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News Breaks
March 14, 2014
10:48 EDTPOST, K, GISGeneral Mills shares drop after forecasting Q3 earnings miss
Shares of cereal and packaged foods maker General Mills (GIS) are lower this morning after the company provided third quarter guidance that missed expectations. WHAT'S NEW: General Mills forecast Q3 adjusted earnings per share of 61c-62c, which fell short of analysts’ consensus estimates of 68c. Sales and operating profit for the quarter will reflect approximately 1% lower volume, "consistent with recent food industry trends in developed markets, as well as negative foreign currency translation effects," the company said. General Mills also said results for the quarter would include increased marketing and merchandising investment in its U.S. yogurt business, "where response to-date has been encouraging." The company also said that operating profit for its U.S. Retail segment is expected at 10%-11% below year-ago results, which were up 13%. Total segment operating profit is also expected to be below last year’s level. WHAT'S NOTABLE: Despite missing estimates, the company backed its FY14 adjusted EPS view of $2.87-$2.90. The consensus forecast of analysts for FY14 EPS prior to the report was $2.88. General Mills also forecast "strong double-digit growth" in its fourth quarter adjusted EPS, when the expected rate of input cost inflation, the quarterly tax rate and the average number of shares outstanding will be "well below" prior-year levels. Analysts are expecting Q4 adjusted EPS of 66c. The company also predicts strong operating cash flow, earnings growth in 2014 and continued growth in fiscal year 2014. OTHER NEWS: General Mills announced an 8% dividend increase earlier this week to 41c per share, payable May 1 to shareholders of record on April 10. Including the new May quarterly payment, General Mills dividends per share in FY14 will total $1.55, up 17% from FY13. PRICE ACTION: General Mills is trading down $1.14, or 2.23%, to $49.88 in mid-morning trading. OTHERS TO WATCH: Shares of General Mills peer Kellogg (K) are down to $61.31, while another cereal maker, Post (POST), is virtually unchanged at $57.25.
News For GIS;K;POST From The Last 14 Days
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November 25, 2015
05:43 EDTGISGeneral Mills to use only cage-free eggs by 2025, Reuters reports
General Mills plans to use only cage-fee eggs in its U.S. operations by 2025, reports Reuters. The company had said it was working toward using cage-free eggs in its products in July, but this is a the first time a packaged food company has given a timeline. Reference Link
November 23, 2015
17:10 EDTPOSTPost Holdings down 1.1% after reporting Q4 results
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17:08 EDTPOSTPost Holdings sees FY16 adjusted EBITDA
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17:06 EDTPOSTPost Holdings reports Q4 adjusted EPS 6c, may not compare to consensus 29c
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15:28 EDTPOSTNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Palo Alto (PANW), consensus 32c... Copart (CPRT), consensus 43c... Brocade (BRCD), consensus 24c... Post Holdings (POST), consensus 29c... YY (YY), consensus 82c... Dycom (DY), consensus $1.01... Cubic (CUB), consensus 96c... Enanta (ENTA), consensus 15c.
10:00 EDTKOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Abercrombie & Fitch (ANF) upgraded to Peer Perform from Underperform at Wolfe Research... Constellation Brands (STZ) upgraded to Outperform from Market Perform at Cowen... Dick's Sporting (DKS) upgraded to Buy from Hold at Canaccord... Encana (ECA) upgraded to Buy from Hold at Evercore ISI... Genomic Health (GHDX) upgraded to Buy from Neutral at UBS... HP Inc. (HPQ) upgraded to Buy from Hold at Maxim... Heritage Commerce (HTBK) upgraded to Buy from Hold at Sandler O'Neill... James River Group (JRVR) upgraded on improved outlook at BMO Capital... Kellogg (K) upgraded to Outperform from Neutral at Credit Suisse... KeyCorp (KEY) upgraded to Buy from Hold at Jefferies... Och-Ziff Capital (OZM) upgraded to Outperform from Market Perform at Keefe Bruyette... PBF Energy (PBF) upgraded to Buy from Neutral at Goldman... Panera Bread (PNRA) upgraded to Buy from Hold at Maxim... Parkway Properties (PKY) upgraded to Buy from Neutral at Mizuho... PepsiCo (PEP) upgraded to Neutral from Reduce at Nomura... Sanchez Energy (SN) upgraded to Buy from Accumulate at KLR Group... Sonoco (SON) upgraded to Outperform from Neutral at Macquarie... Synchrony (SYF) upgraded to Buy from Neutral at Sterne Agee CRT... Telecom Argentina (TEO) upgraded to Neutral from Sell at Goldman... Teva (TEVA) upgraded to Buy from Neutral at Goldman... TransAlta (TAC) upgraded to Sector Perform from Underperform at RBC Capital... Universal Insurance (UVE) upgraded to Outperform at Keefe Bruyette... Willis Group (WSH) upgraded to Hold from Sell at Deutsche Bank... YPF (YPF) upgraded to Buy from Neutral at Goldman.
06:59 EDTKKellogg upgraded to Outperform from Neutral at Credit Suisse
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November 20, 2015
10:36 EDTKKellogg sees FY20 sales growth in the low single digits
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10:34 EDTKKellogg backs FY16 EPS growth 6%-8%, consensus $3.70
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10:31 EDTKKellogg backs FY15 currency-neutral comparable EPS down 2% to flat
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05:44 EDTKKellogg to host investor day
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November 19, 2015
12:39 EDTKKellogg November volatility elevated into investor meeting
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November 18, 2015
09:06 EDTK, GISHain Celestial weakness looks overdone, says Bernstein
Bernstein notes that Hain Celestial (HAIN) is now trading at a lower valuation than a number of "ostensibly more challenged food companies like" Kellogg (K) and General Mills (GIS). The firm expects the company to benefit over the longer term from current food trends. It trimmed its price target on the name to $50 from $60 and keeps an Outperform rating.
November 16, 2015
16:53 EDTPOSTPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).

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