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Stock Market & Financial Investment News

News Breaks
June 30, 2014
18:20 EDTHRLHormel Foods to acquire maker of Muscle Milk sports nutrition products for $450M
Hormel Foods announced that it has entered into a definitive agreement to acquire CytoSport Holdings, maker of Muscle Milk products. Total 2014 annual sales are expected to be approximately $370M. The purchase price is approximately $450M. Hormel Foods expects this acquisition to provide about 5c per share accretion in FY15, with a neutral impact to FY14 earnings, including transaction costs.
News For HRL From The Last 14 Days
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April 22, 2015
07:28 EDTHRLMexico halts imports of poultry products from Iowa due to bird flu, Reuters says
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April 21, 2015
08:33 EDTHRLBird flu outbreak spreads to large Iowa chicken farm, WSJ reports
An Iowa farm with about 5.3M chickens in Osceola County is the latest, and largest, chicken flock to be affected by an ongoing outbreak of avian influenza, or bird flu, reported The Wall Street Journal. The addition of this large flock brings the total number of chickens and turkeys affected by avian influenza to nearly 8M, the report noted. Last night, Hormel Foods (HRL) provided additional information regarding the anticipated impact of recent avian influenza outbreaks on its Jennie-O Turkey Store segment, stating that lower turkey supply is expected to impact plant operations and cause reduced sales volumes as the year progresses. Other publicly traded companies in the meat production space include Pilgrim's Pride (PPC), Sanderson Farms (SAFM) and Tyson Foods (TSN). Reference Link
April 20, 2015
17:02 EDTHRLHormel Foods backs FY15 adjusted EPS view of $2.50-$2.60, consensus $2.60
17:01 EDTHRLHormel Foods discusses impact of recent avian influenza outbreaks
Hormel Foods provided additional information regarding the anticipated impact of recent avian influenza outbreaks on its Jennie-O Turkey Store segment. Highly pathogenic H5N2 avian influenza, or HPAI, has been detected at multiple turkey farms that supply Jennie-O Turkey Store, resulting in the loss of affected flocks and temporary quarantine of farms in the area until a full cleaning process is completed. Lower turkey supply is expected to impact plant operations and cause reduced sales volumes as the year progresses. Jennie-O Turkey Store is managing the occurrences in full cooperation with the USDA Animal and Plant Health Inspection Service and state agency officials, and is collaborating closely with industry associations and other poultry companies in the region to ensure food safety and employee safety. All flocks are tested for influenza prior to processing. No birds diagnosed with HPAI are allowed to enter the food chain.
April 13, 2015
12:04 EDTHRLUSDA confirms first commercial chicken case of bird flu, Reuters says
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