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June 25, 2014
11:36 EDTMDLZ, K, PF, GIS, POSTGeneral Mills falls after results miss expectations
Shares of branded food products maker General Mills (GIS) are falling after the company's fourth quarter results missed analysts' consensus estimates. It also forecast Q1 earnings per share below year ago levels. WHAT'S NEW: This morning, General Mills reported Q4 adjusted EPS of 67c and revenue of $4.28B, trailing analysts' consensus estimates of 72c and $4.42B, respectively. WHAT'S NOTABLE: The company forecast Q1 adjusted EPS below year ago levels, compared to consensus of 76c. For FY15, the company forecast adjusted EPS growth at a high single digit rate, versus consensus of $3.15. It sees FY15 net sales to grow at a mid single-digit range, compared to consensus of $18.65B. At current exchange rates, the company estimates a 3-cent headwind from currency translation in 2015 and FY15 adjusted gross margin is expected to be higher than FY14. The company is planning to increase cash returns to shareholders and is "anxious" to see renewed cereal category growth. It expects Yoplait to return to sales growth in 2015. PRICE ACTION: In late morning trading, General Mills fell $1.70, or about 3.2%, to $52 on heavy trading volume. Including today's pull back, the stock is up approximately 7.5% over the past 12 months. OTHERS TO WATCH: Other companies in the food products space include Kellogg (K), Post Holdings (POST), Mondelez (MDLZ) and Pinnacle Foods (PF).
News For GIS;K;POST;PF;MDLZ From The Last 14 Days
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October 5, 2015
15:32 EDTGISGeneral Mills issues voluntary recall of Cheerios, Honey Nut Cheerios
General Mills is voluntarily recalling several days of production of Cheerios and Honey Nut Cheerios cereal produced at its Lodi, California facility on certain dates in July of this year because of an undeclared allergen - wheat - with potential adverse health effects. Because this recall relates to an undeclared allergen, this is a Class I product recall. Cheerios and Honey Nut Cheerios produced on these dates at the company's Lodi, California facility are being recalled because an isolated incident resulted in wheat flour being inadvertently introduced into the gluten free oat flour system at its Lodi facility. As a result, the products may contain an undeclared allergen - wheat - in products labeled as gluten-free. General Mills will recall and retrieve affected cereals produced on those dates from customer warehouses and store shelves. Consumers with wheat allergies, celiac disease or gluten intolerance should not consume products bearing the affected code dates and should contact General Mills for a replacement or full refund. This voluntary recall includes four days production of original (yellow box) Cheerios, and thirteen days of production of Honey Nut Cheerios at its Lodi, California facility with the following "BETTER IF USED BY" code dates and the plant code LD which indicates the product was produced at Lodi, California.
October 2, 2015
15:17 EDTGISGeneral Mills voluntarily recalls Cascadian Farm Cut Green Beans
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October 1, 2015
17:05 EDTMDLZMondelez looks to sell European cheese and grocery business, Reuters reports
Mondelez is considering the sale of its European cheese and grocery business, which could be valued at approximately $3B, Reuters reports, citing people familiar with the matter. Reference Link
September 30, 2015
10:00 EDTPOSTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Analog Devices (ADI) upgraded to Buy from Neutral at Citi... Asbury Automotive (ABG) upgraded to Neutral from Underperform at BofA/Merrill... Brookfield (BAM) upgraded to Outperform from Market Perform at BMO Capital... CNOOC (CEO) upgraded to Buy from Hold at Jefferies... Canadian Pacific (CP) upgraded to Buy from Neutral at Goldman... Citizens Financial (CFG) upgraded to Buy from Neutral at UBS... Esperion (ESPR) upgraded to Neutral from Sell at Chardan... HSBC (HSBC) upgraded to Buy from Neutral at UBS... Hecla Mining (HL) upgraded to Outperformer from Sector Performer at CIBC... Johnson Controls (JCI) upgraded to Outperform from Market Perform at William Blair... Level 3 (LVLT) upgraded to Buy from Neutral at UBS... Madison Square Garden (MSG) upgraded on asset value, share buyback outlook at Stifel... Medivation (MDVN) upgraded to Market Perform from Underperform at Cowen... PHH Corp. (PHH) upgraded to Buy from Neutral at Compass Point... Post Holdings (POST) upgraded to Buy from Neutral at SunTrust... Ralph Lauren (RL) upgraded to Buy from Neutral at UBS... Regions Financial (RF) upgraded to Buy from Hold at Sandler O'Neill... Shire (SHPG) upgraded to Hold from Reduce at HSBC... Sinopec (SNP) upgraded to Buy from Hold at Jefferies... Verifone (PAY) upgraded to Buy from Hold at Argus.
07:03 EDTPOSTPost Holdings upgraded to Buy from Neutral at SunTrust
SunTrust upgraded Post Holdings to Buy and increased its price target to $75 from $65 on shares. Analyst William Chappell upgraded shares citing the almost 20% pullback in the last two days on reports it will no longer bid for ConAgra's private label business. Chappell views valuation as attractive and believes the company has stabilized its legacy business and has the opportunity to post significant upside to estimates.
September 28, 2015
15:57 EDTPOSTConAgra private label unit bid on by TreeHouse, dealReporter says
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09:22 EDTGISGeneral Mills management to meet with JPMorgan
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05:29 EDTKKellogg acquires Mass Food Group for $50M
Kellogg announced it has acquired Egypt's cereal company, Mass Food Group. Mass Food Group is a family-owned business headquartered in Cairo. As the first company to introduce breakfast cereal to Egyptian consumers, Mass Food Group has grown into an $18M business with 600 employees in less than 20 years. Kellogg Company has agreed to pay approximately $50M for Mass Food Group. Kellogg Company is financing the transaction with international cash on hand. Due to the size of Mass Food Group's annual sales, the transaction is not expected to have a material impact on Kellogg company's annual operating profit and net earnings in 2015.
September 25, 2015
08:08 EDTMDLZMondelez shares could reach $70, says Bernstein
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06:48 EDTGIS, KCereal makers tweak recipes in emerging markets, WSJ says
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September 23, 2015
07:02 EDTPOSTPost to acquire Willamette Egg Farms
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September 22, 2015
12:22 EDTGIS, PFConAgra falls after Q1 revenue significantly misses estimates
Shares of packaged food company ConAgra (CAG) are falling after the company's first quarter revenue fell significantly short of analysts' consensus estimates. WHAT'S NEW: This morning, ConAgra reported Q1 adjusted earnings per share of 45c, ahead of the consensus of 40c, and revenue of $2.79B, well short of expectations of $3.67B. ConAgra reported Q1 Consumer Foods sales of approximately $1.7B and Commercial Foods segment sales of $1.1B. The divestiture process for the private label operations is proceeding as planned, and the company expects to have an announcement on the outcome of this process later this fall. The company will assess opportunities to increase the dividend after it is further along with the strategic plan outlined at the end of fiscal 2015. WHAT'S NOTABLE: Looking ahead to Q2, the company expects diluted EPS, adjusted for items impacting comparability, to be approximately in line with year-ago comparable amounts, compared to consensus of 63c. Despite strong fundamentals and expectations for continued margin expansion, comparable operating profits for the Consumer Foods segment in the fiscal second quarter are expected to be negatively impacted by foreign exchange, as well as a planned increase in marketing investment. Profits for the Commercial Foods segment are expected to post an increase in profitability year-over-year in the fiscal second quarter. Expected contribution from the private label operations, which are now in discontinued operations, is included in this guidance. On its Q1 conference call, ConAgra said its private brands divestiture was "on track" and there was "a lot of interest" in it. Management noted that they were "aggressively" pursuing maximizing actions and making "good progress" on margin improvement efforts. They said they were committed to an investment grade rating, marketing investments will increase throughout the year, and results from the last six months indicate positivity going forward. They said the company took a $1.95B charge on private label business in Q1, but remain confident that they will realize a tax benefit from the capital loss. PRICE ACTION: In early afternoon trading, ConAgra fell $2.39, or about 5.64%, to $40.01 on heavy trading volume. Despite the pull back, the shares have gained approximately 19% over the past 12 months. OTHERS TO WATCH: Other companies in the packaged foods space include Boulder Brands (BDBD), down 0.5%, Pinnacle Foods (PF), down 2.5%, General Mills (GIS), up 0.6%, JM Smucker (SJM), down 3%, and TreeHouse Foods (THS), down 0.4%.
09:08 EDTGISGeneral Mills says to increase consumer investment in Larabar in 2H
08:38 EDTGISGeneral Mills sees Green Giant deal dilutive to FY16 EPS by 5c-7c
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07:07 EDTGISGeneral Mills backs FY16 adjusted EPS to grow at mid single-digit rate
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07:03 EDTGISGeneral Mills reports Q1 adjusted EPS 79c, consensus 69c
Reports Q1 revenue $4.21B, consensus $4.25B. On a constant currency basis, net sales increased 4%.
07:01 EDTGISGeneral Mills volatility low into Q1 and outlook
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