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Stock Market & Financial Investment News

News Breaks
March 21, 2014
15:32 EDTMKCAlan Wilson reports 5.9% stake in McCormick
News For MKC From The Last 14 Days
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March 27, 2015
14:56 EDTMKCMcCormick management to meet with JPMorgan
Meeting to be held in Chicago on April 1 hosted by JPMorgan.
March 25, 2015
06:24 EDTMKCMcCormick rally yesterday likely unsustainable, says Citigroup
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March 24, 2015
12:44 EDTMKCOn The Fly: Midday Wrap
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11:40 EDTMKCMcCormick hits 52-week high after Q1 results top expectations
Shares of spices, seasonings and condiments maker McCormick & Company (MKC) are advancing after the company's first quarter results surpassed analysts' consensus estimates. WHAT'S NEW: This morning, McCormick reported Q1 adjusted earnings per share of 70c excluding a 15c impact of special charges on revenue of $1.01B, topping analysts' consensus estimates of 64c and $985.12M, respectively. McCormick's Q1 sales rose 2% from the year-ago period and in constant currency, the increase was 6%. Consumer business sales rose 5% in constant currency in Q1 due to increased volume and product mix driven by product innovation, brand marketing support and expanded distribution. Industrial business sales grew 7% in constant currency, with higher volume and product mix, as well as pricing actions. WHAT’S NOTABLE: Looking ahead, the company forecast fiscal year 2015 adjusted EPS of EPS $3.44-$3.51, below its prior view of $3.51-$3.58 given in January and analysts' estimates for FY15 of $3.53. The company continues to expect 4%-6% sales growth in constant currency for FY15. Based on year-to-date results and prevailing exchange rates, currency is now expected to lower this sales growth range by 5 percentage points, which is more than the previous projection of 3 percentage points. In constant currency, adjusted operating income is expected to grow 6%-7% from adjusted operating income of $608M in 2014. McCormick also raised its anticipated special charges for the year to $30M from $20M due to a higher response rate to its voluntary retirement program and additional actions in EMEA. McCormick is also targeting cost reductions of at least $85M in FY15, which are expected to help offset higher material costs. The company sees its Comprehensive Continuous Improvement program delivering at least $65M in 2015, and sees savings from reorganization actions of $20M. Chairman and Chief Executive Officer Alan Wilson commented that Q1 operating income was unfavorably impacted by several factors including special charges, unfavorable currency rates and higher material costs. Wilson said the company anticipates that these headwinds will continue in 2015, but expect the benefit of pricing actions and cost reduction efforts to build in the upcoming quarters. PRICE ACTION: In late morning trading, McCormick rose $2.90 or 3.96% to $76.10 on more than twice its average daily trading volume. The stock hit a fresh 52-week high of $77.79 earlier in the session. Including today's advance, the shares have gained nearly 13% over the past 12 months. OTHERS TO WATCH: Other companies in the food space include TreeHouse Foods (THS), down 0.8%, B&G Foods (BGS), up 1.2%, and Pinnacle Foods (PF), up 0.1%.
10:49 EDTMKCMcCormick hits fresh life high after earnings, levels to watch
The shares are up 4.7%, off the high of the day which has set a new life high for the stock at $77.78. That new high is current resistance. Support for the shares is at $75.99.
09:22 EDTMKCOn The Fly: Pre-market Movers
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06:36 EDTMKCMcCormick sees FY15 adjusted EPS $3.44-$3.51, consensus $3.53
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06:32 EDTMKCMcCormick reports Q1 adjusted EPS 70c, consensus 64c
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March 23, 2015
15:24 EDTMKCNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include McCormick (MKC), consensus 64c... IHS Inc. (IHS), consensus $1.36... HD Supply (HDS), consensus 10c... G-III Apparel (GIII), consensus 83c.
March 20, 2015
06:40 EDTMKCMcCormick April volatility elevated into Q1 and outlook
McCormick April call option implied volatility is at 22, June is at 16, September is at 20; compared to its 26-week average of 18 according to Track Data, suggesting large near term price movement into the expected release of Q1 on March 24.

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