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☆ JPMorgan upgrades Campbell Soup, saying its recently-acquired Rao's sauce business is thriving
▼ + stars: | 2024-06-26 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Campbell Soup 's acquisition of Rao's parent Sovos Brands is a key part of why JPMorgan is now bullish on the Camden, New Jersey-based food company for the first time in 15 years. Analyst Ken Goldman upgraded Campbell to overweight from neutral, a rating the bank hasn't had on the stock since 2009. The Rao's brand alone brought in nearly $775 million in annual net sales in 2023, driving Sovos sales above $1 billion last year. Rao's organic net sales climbed about 37% in 2023 from 2022, boosting the acquired business's growth rate to 25%. CPB .SPX YTD mountain Campbell Soup vs. S & P 500, year to date Despite the excitement around Rao's, the JPMorgan call comes amid a period of underperformance for Campbell.

Persons: Campbell, Ken Goldman, hasn't, Goldman, Sovos, Michael Angelo's, underperformance Organizations: JPMorgan, Wall, CPB Locations: Camden , New Jersey, noosa

So when the Rag & Bone sweatpant jeans started blowing up, we were immediately influenced to see for ourselves if they lived up to their promise. Sally Kaplan/Gabrielle Chase/Business InsiderThe wide-leg sweatpant jeans are slightly baggy with a high-rise waist and 31.5-inch inseam. Gabrielle Chase/Business InsiderThe Rag & Bone sweatpant jeans are truly as soft as sweats, and I understand the comparison with jeggings. AdvertisementIf you're as passionate about comfort as we are, the Rag & Bone sweatpant jeans are worth it. Once you've tried them, you'll likely have a tough time ever putting on real jeans again.

Persons: French terry, Cotton Pant, Sally, Gabrielle, Sally Kaplan, Gabrielle Chase, Lennox, Bone, I'd, terry, jean, I've, Sally hems, you've, you'll Organizations: Business Locations: French, Miramar

☆ Triathlon: Man, 53, dies during swimming leg of Noosa event in Australia
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Ben Church | ) edition.cnn.com time to read: +1 min

CNN —A 53-year-old man died Sunday during the swimming leg of the Noosa Triathlon in Australia. Queensland Police said a man, from Victoria, Australia, was pulled from the water in the early morning and was found unresponsive. “Emergency services attempted to revive the man, but he was declared deceased at the scene,” a police spokesperson said. In a statement on Facebook, the Noosa Triathlon said it was “deeply saddened” to confirm the death of a race participant. In addition to the world class field of athletes, the triathlon also caters for non-competitive participants.

Persons: ”, “, Australia’s Ashleigh Gentle, New Zealand’s Hayden Wilde Organizations: CNN, Noosa Triathlon, Australia . Queensland Police, Police, Noosa, Facebook, New Locations: Australia, Victoria, Queensland, Noosa Heads

☆ Campbell Soup Company buys Sovos Brands, maker of Rao’s for $2.7 billion
▼ + stars: | 2023-08-07 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

New York CNN —Iconic canned soup company Campbell is expanding its reach in the Italian food market. Campbell (CPB) announced Monday that it would acquire Sovos Brands, maker of the popular Italian food brands like Rao’s sauces and Michael Angelo’s frozen entrees, as well as noosa yogurt, in a deal worth $2.7 billion. But Campbell said Rao’s sauces attract a different consumer set than Prego’s. “Rao’s is the premium, market-leading sauce and it strengthens and diversifies our Meals & Beverages portfolio, complementing the core, mainstream portfolio,” the company told CNN. Sovos Brands founder and head Todd Lachman called the acquisition a “momentous occasion.”“We have built a one-of-a-kind, high growth food company focused on taste-led products across a portfolio of premium brands, anchored by the Rao’s brand,” he said in a statement included in Campbell’s news release.

Persons: Campbell, Angelo’s, “ We’re, ”, Mark Clouse, Rao’s, Michael Angelo’s, Todd Lachman Organizations: New, New York CNN, Campbell, Sovos Brands, Beverages, CNN, “ Locations: New York, noosa, “ noosa

☆ Campbell Soup CEO talks merger with Rao's sauce maker: 'This is a juggernaut'
▼ + stars: | 2023-08-07 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Campbell Soup CEO Mark Clouse told CNBC's Jim Cramer on Monday that his company's acquisition of Rao's sauce maker Sovos Brands is one of the best growth stories in the food business. Along with Rao's, Sovos also owns yogurt brand Noosa and frozen food brand Michael Angelo's. However, the premium Italian sauce brand is Sovos' money maker, representing 69% of its adjusted net sales in 2022, the company said. Clouse said the acquisition was an opportunity to drive Sovos' household penetration, or the portion of households reached by the products. He said the business is currently at 14% household penetration, while the benchmark for a premium brand is around 20%.

Persons: Campbell, Mark Clouse, CNBC's Jim Cramer, Rao's, Sovos, Michael Angelo's, Clouse, Monday's Organizations: Sovos, Pepperidge Locations: Noosa

☆ Here are Wednesday's biggest analyst calls: Apple, Nvidia, Chevron, Amazon, Avis, SeaWorld & more
▼ + stars: | 2023-05-31 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Wednesday's biggest calls on Wall Street: Needham initiates Sovos Brands as buy Citi said Sovos' Brands Rao's Tomato Sauce will be a $1 billion brand in the next three-to-four years. " Citi reiterates Anheuser-Busch InBev as buy Citi said investors should buy the dip in the beer giant. Deutsche Bank upgrades Avis to buy from hold Deutsche said the rental car company that it has upside potential. "In a tougher recession and sharp travel fall-off where revenue growth is cut in half, we estimate mid to high single digit EPS risk, implying an excellent risk/reward given valuation. Citi reiterates Nvidia as buy Citi said investors should "stay long" in shares of Nvidia.

Persons: Needham, Sovos, Michael Angelo's, Bernstein, Wedbush, it's, Goldman Sachs, Goldman, Bud, Baird, Mobileye, XYL, Wells, Key, AMBA, Mizuho, Piper Sandler, Piper Organizations: Brands, Citi, Amazon, Worldwide, Conference, SeaWorld, Anheuser, Busch InBev, Deutsche Bank, Avis, Deutsche, UBS, American Express, American, Palo Alto Networks, JPMorgan, Chevron, Service, Nvidia, TAM, Liberty, Microsoft Locations: US, Noosa, Cupertino, European, Wells Fargo, CrowdStrike, Zscaler, Palo, America, F2023E

☆ Bodhi Mani Risby-Jones: Australian surfer faces possible flogging after alleged naked, drunken rampage in Indonesia
▼ + stars: | 2023-05-06 | by ( Heather Chen | ) edition.cnn.com time to read: +2 min

CNN —An Australian man arrested in a conservative area of Indonesia over an alleged violent rampage faces the possibility of prison time and a public flogging, authorities have said. Bodhi Mani Risby-Jones, 23, from Noosa in southern Queensland, was arrested after allegedly attacking and injuring a local fisherman while drunk. It is the only Indonesian province officially practicing Sharia law, enforced by religious police officers known as the Wilayatul Hisbah, and outlaws homosexuality, adultery, alcohol and gambling. The police chief said Risby-Jones would have a choice over whether to be prosecuted under Sharia law or provincial law. If found guilty under Sharia law he faces the possibility of 40 lashes and up to 2.5 years jail.

☆ United Airlines opens a new grab-and-go lounge in Denver for time-crunched travelers
▼ + stars: | 2022-11-04 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

United Airlines is opening a new kind of lounge at Denver International Airport, and it's not designed for travelers to linger. The roughly 1,600-square-foot lounge, called United Club Fly, is a "grab-and-go" facility with complimentary food options like sandwiches, wraps and salads as well as smaller items like Noosa yogurt cups and treats like Milk Bar Birthday Cake Truffles. A barista will offer made-to-order coffee drinks like cappuccinos, but there is also a self-serve coffee machine and a water bottle refilling station. Seating is limited: 16 seats and standing room for eight people at a bar. Travelers scan their boarding pass to enter and can't bring guests, like they can at standard United Clubs.

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