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Stock Market & Financial Investment News

News Breaks
March 10, 2014
09:30 EDTGIS, GISGeneral Mills downgraded to Underperform from Outperform at CLSA
CLSA downgraded General Mills due to consumer challenges, especially in developed markets, a shift away from processed foods, and increased competition. Price target lowered to $52 from $54.
News For GIS From The Last 14 Days
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September 22, 2014
09:08 EDTGISGeneral Mills commences tender offer for Annie's for $46 per share
General Mills (GIS) announced that its direct wholly owned subsidiary, Sandy Acquisition Corporation, has commenced its previously announced tender offer for all outstanding shares of common stock of Annie's (BNNY) at a price of $46.00 per share, net to the seller in cash, without interest and less required withholding taxes. The tender offer is being made in connection with the Agreement and Plan of Merger, dated as of September 8, 2014, by and among General Mills, Sandy Acquisition Corporation and Annie's, Inc., which General Mills and Annie's announced on September 8, 2014. The board of Annie's has unanimously determined that the offer is fair and advisable and in the best interests of Annie's and its stockholders, and recommends that the stockholders of Annie's accept the offer and tender their shares. The tender offer is scheduled to expire at the end of the day on October 20, 2014, unless extended.
September 18, 2014
17:31 EDTGISGeneral Mills pursuing several multi-year restructuring initiatives
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08:38 EDTGISGeneral Mills weakness provides compelling opportunity, says BMO Capital
After General Mills reported lower than expected Q1 EPS, BMO Capital thinks the weakness was overdone and has created a compelling entry point for investors. The firm is upbeat about various strategies the company is employing, including growing its Small Planet Foods unit and accelerating its new product launches. It keeps a $56 price target and Outperform rating on the shares.
September 17, 2014
12:22 EDTGISOn The Fly: Midday Wrap
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11:11 EDTGISGeneral Mills crumbles after earnings miss, downgrade
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10:00 EDTGISOn The Fly: Analyst Downgrade Summary
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09:15 EDTGISGeneral Mills sees FY gross margin up 'modestly'
09:10 EDTGISOn The Fly: Pre-market Movers
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08:58 EDTGISGeneral Mills sees FY15 input cost inflation of 3%
Sees incurring additional restructuring charges this year. Says 55% covered for input cost inflation this year. Sees yearly input cost inflation averaging 4%-5%. Says demand for HMM to offset inflation is not subsiding. Says delivering strong HMM each year. Says could possibly exceed $4B HMM goal by 2020. Sees $100M of cumulative savings from Project Century by FY17, sees material savings beginning in FY16. The company said that the operating environment in several of its markets has grown more challenging, says U.S. retail industry trends "a bit weaker." Says U.S. cereal category continues to be challenged, says returning category to growth will require more product news, better innovation, increased investment. Says wants to renew sales momentum for U.S. yogurt business. Says seeing slowdown in macro environment in China, having some impact on business, but sees Greater China sales growth strengthening in 2H. Says environment for food and beverage companies remain quite challenging. Comments made on the Q1 earnings conference call. General Mills shares are down 1.75% in pre-market trading.
08:30 EDTGISGeneral Mills sees Annie's deal closing in CY14
General Mills (GIS) says sees Annie's (BNNY) deal accretive in first 12 months after closing. Says on pace to achieve $4B of cumulative savings from 2010-2020. Sees $400M of cumulative savings in FY15. Says top priority for FY15 is accelerating net sales growth. Comments from slides that will be presented on the Q1 earnings conference call.
07:08 EDTGISGeneral Mills reports $14M restructuring expense during Q1
General Mills recently announced a restructuring plan to combine certain Yoplait and General Mills operational facilities in the company's International segment. Restructuring expense of $14M associated with this project was recorded in Q1 and is being excluded from adjusted diluted EPS. The project is expected to generate cost savings of approximately $3M in FY15 and a cumulative $12M by fiscal 2017.
07:00 EDTGISGeneral Mills backs FY15 EPS growth view up at a high single-digit rate
General Mills CEO Ken Powell said, "Our number one objective in FY15 continues to be accelerating our topline growth. At the same time, we know we must always be working to reduce costs, streamline operations and improve efficiency across our worldwide business. We've got strong plans for both of these efforts. General Mills reiterated its full-year growth targets for 2015. Net sales are expected to grow at a mid single-digit rate in constant currency, including contribution of a 53rd week in this fiscal year. Segment operating profit also is targeted to grow at a mid single-digit rate in constant currency. Benefit of the extra fiscal week will be reinvested to support increased advertising and digital media initiatives, along with project expenses related to several key FY16 product launches. Adjusted diluted EPS is expected to grow at a high single-digit rate in constant currency. At current exchange rates the company estimates a 2c headwind from currency translation in 2015."
06:57 EDTGISGeneral Mills reports Q1 adjusted EPS 61c, consensus 69c
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06:46 EDTGISGeneral Mills downgraded at Societe Generale
As previously reported, Societe Generale downgraded General Mills to Sell from Hold. The firm said General Mills' FY high single digit EPS growth target relies on the core U.S. retail unit accelerating significantly from here, which will be difficult given structural challenges Price target lowered to $50 from $53.
06:32 EDTGISGeneral Mills downgraded to Sell from Hold at Societe Generale
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September 16, 2014
15:14 EDTGISNotable companies reporting before tomorrow's open
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14:40 EDTGISGeneral Mills September volatility elevated into Q1 and outlook
General Mills September call option implied volatility is at 31, October is at 17, January is at 15; compared to its 26-week average of 15 according to Track Data, suggesting large near term price movement into the expected release of Q1 results before the market open on September 17.

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