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My partner and I are dual income, no kids, so we shop at Costco for just adults. We love going to Costco for great deals on produce and sparkling water. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.
Persons: , haven't Organizations: Costco, Service, Business Locations: Chicago
Nestled against the Rocky Mountains, Boulder, Colorado, has blossomed into a thriving hub for the natural products and wellness industry. The tea company was later acquired by Hain Food Group — now Hain Celestial Group — in 2000 for $390 million. Hain Celestial Group CEO Wendy Davidson (left) and CNBC's Andrea Day (right) trekking along the historic footrails where the founders of Celestial Seasonings gathered wild herbs in 1969. Turning peanut butter into goldThe Boulder County Farmers Market, a vibrant incubator since 1987, exemplifies the region's thriving ecosystem. A sign from the Boulder Farmers Market, operating from April to November, serving as an incubator for numerous small food businesses.
Persons: Wendy Davidson, CNBC's Andrea Day, Davidson, It's, Justin Gold, butters, , Gold, Daniel Acker, Juan Stewart, Stewart, Kristine Carey, Kristy Lewis, Quinn Snacks Organizations: U.S . News, Rockies, Hain Food, Group, CNBC, Leeds School of Business, University of Colorado, Farmers, Boulder Farmers, Foods, Hormel Foods, Bloomberg, Getty, Boulder County Farmers, Kroger, Companies Locations: U.S, CNBC's, Rocky, Boulder , Colorado, Boulder, University of Colorado Boulder, Tiskilwa , Illinois, Boulder County
Bob’s Red Mill Natural Foods was founded in 1978, but it wasn’t until several years later that the company hit upon the thing that made its oats, groats and other natural food products so immediately recognizable on supermarket shelves. That was when the likeness of Bob Moore, the company’s eponymous founder, began appearing on the packaging. With his white beard, wire-rim eyeglasses, newsie cap and bolo tie, Mr. Moore, who died last week at age 94, was an unlikely style icon whose folksiness seemed to personify the wholesome artisanal grains produced by his company at an old mill in Milwaukie, Ore.Mr. Moore may not have been a movie star like Paul Newman, whose face similarly adorns Newman’s Own foods, but he became just as recognizable to anyone who has pushed a shopping cart down a grains and nuts aisle. An illustration of Mr. Moore appears on the packaging for each of his brand’s more than 400 products, from hulled millet to yellow popcorn, next to the tagline, “To Your Good Health.” The text on the Bob’s Red Mill bags and boxes, rendered in homey fonts that might have been used to sell tinctures in the Old West, includes bits of found poetry (“golden spurtle”) and understated hucksterism (“good source of fiber”). The distinctive but unflashy branding, a piece of modern Americana that falls somewhere between hippie and Norman Rockwell, makes for an oasis of calm in crowded supermarkets.
Persons: Bob Moore, Moore, Paul Newman, Norman Rockwell Organizations: Foods Locations: Milwaukie, Old, Americana
Bob Moore, founder of Bob’s Red Mill, has died
  + stars: | 2024-02-12 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN —Bob Moore, the founder of Bob’s Red Mill whole-grains company, has died. Moore “peacefully passed away” at his home on Saturday, at the age of 94. “Bob’s legacy will live on forever in all of us who had the opportunity to work with him and is infused into the Bob’s Red Mill brand,” said Bob’s Red Mill CEO Trey Winthrop. Moore’s passion for healthy foods helped lead him to start Bob’s Red Mill in 1978 in Portland, Oregon, as a local company before gradually expanding its sales into more than 70 countries and employing about 700 people. Moore is survived by his three sons (Ken, Bob, Jr. and David), plus his four daughters-in-law, nine grandchildren and six great grandchildren.
Persons: Bob Moore, Moore “, , Red, Trey Winthrop, Moore, Leah Nash, ” Winthrop, Ken, Bob, Jr, David Organizations: New, New York CNN, Shoppers, Washington Post, Oregon State University Locations: New York, Portland , Oregon, Oregon
Historically, November is the best month of the year for the stock market, and December is third, according to the Stock Trader's Almanac. Under the surface this week, we also saw signs of a possible market rotation in the works. Rotation watch : We must look to next week's trading for confirmation that we're in the grips of a rotation or simply a head fake. Signs of the former were on display this week as the two of the biggest sector winners of the year, communication services and technology , trailed the market. Jobs, jobs, jobs : The most important release of the week comes Friday in the form of the November nonfarm payrolls report.
Persons: Jerome Powell, That's, Locker, it's, Hock Tan, We'll, Joann, JOAN, JM Smucker, OLLI, Campbell Soup, Brown, Forman, LULU, Smith, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Wall, Dow, Nasdaq, Federal, Broadcom, Marvell Technology, Cisco Systems, VMWare, Club, PMI, Labor, Signet Jewelers, SIG, Brands, Toll, Thor Industries, Natural Foods, GameStop, Vail Resorts, MTN, Smith & Wesson, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Asana, ASAN, New York City
Fisker — Shares of the vehicle development company surged 4.1% premarket after Bank of America reinstated coverage with a buy rating. Thor Industries — Shares of the recreational vehicle company slipped 3% premarket after it warned that it expects net sales to decline in the coming year. For the quarter just ended, Thor posted $1.68 in earnings per share on $2.74 billion of revenue. Analysts surveyed by LSEG were looking for 96 cents in earnings per share on $2.42 billion of revenue. United Natural Foods forecast earnings per share and adjusted EBITDA in the coming year below analysts' estimates, citing profitability headwinds, and fiscal fourth quarter revenue that missed analysts' $7.47 billion estimate, according to StreetAccount.
Persons: BofA, Fisker, Tesla, Morgan Stanley, DraftKings, Thor, , Jesse Pound, Pia Singh Organizations: Bank of America, European Union, Barclays — Barclays, JPMorgan, Thor Industries, United Locations: Huntington Beach , California, China
A customer uses an ATM at a Wells Fargo Bank in San Bruno, California, on April 14, 2023. Cintas — Shares fell 5.3% after the company reported its 2024 fiscal first-quarter earnings. Cintas raised its full-year guidance but the lower end of its EPS and revenue predictions came in below analysts' estimates. United Natural Foods — Shares sank 27.4% Tuesday after United Natural Foods forecast earnings per share and adjusted EBITDA in the coming year below analysts' estimates, citing profitability headwinds. Shares of Wells Fargo and Goldman Sachs declined 2.2% and 1.5%, respectively, while Morgan Stanley and JPMorgan both lost about 1%.
Persons: Cintas, Pinterest, Goldman Sachs, Jamie Dimon, Morgan Stanley, CNBC's Hakyung Kim, Alex Harring, Brian Evans, Samantha Subin, Yun Li Organizations: Wells Fargo Bank, HSBC, United, Bank of America, JPMorgan, Goldman Sachs — Bank, JPMorgan Chase, Reserve, Wells, Goldman, Liberty Media, Barclays — U.S, Barclays, Federal Trade Commission, Amazon Locations: Wells Fargo, San Bruno , California
It was another downer of a week on Wall Street with all three major averages posting steep losses despite a bounce back on Friday. The S & P 500 and the technology-heavy Nasdaq fell 2.3% and 2.9% this week, respectively, while the Dow Jones Industrial Average lost 1.5%. Federal Reserve: The central bank signaled this week that it was planning to keep rates higher for longer to beat down inflation. ET: Personal consumption expenditure Before the bell: Carnival (CCL) (See here for a full list of the stocks Jim Cramer's Charitable Trust is long.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: downer, Jim Cramer, carmakers, hasn't, Jim, " Cramer, Stanley Black, Decker, Jim Cramer's, Ferguson, SYNNEX, HB Fuller, Jabil, Cramer's, Emily Elconin Organizations: Nasdaq, Dow Jones Industrial, Federal Reserve, Republican, Democratic, UAW, Big, United Auto Workers union, General Motors, Club, Ford, Fed, Stanley, Jim Cramer's Charitable, Costco, Citi, Meta, Industries, Cintas, Natural Foods, Micron Tech, Concentrix Corp, Worthington, Gross, Accenture, BlackBerry, Vail Resorts, MTN, CNBC, United Auto Workers, Stellantis NV, Bloomberg, Getty Locations: SWK, Stellantis NV Toledo, Toldeo , Ohio
Last month, Campbell Soup (CPB.N) struck a $2.7 billion deal for Rao's sauce maker Sovos Brands (SOVO.O). Reuters GraphicsReuters Graphics Reuters Graphics"Large food companies need to add more new concepts, new flavor profiles and new food items because their old brands - though still growing - are not growing at a meaningful rate," Milani said. Packaged food companies "are now faced with some difficult comparisons on organic (sales) and are seeking some strategic, category-specific M&A targets that will propel them through the next few years," Henry said. "Most of the large cap packaged food companies have ... diligently reduced their debt and improved their balance sheet (through the pandemic)...so they have the risk capacity and risk appetite to pursue large-scale acquisitions," CFRA Research analyst Arun Sundaram said. "These packaged food companies need to continue finding ways to stay relevant ... And so one of the easiest ways to do that is through M&A."
Persons: Brendan McDermid, Campbell, There's, Michael Milani, Baker Tilly, Milani, Kraft Heinz, Sarah Henry, Henry, Mills, Luca Zaramella, Hershey, J.P, Morgan, Arun Sundaram, Deborah Sophia, Arun Koyyur Organizations: Campbell Soup, New York Stock Exchange, REUTERS, Sovos, Unilever, Mars, Reuters Graphics Reuters, Reuters, Logan Capital Management, PepsiCo, Mondelez, Barclays, Hostess Brands, Thomson Locations: New York, U.S, North America, dealmaking, Bengaluru
Standout hedge fund manager Charles Lemonides came into the year careful but is now more optimistic. Heading into 2023, hedge fund manager Charles Lemonides was preparing for the worst. His hedge fund is down 8% in 2023 through May, though it's still up 155% in the past five years. The hedge fund manager said the economy can take another rate hike or two, even though investors may groan about it. The hedge fund manager is currently bullish on energy stocks broadly — particularly those in the oil and gas industry.
Persons: Charles Lemonides, Lemonides, hasn't, it's, We've, he's, Goldman Sachs Organizations: Investors, Federal Reserve, Netflix, Energy, P Oil & Gas Exploration, Production, Unit Corp, United Natural Foods, Yale Materials, Foods Locations: financials
Campbell to buy Rao's premium sauces maker Sovos for $2.33 bln
  + stars: | 2023-08-07 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Brendan McDermid/File PhotoAug 7 (Reuters) - U.S. packaged food maker Campbell Soup (CPB.N) will buy Michael Angelo's and Rao's owner Sovos Brands (SOVO.O) for $2.33 billion in cash, the company said on Monday, beefing up its meals and beverages business with the maker of premium Italian sauces. Campbell will pay $23 per share for Sovos, a nearly 28% premium to the stock's last close. Sovos' shares were trading at $22.48 while Campbell slipped 1.2% to $44.58 in early trade. Last month, Unilever (ULVR.L) said it would buy frozen yogurt brand Yasso in North America while Mars Inc agreed to buy Kevin's Natural Foods. In May, Campbell Soup sold Emerald Nuts to Flagstone Foods for an undisclosed amount.
Persons: Brendan McDermid, Campbell, Michael Angelo's, beefing, Sovos, Campbell Soup, Arun Sundaram, Savyata Mishra, Savio D'Souza, Shweta Agarwal, Sriraj Organizations: REUTERS, Sovos Brands, Unilever, Mars Inc, Flagstone Foods, CFRA, Thomson Locations: New York City, U.S, North America, Canada, Bengaluru
NEW YORK, July 5 (Reuters) - Family-owned food giant Mars Inc on Wednesday agreed to buy Kevin's Natural Foods, which is known for its sous-vide meals, sauces, and side dishes, the companies said. McLean, Virginia-based Mars, which generates about $48 billion in annual sales, has three major businesses - Mars Petcare, Mars Snacking, and Mars Food & Nutrition. After the deal is completed, Kevin's will operate as a standalone brand under the food and nutrition unit. Mars plans to grow its food business through more potential acquisitions in the near term, said Shaid Shah, global president at Mars Food & Nutrition. McCray launched Kevin's after he was diagnosed with an autoimmune disorder, as he wanted to build a food brand that focused on healthy diets.
Persons: Kevin's, Mars, Canin, Shaid Shah, Shah, Dan Costa, Kelsie Costa, Olson, Kevin McCray, McCray, Simpson Thacher, ArentFox Schiff, Sheppard Mullin, Anirban Sen, Abigail Summerville, Jamie Freed Organizations: YORK, Mars Inc, Mars Food, Nutrition, Mars, Heska Corp, Towerbrook Capital Partners, NewRoad Capital Partners, Unilever, Flagstone Foods, Campbell Soup, Citi, Burling, Wells, Wells Fargo Securities, Thomson Locations: McLean , Virginia, Modesto , California, North America, Bartlett, Covington, Wells Fargo, New York
U.S. equity futures were little changed Sunday evening after a broad-based rally last week that pushed the S&P 500 to its best week since March, and its highest level since last August. S&P 500 futures were higher by 0.09% and Nasdaq-100 futures hovered below the flat line. On Friday, stocks rallied to end the week following strong jobs data for the month of May. The Dow jumped 701.19 points, or 2.12%, for its best day since January, ending the week at 33,762.76. "Recent banking sector developments are also encouraging, and repeated signs of labor market strength are reducing the risk negative outcomes.
Persons: Dow, Joe Biden, Dow Jones, Mace McCain, Yung, Yu Ma, Smucker, Campbell Soup Organizations: Dow Jones, Nasdaq, U.S ., Labor Department . Public, Frost Investment Advisors, BMO, CNBC, Investors, Natural Foods, Signet Jewelers, PMI, Institute for Supply Management, Global, Mortgage, Association
It was a strong week for all three major stock indices, with the market bolstered Friday by strong jobs data and a deal in Washington to raise the U.S. debt ceiling. The S & P 500, the Nasdaq and the Dow Jones Industrial Average all finished the week roughly 2% higher. While Friday's rally broadened out beyond just the usual tech stocks, the Nasdaq ended Friday at its highest level since April 2022. This is the key data to look out for in the week ahead: Monday, June 5 9:15 a.m. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: payrolls, Biden, Investors, we've, Joann, JOAN, Ferguson, JM Smucker, Buster's, Campbell Soup, OLLI, Friday's, Jim Cramer's, Jim Cramer, Jim, Anna Moneymaker Organizations: U.S . Labor Department, Nasdaq, Dow Jones Industrial, Organization of Petroleum, Monday Club, Apple, PMI, THOR Industries, ABM Industries, Academy Sports, Ciena Corp, Foods, GameStop, Signet Jewelers, SIG, Company, Brands, Vail Resorts, MTN, Labor, Federal Reserve, U.S, West Texas, Treasury, Jim Cramer's Charitable, CNBC, Capitol, Getty Locations: Washington, OPEC, Vienna, China, U.S, Washington , DC
WASHINGTON, June 1 (Reuters) - The U.S. Supreme Court on Thursday gave a boost to whistleblowers in their bid to revive lawsuits accusing pharmacy operators of knowingly overbilling government health insurance programs for prescription drugs at taxpayers' expense. Whistleblower advocacy groups as well as a number of states had said a Supreme Court ruling against the whistleblowers would make it easier for fraudsters to evade accountability for filing false claims to the government and risked undermining state-administered Medicaid programs. They also said both companies knew they were defrauding the government and worked to conceal their pricing practices. President Joe Biden's administration backed the whistleblowers in their appeal to the Supreme Court. Lawyers for the administration urged the justices to reverse the 7th Circuit, saying the ruling undermined the False Claims Act.
Persons: Clarence Thomas, Thomas Proctor, Tracy Schutte, Michael Yarberry, SuperValu, Joe Biden's, John Kruzel, Will Dunham Organizations: U.S, Supreme, Safeway Inc, Albertsons Companies Inc, SuperValu Inc, United Natural Foods Inc, Government, Conservative, Safeway, Circuit, Lawyers, Thomson Locations: Chicago
Lightning Round: ReMax multiple isn't low enough
  + stars: | 2023-04-11 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: ReMax multiple isn't low enoughMad Money host Jim Cramer weighs in on all manner of stocks, including ReMax, Palantir, Starwood and United Natural Foods.
Costco is seeing a slight decline in inflation, according to the retailer’s finance chief. With inflation stuck at high levels, some U.S. companies’ use of an accounting method that lowers their federal tax bill has increased costs and hit earnings. But for retail giant Costco Wholesale Corp., it is a different story. Companies including wholesale specialty foods distributor United Natural Foods Inc. and grocery chain Kroger Co. have recently announced last-in, first-out accounting—also known as LIFO—charges. Costco, meanwhile, had no LIFO charge for the quarter ended Feb. 12, compared with a $71 million charge a year earlier as the company sees some inflationary relief, said Chief Financial Officer Richard Galanti .
Whole Foods co-founder John Mackey thinks business is "judged and attacked" by society. Mackey spoke at a conference, in one of his first appearances since stepping down as Whole Foods CEO. "I always felt that business is misunderstood by society," Mackey said during the presentation, according to industry publication Baking Business. "Entrepreneurs are the true heroes in a free-enterprise economy, driving progress in business, society, and the world," he wrote. Now, he plans to start a chain of health restaurants in Southern California called Love.Life!, according to Baking Business.
United Natural Foods — The organic food company tumbled 27% after posting earnings for its fiscal second quarter that missed analyst expectations. Stitch Fix — The styling company saw shares drop 10% after it reported weaker-than-expected revenue for the latest quarter as well as a wider-than-forecast loss. The Omaha-based conglomerate bought nearly 5.8 million shares of the oil company in a few trades on Friday, Monday and Tuesday, bumping Berkshire's ownership to 22.2%. Campbell Soup Company — Campbell Soup saw shares rise nearly 2% after its fiscal second quarter earnings, revenue and margins beat analysts' expectations. The company's revenue also topped expectations, coming in at $637 million compared to $625 million anticipated by Refinitiv analysts.
The seesaw-like tension between interest rates and stock prices should remain in play in the week ahead, as investors focus on comments from Federal Reserve Chairman Jerome Powell and the February employment report. There are few earnings in the week ahead, so economic data will likely be a main driver for stocks, along with the comments from Powell. The futures market is pricing in a high chance for a quarter point, or 25 basis point hike in March. Week ahead calendar Monday Earnings: WW International, ThredUp, Trip.com, Lordstown Motor, Ciena, Grindr 10:00 a.m. Initial claims 10:00 a.m. Fed Vice Chair for Supervision Michael Barr Friday Earnings: Embraer 8:30 a.m. Employment report 2:00 p.m. Federal budget
Driving the action were several key economic reports, including the November ADP employment and nonfarm payrolls reports and the October personal spending report. The comments came after a softer-than-expected ADP employment report, but before a stronger-than-expected nonfarm payrolls report. With these kinds of mixed signals, expect more market choppiness as investors remain on the hunt for more definitive signs that the Fed is winning its war on inflation and can therefore definitively ease up on their hawkish stance. Initial jobless claims for the week ending Nov. 26 were 225,000, a decrease of 16,000 from the prior week and below expectations of 235,000. Finally, on Friday the all-important nonfarm payrolls report was released, indicating a 263,000 payrolls increase in November, above the 200,000 expected.
Markets could be volatile and in search of a catalyst in the week ahead, as investors consider year-end trades in the lull before the Federal Reserve's December 13-14 policy meeting. Stocks were higher in the past week, with the year's worst performing sectors, communications services and consumer discretionary companies, leading the gains. On the geopolitical front, Arone said investors will watch the Dec. 6 runoff election in Georgia's senate race . Week ahead calendar Monday Earnings: Sumo Logic , Gitlab 9:45 a.m. Services PMI 10:00 a.m. ISM services 10:00 a.m. Initial jobless claims 10:00 a.m. Quarterly services survey Friday 8:30 a.m. PPI 10:00 a.m. Consumer sentiment 10:00 a.m. Wholesale trade
Whole Foods is raising prices on some emerging brands, according to food-industry insiders. Whole Foods' recent price increases are larger than many expected, even with inflation. Brokers act as advocates for food brands, especially when it comes to working with retailers to increase brands' distribution. But Whole Foods' recent price increases are larger than many expected, even with inflation, according to the consultants Insider spoke to. "I am concerned that the price increases at the retail level have been significantly higher than that," she said.
In that time, South Asian food experts say, brands have taken notice. The South Asian household staple is now blowing up on health TikTok. Influencers have recorded themselves eating spoonfuls of ghee, posing with the product in stores and promoting it as a new find. “That’s part of the reason why it is important to a South Asian population.”In Hindu ceremonies, it’s a staple. Most of all, it’s an essential component of South Asian comfort food, one that many people can associate with the quick-fix meals of early youth.
Shares of Intel (INTC) are down more than 45% this year, making it the biggest dog of the Dow. Intel (INTC) is struggling despite well-publicized plans to build more plants in the United States and hire more at home. To be fair, Intel is not the only chip company that’s having a tough time this year. But longer-term, I think Intel will right the ship,” said Jeff Travis, portfolio manager of Oak Associates Funds. Travis does think that semiconductor stocks are still a good “secular growth industry” and that valuations are now attractive given how sharply the stocks have fallen.
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