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☆ Here's why Jim Cramer likes J.M. Smucker's plan to buy the maker of Twinkies
▼ + stars: | 2023-09-11 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +1 min

Smucker 's (SJM) decision to buy Twinkie maker Hostess Brands (TWNK) in a deal valued at $5.6 billion. "I like the deal, if only just because I like this channel for Smuckers," Cramer said on "Squawk on the Street." Hostess Brands stock, meanwhile, surged nearly 19%, to more than $33 per share. Reuters reported in August that multiple major food brands such as General Mills (GIS) and Oreo owner Mondelez International (MDLZ) had shown interest in acquiring Hostess. Perhaps the "biggest worry" about acquiring Hostess Brands is the increasing popularity of weight-loss drugs known as GLP-1 agonists, and their potential impact on consumer food preferences, Cramer acknowledged.

Persons: CNBC's Jim Cramer, J.M, Smucker, Cramer, Jim Cramer's, Mills, Morgan Stanley, Eli Lilly, — Organizations: Hostess Brands, Reuters, Mondelez, Hostess, Cramer's Charitable Trust, CNBC, Novo Nordisk, Cramer's Charitable Locations: U.S

☆ U.S. food companies go deal hunting as pandemic growth fades
▼ + stars: | 2023-09-08 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +3 min

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

☆ A Blockbuster-era video law is being used to ding big-name brands like General Mills, Geico, and Chick-Fil-A with privacy lawsuits
▼ + stars: | 2023-09-07 | by ( Ryan Joe | Lara O'Reilly | ) www.businessinsider.com time to read: +6 min

Brands like Chick-Fil-A and Geico are being accused of violating 1980s privacy law the VPPA. Broadcasters have long been wary of running afoul of a 1988 privacy law called the Video Privacy Protection Act that went into effect after the video rental history of then-Supreme Court nominee Judge Robert Bork was leaked to a newspaper. Since November last year, brands as diverse as Hallmark, Folgers, Mattel, Chick-Fil-A, General Mills, Mars, La-Z-Boy, Geico, and Fossil have faced lawsuits accusing them of VPPA violations. But these dismissals don't completely neutralize the threat of VPPA lawsuits. At least 70 VPPA class action lawsuits have been filed in the past year, according to Bloomberg Law.

Persons: Chick, Robert Bork, VPPA, Mills, General Mills, Scott Ferrell, FloSports, Smucker, Keith Carroll, Rebeka Rodriguez, Melissa Fox, Eversheds Sutherland, Labaton Sucharow, Corepower, Garthwaite, Fox, Julie Rubash Organizations: ., Broadcasters, Hallmark, Mattel, Pacific, Hulu, Bloomberg Law, Meta, Protection Law, Facebook, AMC, Us, GameStop, Disney, United States, Court, Southern, of Locations: Mars, California, Virginia, of New York

☆ Here are the 13 stocks Jim Cramer is watching, including Eli Lilly, McDonald's
▼ + stars: | 2023-09-07 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Here are some of the tickers on my radar for Thursday, Sept. 7, taken directly from my reporter's notebook:Weekly jobless claims 216,000 versus 230,000 expected. Will a resilient labor market push Fed to slip in another interest rate hike this year? Remember, August nonfarm payrolls were stronger than expected and stepping up for a second month in a row after June's smallest monthly gain since December 2020. JPMorgan forecasts $100 billion category for so-called GLP-1 treatments such as Eli Lilly'sCanaccord starts Johnson & Johnson KenvueIs DraftKingsGeneral MillsIf you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free.

Persons: nonfarm payrolls, Eli Lilly's Canaccord, Johnson, Mills, Jim Cramer's Organizations: Fed, JPMorgan

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. ET, for a snapshot of the U.S. economy, ahead of the keenly awaited inflation data scheduled for next week and the Fed's policy decision on Sept. 20. Investors will also parse comments from Boston Fed President Susan Collins and Dallas Fed President Lorie Logan later in the day. ET, Dow e-minis were down 76 points, or 0.22%, S&P 500 e-minis were down 11.5 points, or 0.26%, and Nasdaq 100 e-minis were down 50 points, or 0.32%. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Russ Mould, AJ Bell, Susan Collins, Lorie Logan, General Mills, Shristi Achar, Vinay Dwivedi Organizations: Wall, New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal, Federal Reserve, Investors, Global, ISM, Traders, Boston Fed, Dallas Fed, Dow e, Apple, Alaska Air Group, Southwest Airlines, United Airlines, Thomson Locations: Manhattan, New York City , New York, U.S, Russia, Saudi Arabia, China, Bengaluru

☆ CVS Health is among the most oversold stocks in the S&P 500. Here are the others
▼ + stars: | 2023-09-02 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

After losing nearly 30% this year, shares of CVS Health could see a comeback according to one popular metric. Conversely, a reading lower than 30 typically means that a stock is oversold and could be a signal of a possible buying opportunity. CVS Health is another one of the most oversold companies in the S & P 500. Competitor pharmacy chain Walgreens Boots Alliance was also on the oversold list, with just 5.9% of analysts rating the stock a buy. Chipmaker and artificial-intelligence leader Nvidia , Mastercard , and Cisco Systems are also among the most overbought companies in the S & P 500.

Persons: Mills Organizations: CVS, Dow Jones Industrial, Nasdaq, CNBC Pro, Alaska Air Group, CVS Health, Wall Street, Walgreens Boots Alliance, Citi, Digital Realty Trust, Telecommunications, Verizon, Wall, Companies, Jefferies, Nvidia, Mastercard, Cisco Systems

☆ Three-Stock Lunch: Walgreens Boots, General Mills and Lululemon
▼ + stars: | 2023-09-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: Walgreens Boots, General Mills and LululemonQuint Tatro, Joule Financial founder and president, joins ‘Power Lunch’ to discuss three stocks: Walgreens Boots, General Mills and Lululemon.

Persons: General Mills, Lululemon Quint Tatro Organizations: Walgreens Boots, Joule Financial Locations: Lululemon

☆ Twinkies maker will give food brands a sugar high
▼ + stars: | 2023-09-01 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Acquire Licensing RightsNEW YORK, Sept 1 (Reuters Breakingviews) - Urban legend says Hostess Brands’ (TWNK.O) infamous Twinkie is so highly processed it could survive a nuclear war. Executives at both Hostess and Mondelez have noted that snacking is getting more popular, even as people are indulging in smaller portions. Add a 30% premium to its undisturbed stock price, and its enterprise value is 15 times forward EBITDA, according to Refinitiv data. A deal is possible, but it has a good chance of leaving a short-lived sugar high.

Persons: Mills, Metropoulos, Andy Callahan, Mondelez, Callahan, isn’t, Morgan Stanley, General Mills, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Mondelez, Apollo Global Management, New York Times, Reuters Graphics Reuters, Planters, Hostess Brands, Hershey, PepsiCo, General, Thomson Locations: Manhattan, New York City, U.S

☆ Jim Cramer's guide to investing: How to get kids involved with investing
▼ + stars: | 2023-08-30 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer suggested investors introduce their children to stocks by making it fun and simple. He suggested parents then buy their kids shares in companies they might recognize from their own lives: playing with toys (Mattel ), eating cereal (General Mills ) or personal hygiene (Johnson & Johnson ). "I don't know about Johnson & Johnson's Bandaids and shampoo, they were staples, and they've since been moved to Kenvue," Cramer said. "The stock won't always work out, but think of what you liked when you were little or what your parents liked when they were little. More importantly, you've got a great hook to get your children into a lifetime of investing."

Persons: CNBC's Jim Cramer, Cramer, Mills, Johnson, Johnson's, Clark, they're, you've Organizations: Mattel Locations: Kenvue, Kimberly

FILE PHOTO-Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. REUTERS/Brendan McDermidFile Photo Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Hostess Brands Inc (TWNK.O), the maker of Twinkies snack cakes, is exploring a sale after fielding takeover interest from major snack food makers, people familiar with the matter said on Friday. General Mills Inc (GIS.N), Mondelez International Inc (MDLZ.O), PepsiCo Inc (PEP.O) and Hershey Co (HSY.N) are among the companies that have shown an interest in acquiring Hostess, the sources said. Hostess has hired investment bank Morgan Stanley (MS.N) for advice on handling the deal negotiations, the sources said. No agreement is certain and Hostess may decide against any deal, the sources added.

Persons: Brendan McDermidFile, Hostess, General Mills, Morgan Stanley, Mills, Ding Dongs, Dean Metropoulos, Alec Gores, Gross, Anirban Sen, Abigail Summerville, Chris Reese, Marguerita Choy Organizations: REUTERS, Hostess Brands Inc, Nasdaq, General, General Mills Inc, Mondelez, PepsiCo Inc, Hershey Co, Hostess, Hershey, PepsiCo, Hos, Apollo Global Management Inc, Thomson Locations: Manhattan, New York City, U.S, Mondelez, New York, Lenexa , Kansas, Ho

☆ Cramer’s Stop Trading: General Mills
▼ + stars: | 2023-08-23 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer’s Stop Trading: General MillsCNBC’s Jim Cramer explains why he is keeping an eye on shares of General Mills.

Persons: Mills CNBC’s Jim Cramer, Mills

☆ Why Jim Cramer is cautious on this consumer-goods stock
▼ + stars: | 2023-08-23 | by ( Morgan Chittum | ) www.cnbc.com time to read: 1 min

Consumer-goods stocks are typically "a terrific place to be if you think the economy is slowing down," CNBC's Jim Cramer said Wednesday, but packaged-goods firm General Mills (GIS) has been a major laggard. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. Consumers are reining in spending amid ongoing economic uncertainty, turning to cheaper options. But General Mills aside, "it makes sense to dip your toe into the consumer packaged-goods stocks, true recession stocks," Cramer argued Tuesday on "Mad Money." General Mills stock edged lower Wednesday, notching a new 52-week-low, at roughly $69.37 a share.

Persons: Jim Cramer, Mills, Jim Cramer's, Cramer Organizations: Consumers

☆ 13 Hollywood production companies making brand films that streamers like Netflix and Apple want to buy
▼ + stars: | 2023-08-09 | by ( Lucia Moses | ) www.businessinsider.com time to read: +11 min

said Marc Gilbar, who runs the brand division at Imagine Entertainment. Some are also looking to brand films to offset some of the revenue they're losing in the dual Hollywood strikes. (Brand films are often unscripted and thus aren't governed by the Hollywood unions.) They also see brand work being a positive for below-the-line workers who are idled by the work stoppage. Led by EVP Kate Oppenheim, Tribeca Studios' projects have included "We Could be King" (ESPN2) for Dick's Sporting Goods and P&G's Queen Collective series (BET).

Persons: Ben Silverman, Issa Rae's Hoorae, Kevin Hart's Hartbeat, Julian Jacobs, we've, Marc Gilbar, Samuel L, Jackson, Emma Stone, Zac Ryder, Olivia Wilde, Laurene Powell Jobs, Caitlin McGinty, It's, James Gay, Rees, Paul Martin, Kevin Hart's, Hart, Hartbeat, Brian Price, Chase Sapphire, Procter, Reese Witherspoon, Zoe Fairbourn, Ron Howard, Brian Grazer's, Ron Howard's, Bryce Dallas Howard, Gilbar, Rocco DiSpirito, General Mills, Rupert Maconik's Saville, Werner Herzog, Barry Levinson, Sugar23, Oscar, Michael Sugar, Trevor Noah's, he's, Kennedy, Matt Rotondo helms, Sugar, Mike Beck, Alexa Conway, Trevor Noah, Kate Oppenheim, HBO Max, Paul McCartney, Mary McCartney Ventureland, Kerstin Emhoff, Paul Hunter, John Battsek, Stacy's Pita Chips, Will, Jada Pinkett, REI, Gargi Organizations: Hollywood, Brands, Mattel, Netflix, Apple, UTA, Imagine Entertainment, Producers, Adobe, IBM, Anonymous, HP, Afghan Girls National Soccer Team, Showtime, Pepsi Boardwalk Pictures, Relativity Media, Super, Pepsi, REI, Unilever, Marriott, Surf League, Major League Soccer, Sam's, Gamble, Weinstein Co, Hulu, Imagine, Paramount, Saville Productions, Disney, Time Studios, Procter & Gamble, Anheuser, Busch, InBev, CAA, Studios, MSNBC, ABC, NBC, Tribeca Studios, Dick's Sporting Goods, HBO, CNN, Mobile, Stacy's, Everest, Vice Studios, Westbrook Media, Meta, Logitech, Samsung Locations: Hollywood, Subway, Magnolia

☆ Cadbury-maker Mondelez lifts annual revenue growth forecast on strong demand
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Mondelez International (MDLZ.O) on Thursday raised its annual 2023 revenue growth forecast for the second time this year, helped by robust demand for the Oreo maker's snacks and chocolates despite higher prices. Shares of the Cadbury chocolate maker rose 1.6% in after-hours trading as the company also beat second-quarter revenue expectations. Mondelez's upbeat forecast came on the back of a strong first quarter and indicated that consumers remained resilient to higher prices for their favorite snack brands. The company said it expects a full-year organic net revenue growth of more than 12% in 2023, up from a prior forecast of more than 10% growth. The company's net revenue rose 17% to $8.51 billion in the second quarter, surpassing analysts' average estimate of $8.21 billion.

Persons: Campbell, General Mills, Kraft Heinz, Savyata Mishra, Pooja Desai Organizations: Mondelez, Cadbury, Kellogg, Thomson Locations: Bengaluru

☆ Twitter X logo: Elon Musk rebrands social media platform
▼ + stars: | 2023-07-24 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —In a radical rebranding, Twitter owner Elon Musk has replaced Twitter’s iconic bird logo with X.Musk made the shock announcement of his plans early Sunday. “Interim X logo goes live later today,” he wrote, shortly before sharing a photo of Twitter’s headquarters lit up by a giant new X. Increasing the pressure, earlier this month rival social media platform Threads launched from Facebook (FB) parent Meta. Twitter had 238 million active users prior to being taken private by Musk in October 2022. Musk explained his approach to free speech by saying: “Is someone you don’t like allowed to say something you don’t like?

Persons: Elon Musk, Musk, X.com, ”, “ adieu, Mary ”, Twitter's, David Odisho, Linda Yaccarino, Twitter, Mills, Adam Mosseri Organizations: New, New York CNN, Twitter, Facebook, SpaceX, Tesla, Defamation League, Free Press, GLAAD, Meta Locations: New York, Twitter's San Francisco

☆ Here are Friday's biggest analyst calls: Apple, Nvidia, AT&T, Tesla, Disney, Amazon, Microsoft & more
▼ + stars: | 2023-07-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

JPMorgan downgrades AT & T to neutral from overweight JPMorgan downgraded the telecommunications due to "slowing growth drivers." Wells Fargo downgrades Progressive to equal weight from overweight Wells said it has concerns about the insurance company gaining share. UBS upgrades Microsoft to buy from neutral UBS said in its upgrade of the stock that shares are too attractive to ignore. Bank of America reiterates Amazon as buy Bank of America said it's standing by its buy rating after the company's Prime Day. JPMorgan reiterates Apple as overweight JPMorgan said recent checks show that Apple has "strong market share" in a variety of markets.

Persons: LOE, Wells, it's, Tesla, Morgan Stanley, Goldman Sachs, Goldman, Raymond James, Robert Iger, Mills, Argus Organizations: HSBC, Pfizer, ADC, JPMorgan downgrades, Verizon, Mobile, Consumer, JPMorgan, Alcoa, UBS, Microsoft, Citi, Applied Materials Citi, Bank of America, Texas Roadhouse Citi, Texas, Barclays, Apple, Sands, Macau, Northland, Nvidia, Pulte, KB, Disney, CNBC, DIS, Argus, TNT, Tidewater Locations: Wells Fargo, China, Northland

☆ What is aspartame and what do the new WHO rulings mean?
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +4 min

Discovered in 1965 by American chemist James Schlatter, aspartame is about 200 times sweeter than regular table sugar. One group of experts, the International Agency for Research on Cancer (IARC), said aspartame is a "possible carcinogen". For aspartame, this limit is 40 milligrams of aspartame per kilogram of body weight per day. Aspartame's use in food products has been debated for decades and has also prompted some companies to remove the compound from their products. PepsiCo (PEP.O) removed aspartame from Diet Pepsi in 2015 but brought it back a year later.

Persons: James Schlatter, Gunter Kuhnle, Mills, Yoplait, JECFA, Elissa Welle, Savyata Mishra, Deborah Sophia, Caroline Humer, Catherine Evans Organizations: World Health, U.S . Food, Drug Administration, WHO, International Agency for Research, Cancer, FAO, United Kingdom's University of Reading, PepsiCo, Pepsi, FDA, IARC, National Library of Medicine, Thomson Locations: Diet, saccharin, United Kingdom, Spain, France, Italy, Denmark, Germany, Australia, New Zealand, New York, Bengaluru

☆ General Mills is paying this agriculture tech startup to help make Cheerios greener
▼ + stars: | 2023-07-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Agriculture and the overall food ecosystem are responsible for roughly one third of global greenhouse gas emissions. Growing all the things we eat at the increasing volumes we need depletes the soil of nutrients and produces harmful carbon emissions. Regenerative agriculture aims to reduce emissions and protect soil through various methods. "Is it good for the environment, good for the water, good for soil health? Regrow then sells all that information to customers like General Mills , which has pledged to advance regenerative agriculture on one million acres of farmland by 2030.

Persons: Regrow, John Deere, Anastasia Volkova, Mills, Steve Rosenzweig, General Mills Organizations: Pillsbury, Corporations, Galvanize, Ventures, Microsoft, Time Ventures, Cargill Locations: Canada

Shortly after the opening bell Wednesday, we'll be selling 100 shares of Procter & Gamble (PG), at roughly $152.50 apiece. Following the trade, Jim Cramer's Charitable Trust will own 515 shares of PG, decreasing its weighting in the portfolio to 2.78%, from 3.3%. The move comes with the S & P 500 having gained about 2% since the start of last week. The market is now moving close to overbought territory, with the S & P 500 Short Range Oscillator at 3.11%. The last time the S & P 500, Dow Jones Industrial Average and Nasdaq Composite declined in the month of July was back in 2014.

Persons: we'll, Jim Cramer's, Gamble, Mills, McCormick, Jim Cramer, Jim Organizations: Procter & Gamble, Procter, Gillette, Dow Jones Industrial, Nasdaq, Constellation Brands, Federal, CNBC, Bloomberg, Getty

☆ Take-Two, this drug name are among the most overbought stocks on Wall Street. Here are the others
▼ + stars: | 2023-07-03 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Investors were snapping up shares of stocks including AmerisourceBergen and Take-Two in the last two weeks of the second quarter. CNBC Pro compiled the other most overbought stocks below: Airline stocks Southwest and Delta made the list, with both having an index above 90. Wall Street has a favorite among the two competitors: nearly 86% of analysts rate Delta a buy compared with nearly 43% for Southwest. But Wall Street does expect the 2023 rally to continue, with the average price target implying a nearly 7% upside from here. But the average Wall Street analyst expects shares to rally more than 25% in the next year.

Persons: AmerisourceBergen, Mills, General Mills, Zions Bancorporation, Fred Imbert Organizations: Walgreens, Nasdaq, CNBC Pro, Delta, Southwest Locations: Delta, FactSet

☆ Ad spend is growing, says General Mills' chief brand officer, Doug Martin, as more people eat at home to save money
▼ + stars: | 2023-07-03 | by ( Will Wei | ) www.businessinsider.com time to read: 1 min

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Several consumer industry trade bodies - whose members use aspartame - on Thursday rejected the IARC’s assessment. Shoppers can find aspartame in Weight Watchers yoghurts, some Snapple drinks and Conagra’s Mrs. Butterworth’s syrups. “Aspartame has been in use as an intense sweetener for more than 30 years in the UK. In 2014 General Mills (GIS.N) swapped the aspartame in Yoplait Light for the sweetener widely known as Splenda. Sweeteners have varying levels of sweetness and price, and are different chemical compounds, making it difficult to simply swap ingredients.

Persons: Health Organization's, Garrett Nelson, Butterworth’s, ” Nelson, ” Tom Sanders, Mills, Richa Naidu, Savyata Mishra, Jessica DiNapoli, Barbara Lewis Organizations: Reuters, International Agency for Research, Cancer, Health, Joint WHO, Food, Agriculture Organization's, CFRA Research, Shoppers, Nutrition, King’s College London, PepsiCo, Thomson

☆ Explainer: What is aspartame, the 'possible carcinogen' in diet sodas, sugar-free juices?
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +3 min

WHAT PRODUCTS CONTAIN ASPARTAME? Aspartame's use in food products has been debated for decades and has also prompted some companies to remove the compound from their products. PepsiCo (PEP.O) removed aspartame from some U.S. diet sodas. General Mills' (GIS.N) Yoplait also removed aspartame from its yogurts in 2014. Saccharin, sucralose and neotame are among five other artificial sweeteners alongside aspartame authorized by a WHO expert committee on food additives.

Persons: James Schlatter, Mills, Yoplait, Savyata Mishra, Deborah Sophia, Sriraj Kalluvila, Aurora Ellis Organizations: World Health Organization, Reuters, U.S . Food, Drug Administration, PepsiCo, FDA, National Library of Medicine, Thomson Locations: Diet, Spain, France, Italy, Denmark, Germany, Australia, New Zealand, Bengaluru

With inflation still high, Phil Blancato CEO Ladenburg Asset Management said Powell is "not wrong" to keep policy tight. Apple Inc (AAPL.O) hit an all-time high during the session and registered a record closing high for the second session in a row. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 27, 2023. The S&P banks index (.SPXBK) slipped 0.5% ahead of the Fed's annual stress test results after markets close on Wednesday. The S&P 500 posted 39 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 70 new highs and 127 new lows.

Persons: Fed's Powell, Jerome Powell, Powell, Quincy Krosby, Phil Blancato, Brendan McDermid, decliners, LPL's Krosby, Oppenheimer, Mills, Sinéad Carew, Sruthi Shankar, Johann M, Vinay Dwivedi, David Gregorio Our Organizations: Dow, Nasdaq, Federal, European Central Bank, Global, LPL, Management, Independence, Traders, Dow Jones, Apple Inc, Microsoft, P's, Nvidia, Wall Street Journal, New York Stock Exchange, REUTERS, Investors, Netflix Inc, NYSE, Thomson Locations: Quincy, United States, China, New York City, U.S, New York, Bengaluru

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 27, 2023. REUTERS/Brendan McDermidJune 28 (Reuters) - The S&P 500 and Dow closed lower on Wednesday on the prospect of further interest rate hikes after U.S. Federal Reserve Chair Jerome Powell said he did not see inflation falling to the central bank's target rate "this year or next year." According to preliminary data, the S&P 500 (.SPX) lost 1.14 points, or 0.02%, to end at 4,377.37 points, while the Nasdaq Composite (.IXIC) gained 36.08 points, or 0.27%, to 13,591.75. The Dow Jones Industrial Average (.DJI) fell 63.90 points, or 0.19%, to 33,862.84. The S&P banks index (.SPXBK) slipped ahead of the Fed's annual stress test results after markets close on Wednesday.

Persons: Brendan McDermid, Jerome Powell, Powell, Phil Blancato, Blancato, Tesla, Michael Green, Oppenheimer, Mills, Sinéad Carew, Sruthi Shankar, Johann M, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Dow, Federal, European Central Bank, Management, Independence, Nasdaq, Dow Jones, Apple Inc, Microsoft, P's, Nvidia, Wall Street Journal, Wall, Traders, Netflix Inc, Thomson Locations: New York City, U.S, United States, China, New York, Bengaluru

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