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Stock Market & Financial Investment News

News Breaks
March 19, 2014
09:00 EDTGISGeneral Mills sees Q4 input inflation well below year-ago levels
Sees "strong" earnings growth in Q4. Sees FY input cost inflation 3%. Says expects underlying gross margin expansion in Q4. Sees FY interest expense slightly below last year. Sees FY underlying tax rate roughly comparable to last year. Seeing positive results from inventory reduction efforts. Sees strong double digit growth in adjusted EPS for FY14. Sees FY operating cash flow meeting or exceeding last year's results. Comments made on the Q3 earnings conference call.
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September 17, 2014
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.
September 12, 2014
16:44 EDTGISMarket ends week lower as investors fret over Fed statement
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September 11, 2014
10:42 EDTGISWhiteWave seen having 50% chance of being acquired
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September 10, 2014
07:35 EDTGISGeneral Mills September volatility elevated into Q1 and outlook
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September 9, 2014
16:23 EDTGISOn The Fly: Closing Wrap
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12:10 EDTGISOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday after opening in the red and trading in a narrow range throughout the morning. The domestic economic calendar only had two reports of consequence, and neither was particularly market moving. All eyes are on Cupertino, California, where Apple (AAPL) will shortly begin its much-anticipated product launch event. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism survey for August came in at 96.1, which was above the expected 96.0 reading. The Job Openings and Labor Turnover Survey, or JOLTS report, showed job openings slipped 2K to about 4.67M in July. COMPANY NEWS: Shares of Apple were up 1% near noon ahead of the tech giant's latest product launch event, which is scheduled to begin at 1 pm ET. Expectations are for the company to introduce the iPhone 6, which has widely been speculated to be bigger than past members of the line-up and may come in 4.7 inch and 5.5 inch sizes. The company is also expected to unveil a wearable device, likely a smartwatch, and a mobile payment system integrated with both... Shares of fast food giant McDonald’s (MCD) slid 1% after reporting its comparable sales were down 3.7% worldwide in August and that its China supplier issue will negatively impact its Q3 EPS by 15c-20c. MAJOR MOVERS: Among the notable gainers was Annies (BNNY), which surged 38% after prepared foods giant General Mills (GIS) last night said that it had agreed to buy the mac and cheese maker for $820M, or $46 per share in cash. Shares of a number of other natural food makers climbed after the deal, as WhiteWave (WWAV) rose nearly 3% and Boulder Brands (BDBD) jumped over 8%. Following the deal announcement, shares of General Mills slipped about 0.5%. Among the noteworthy losers was Leidos (LDOS), which dropped 15% after the company reported lower than expected second quarter earnings and cuts its EPS view for the fiscal year. Also lower was MaxLinear (MXL), which fell 15% after the company said several of its cable and satellite customers have requested push-outs of shipments, resulting in the company lowering its Q3 revenue outlook and Needham downgrading the stock to Buy from Strong Buy. INDEXES: Near midday, the Dow was down 69.02, or 0.4%, to 17,042.40, the Nasdaq was down 14.93, or 0.33%, to 4,577.35, and the S&P 500 was down 6.74, or 0.34%, to 1,994.80.
10:12 EDTGISNatural food makers rise following Annies acquisition
Shares of a number of natural food makers are climbing after one of the companies in the sector, Annies (BNNY), announced last night that it agreed to be acquired by General Mills (GIS). In a note to investors today, research firm Oppenheimer wrote that the deal should cause the valuations of two natural food makers, Boulder Brands (BDBD) and WhiteWave (WWAV), to rise in the near-term. WHAT'S NEW: General Mills last night said that it had agreed to buy Annie's for $46 per share in cash, or $820M. Annies' stock closed yesterday at $33.51. General Mills expects the transaction to be accretive to its earnings in the first 12 months following the completion of the deal. ANALYST REACTION: In a note to investors today, Oppenheimer analyst Rupesh Parikh wrote that the acquisition of Annie's could cause the valuations of stocks in the natural foods sector to rise significantly. The terms of the acquisition of Annies imply a nearly 40x P/E multiple to consensus FY15 forecasts for the company, according to Parikh. The shares of Boulder Brands and WhiteWave should advance in the near-term, added the analyst, who kept Outperform ratings on both names PRICE ACTION: In early trading, WhiteWave rose 3.9% to $37.10, while Boulder Brands jumped 7.6% to $14.25. Another stock in the sector, Hain Celestial (HAIN), advanced 3.5% to $101.17, while Annies surged 37% to $46 and General Mills slipped 0.5% to $53.26.
09:12 EDTGISOn The Fly: Pre-market Movers
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08:02 EDTGISBoulder Brands WhiteWave Foods could be lifted by Annie's deal, says Oppenheimer
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06:11 EDTGISAnnie's volatility expected to move on being acquired by General Mills for $820M
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06:10 EDTGISGeneral Mills acquisition a logical long-term move, says Deutsche Bank
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