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Stock Market & Financial Investment News

News Breaks
June 5, 2014
09:04 EDTWPC, SJMW.P. Carey acquires $48M J.M. Smucker Chicago distribution facility
W. P. Carey (WPC) has acquired, from Exeter Property Group, a 824,624 square foot distribution facility for a total acquisition price of approximately $48M. The facility is located outside of Chicago and is leased to a subsidiary of J.M. Smucker (SJM) for a period of 9.5 years.
News For WPC;SJM From The Last 14 Days
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September 25, 2015
16:43 EDTSJMKKR no longer holds stake in Smucker, lost right to designate board observer
On September 21, The J. M. Smucker Company (SJM) entered into an underwriting agreement, dated as of September 21, with Blue Holdings and Morgan Stanley with respect to a registered underwritten public offering of 8.28M shares of the company's common shares, to be sold by the selling shareholder. The common shares sold by the selling shareholder represent 100% of the ownership interests attributable to affiliates of Kohlberg Kravis Roberts (KKR). The secondary offering was completed on September 25. Upon completion of the secondary offering, KKR ceased to be the beneficial owner of any of the common shares and lost its right to designate a board observer.
September 22, 2015
12:22 EDTSJMConAgra falls after Q1 revenue significantly misses estimates
Shares of packaged food company ConAgra (CAG) are falling after the company's first quarter revenue fell significantly short of analysts' consensus estimates. WHAT'S NEW: This morning, ConAgra reported Q1 adjusted earnings per share of 45c, ahead of the consensus of 40c, and revenue of $2.79B, well short of expectations of $3.67B. ConAgra reported Q1 Consumer Foods sales of approximately $1.7B and Commercial Foods segment sales of $1.1B. The divestiture process for the private label operations is proceeding as planned, and the company expects to have an announcement on the outcome of this process later this fall. The company will assess opportunities to increase the dividend after it is further along with the strategic plan outlined at the end of fiscal 2015. WHAT'S NOTABLE: Looking ahead to Q2, the company expects diluted EPS, adjusted for items impacting comparability, to be approximately in line with year-ago comparable amounts, compared to consensus of 63c. Despite strong fundamentals and expectations for continued margin expansion, comparable operating profits for the Consumer Foods segment in the fiscal second quarter are expected to be negatively impacted by foreign exchange, as well as a planned increase in marketing investment. Profits for the Commercial Foods segment are expected to post an increase in profitability year-over-year in the fiscal second quarter. Expected contribution from the private label operations, which are now in discontinued operations, is included in this guidance. On its Q1 conference call, ConAgra said its private brands divestiture was "on track" and there was "a lot of interest" in it. Management noted that they were "aggressively" pursuing maximizing actions and making "good progress" on margin improvement efforts. They said they were committed to an investment grade rating, marketing investments will increase throughout the year, and results from the last six months indicate positivity going forward. They said the company took a $1.95B charge on private label business in Q1, but remain confident that they will realize a tax benefit from the capital loss. PRICE ACTION: In early afternoon trading, ConAgra fell $2.39, or about 5.64%, to $40.01 on heavy trading volume. Despite the pull back, the shares have gained approximately 19% over the past 12 months. OTHERS TO WATCH: Other companies in the packaged foods space include Boulder Brands (BDBD), down 0.5%, Pinnacle Foods (PF), down 2.5%, General Mills (GIS), up 0.6%, JM Smucker (SJM), down 3%, and TreeHouse Foods (THS), down 0.4%.
08:39 EDTSJMJ.M. Smucker 8.277M share Spot Secondary priced at $114.00
Morgan Stanley acted as sole book running manager for the offering.
September 21, 2015
19:03 EDTSJMOn The Fly: After Hours Movers
HIGHER: Transenterix (TRXC), up 7.14% after acquiring the surgical robotics division of SOFAR S.p.A for $99.8M... Solera Holdings (SLH), higher by 3.56% after a report that IHS (IHS) is exploring a counteroffer for the company... Core-Mark Holding Company (CORE), up 3.93% after joining the S&P 600. DOWN AFTER EARNINGS: Thor Industries (THO), down 4.16%... ALSO LOWER: Memorial Resource Development Corp. (MRD), down 4.26% after filing to sell 10.25M shares of common stock... Intra-Cellular Therapies (ITCI), down 1.73% after filing to sell $300M of common stock... The J. M. Smucker Company (SJM), down 1.75% after filing to sell 8.28M shares of common stock for holders.
17:28 EDTSJMJ.M. Smucker files to sell 8.28M shares of common stock for holders
Morgan Stanley will act as the sole underwriter for the offering.

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