CapEx of $2B-$2.5B over the next five years. Target said its gross margin rate of 29.5% is "achievable." Target said it would focus on categories including style, baby, kids and wellness. As part of its $2B cost savings plan, Target said it will cut "several thousand jobs." Target said in a filing that on March 10, the company notified approximately 1,700 employees whose employment will be terminated as part of an overall plan to transform Targetís business. The company said it expects to incur severance costs of $10M. During the quarter, Target said it planned to raise its minimum pay for all workers to at least $9 an hour starting in April, according to The Wall Street Journal, and agreed to pay $10M to settle a class action lawsuit related to its 2013 data breach, Reuters reported. Target reached a settlement with MasterCard (MA) to resolve claims by MasterCard and its issuers related to the retailerís 2013 data breach. Under the agreement, Target will make available up to $19M in alternative recovery offers to eligible banks and credit unions across the globe. Target Canada said it would close the last 133 retail stores by April 12. Target also announced plans to sell its Target Commercial Interiors subsidiary to Omni Workspace. The retailer launched the Lilly Pulitzer for Target collection in April, which rendered its website inaccessible for short time after it was overwhelmed by customer traffic, The WSJ said. The WSJ also reported that, according to sources, Target gave notice to Campbell Soup (CPB), General Mills (GIS), Kellogg (K), Kraft Foods (KRFT) and others that it will reduce their presence in Target circulars and in-store advertisements. STREET RESEARCH: Following Target's analyst meeting, Wells Fargo said it thinks the company's operating plan sets the stage for the company to potentially beat expectations in 2015 and beyond. The firm believes that"outsized digital growth" or new products could enable Target's results to beat expectations. Piper Jaffray views Target's long term earnings algorithm, which is based on a 1% store comp and 40% growth in digital sales annually, as realistic and the company's capital deployment as encouraging. BofA/Merrill upgraded Target to Buy from Neutral in April and increased its price target to $92 from $86. The firm believes Target is well positioned to benefit from an improving middle-income core customer base. The firm said customers are responding well to improved assortment and merchandising and expects Target to continue to see increased spending at stores and online as customers trade-up to more expensive items. PRICE ACTION: Target shares are up over 1.6% over the past three months. In early afternoon trading ahead of Wednesday's earnings report, shares are down 0.51% to $77.96.
05:35 EDTULUnilever says CFO Jean-Marc HuŽt to step down in October
Unilever announced that its CFO, Jean-Marc HuŽt, has decided to step down from his role and the boards of Unilever. HuŽt, who joined Unilever in January 2010, will leave Unilever with effect from October 1. Unilever also announced that Graeme Pitkethly will succeed HuŽt as CFO with effect from October 1. Pitkethly will become a member of the Unilever Leadership Executive and he will be proposed for election to the boards at the annual meetings in April 2016. Pitkethly joined Unilever in 2002 and is currently Executive Vice President of the Unilever UK and Ireland business and prior to this he has held a number of senior financial roles within Unilever, including Head of M&A, Head of Treasury, Pensions and Tax and Chief Financial Officer of Unilever Indonesia.
May 17, 2015
19:11 EDTCPB, KRFTTarget to reduce advertising space for certain large brands, WSJ says
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