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☆ Here are Wednesday's biggest analyst calls: Apple, Tesla, FedEx, Match, Ford, Amazon, Microsoft and more
▼ + stars: | 2023-09-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by its overweight rating after Apple's iPhone event Tuesday. F (Buy) earnings more resilient than appreciated driven by Pro business." Morgan Stanley reiterates Darden as overweight Morgan Stanley said it's bullish heading into the owner of Red Lobster's earnings next week. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by its recent upgrade of the stock despite investor pushback. TD Cowen reiterates FedEx as outperform TD Cowen said it's cautiously optimistic heading into FedEx earnings next week.

Persons: Morgan Stanley, Apple, it's, BEV, Darden, Red, Commerce Max, Tesla, pushback, Michael Kors, Guggenheim, TD Cowen, Hershey, Cowen, Bernstein, Roth, Roth MKM, BTIG, Lennar, F3Q, Needham Organizations: JPMorgan, UBS, Ford, General Motors, Pro, Citi, Commerce, JPMorgan downgrades Oracle, WWE, UFC, Holdings, NYSE, Microsoft, FedEx, " Bank of America, Garden Entertainment, Bank of America, YouTube Locations: China, Capri, Lennar, GOOGL

☆ Influencers have partaken in spicy food challenges for years, but a teen's death raises questions about their safety
▼ + stars: | 2023-09-12 | by ( Wyatte Grantham-Philips | Associated Press | ) www.businessinsider.com time to read: +5 min

Paqui, a company under Hershey, pulled its One Chip Challenge following a teen's death. One Chip Challenge packaging warned children not to eat, but is spicy food really that dangerous? Paqui's One Chip Challenge tortilla chips are almost black in color and comes in a lime green wrapper. AdvertisementAdvertisementWhile the autopsy results for 10th-grader Harris Wolobah are still pending, the teen's family alleges that the One Chip Challenge is responsible for his Sept. 1 death. The container warns consumers to not give the chip to children, but due to One Chip Challenge's popularity, many teens ate the chips anyway, leading to hospitalizations in some cases.

Persons: Steve LeBlanc, —, Florida International University Elisa Trucco, Trucco, Alexander DePaoli, Gregory Foster, DePaoli, Harris Wolobah, Paqui, Wilder, it's Organizations: Hershey, Service, Florida International University, Northeastern University, Buffalo Wild Wings, Guinness, Records, Paqui, Foods, Associated Press, AP Locations: Wall, Silicon, Massachusetts, Las Vegas, Chile, San Diego , California

[1/2] Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Smucker (SJM.N) said on Monday it will buy Twinkies-maker Hostess Brands (TWNK.O) in a $5.6 billion deal, as major U.S. packaged food companies look to expand their brand portfolios with pandemic-era fortunes dwindling. J. M. Smucker will pay Hostess shareholders $34.25 per share in a cash and stock deal, representing a premium of 54% since the day before the report surfaced. Hostess Brands became an acquisition target after it managed to boost its revenue through price hikes that fueled investor concerns over its prospects with its volume growth consistently declining. Smucker and Hostess deal follows a spree of other deals including that of Campbell Soup's (CPB.N) $2.7 billion deal for Rao's sauce maker Sovos Brands (SOVO.O) and Unilever (ULVR.L) buying premium frozen yogurt brand Yasso in North America.

Persons: Brendan McDermid, Smucker, Campbell Soup's, Hostess, Ding Dongs, Dimpal Gulwani, Ananya Mariam Rajesh, Anirban Sen, Savio D'Souza, Shinjini Organizations: REUTERS, Hostess Brands, Reuters, Hostess, Mills Inc, Mondelez, PepsiCo Inc, Hershey Co, Sovos, Unilever, Hos, Thomson Locations: Manhattan, New York City, U.S, North America, Lenexa , Kansas, Ho, Bengaluru, New York

Bozell’s father is Brent Bozell III, who founded the Media Research Center, Parents Television Council and other conservative media organizations. Political Cartoons View All 1148 ImagesThe judge is scheduled to sentence Bozell on Jan. 9. Prosecutors said that before the riot, Bozell helped plan and coordinate events in Washington in support of Trump's “Stop the Steal” movement. He smashed a window next to the Senate Wing Door, creating an entry point for hundreds of rioters, according to prosecutors. In a pretrial court filing, Bozell's lawyer denied that Bozell helped overwhelm a police line or engaged in any violence against police.

Persons: Joe Biden's, Leo Brent Bozell IV, Brent Bozell III, John Bates, convicting, Biden, Donald Trump, Bozell, William Shipley Jr, Eugene Goodman, Nancy Pelosi, ” Shipley, Shipley, Bozell “, –, ” Bozell, FBI tipster, Hershey Christian Academy ” Organizations: U.S, Capitol, Justice Department, Media Research Center, Parents Television, District, Republican, Prosecutors, Capitol Police, FBI, Hershey Christian Academy Locations: bashed, Palmyra , Pennsylvania, Washington

☆ 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

☆ Snack company behind 'One Chip Challenge' pulls its extra-hot tortilla chip from stores following the death of a 14-year-old
▼ + stars: | 2023-09-08 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

A teenager died hours after eating an extra-hot tortilla chip in the 'One Chip Challenge.' Paqui, the chip company, has pulled the product from stores, saying it was marked as not-for-kids. A screenshot of a now-deleted graphic on the Paqui 'One Chip Challenge' website. "I hope, I pray to God that no parents will go through what I'm going through," the boy's mother told WBZ-TV. The "One Chip Challenge" has been around for several years and was reviewed by Insider's video team in 2016.

Persons: Harris Wolobah, Paqui, Amos, Lois, Wolobah, Insider's Kieran Press, Reynolds Organizations: Service, CBS News, WBZ, The Hershey Company, Washington Post, Hershey Locations: Wall, Silicon, Texas, Massachusetts, California, TikTok

Since his death, Texas-based manufacturer Paqui has asked retailers to stop selling the individually wrapped chips, a step 7-Eleven has already taken. The One Chip Challenge chip sells for about $10 and comes wrapped in a sealed foil pouch that is enclosed in a coffin-shaped cardboard box. Authorities in Massachusetts also have responded by warning parents about the challenge, which is popular on social media sites such as TikTok. Family and friends of Wolobah believe the chips caused his death and his family called for the chips to be banned from store shelves. In addition to its name, One Chip Challenge, the package lays out the challenge rules, which encourage the buyer to eat the entire chip, “wait as long as possible before drinking or eating anything” and post their reaction on social media.

Persons: Harris, Paqui, Attorney Joseph Early, ”, Lauren Rice, Dr, Peter Chai, ” Chai, Wolobah, Douglas Hill, “, Douglas Organizations: The Hershey Company, Authorities, Attorney, Paramedics, Tufts Medical Center, Brigham, Women’s Hospital, ” Police Locations: WORCESTER, Massachusetts, Texas, Worcester, Worcester County, California, Minnesota, Boston, Liberia

☆ Paqui ‘One Chip Challenge’ Product to Be Pulled From Shelves
▼ + stars: | 2023-09-07 | by ( Remy Tumin | More About Remy Tumin | ) www.nytimes.com time to read: 1 min

The tortilla chip company that challenged consumers to eat a single chip dusted with two of the hottest peppers in the world is pulling the product from retail shelves, the company said on Thursday. The move followed the death of a teenager whose family said he had died after consuming the chip. “The Paqui One Chip Challenge is intended for adults only, with clear and prominent labeling highlighting the chip is not for children” or other sensitive groups, the company, a subsidiary of the Hershey Company, said in a statement on its website. “We have seen an increase in teens and other individuals not heeding these warnings.”As a result, the company said, it was working with retailers to remove the product from shelves “out of an abundance of caution.”

Organizations: Hershey Company

(AP) — The maker of an extremely spicy tortilla chip sold as the One Chip Challenge and popularized as a dare on social media is pulling the product after the family of a Massachusetts teenager blamed the stunt for his death. The One Chip Challenge chip sells for about $10 and comes wrapped in a sealed foil pouch that is enclosed in a coffin-shaped cardboard box. Political Cartoons View All 1148 ImagesAuthorities in Massachusetts have also responded to the death by warning parents about the challenge, which is is popular on social media sites such as TikTok. Family and friends of Wolobah believe the chips caused his death, and his family called for the chips to be banned from store shelves. In addition to its name, One Chip Challenge, the package lays out the “rules for the challenge,” which encourages the buyer to eat the entire chip, “wait as long as possible before drinking or eating anything,” and post their reaction on social media.

Persons: Harris Wolobah's, hasn't, Attorney Joseph Early, ”, Lauren Rice, Dr, Peter Chai, Wolobah, Douglas Hill, “, Douglas Organizations: The Hershey Company, Attorney, Tufts Medical Center, Brigham, Women’s, ” Police Locations: WORCESTER, Massachusetts, Texas, Worcester County, California, Minnesota, Boston, Worcester, Liberia

For investors looking to rake in profit from the recent oil rally, here are some companies that are poised to benefit off of higher crude prices. Higher oil prices could add to inflationary pressure and feed central bankers' decisions on interest rates. Higher correlation between oil prices means good news for some companies, however. The 10 most positively correlated stocks to oil are energy names, which tend to rise when oil prices get a boost. Molson and Monster have slipped 5.6% and 2.2%, respectively, during the current quarter, while PepsiCo is off more than 5%.

Persons: Brent, WTI, Russell, Molson Coors Organizations: West Texas, CNBC, Oil, Diamondback Energy, Devon Energy, APA, Diamondback, Halliburton, Insurance, CCC Intelligent Solutions Holdings, . Beverage, Molson, Monster, PepsiCo, Bank of Canada, Manhattan Associates, Cadence Design Systems, chocolatier Hershey Locations: Saudi Arabia, Russia, Devon, American

One of the last things Harris Wolobah, 14, of Worcester, Mass., ate before he died was a single tortilla chip in a coffin-shaped box that bore an image of a skull with a snake coiled around it, his mother said. Lois Wolobah said her son’s school called last Friday to tell her he was sick and that she needed to come and get him. When she arrived, Harris was clutching his stomach in the nurse’s office, she said in an interview on Tuesday. He showed her a picture of what he had just consumed: a single Paqui chip, dusted with two of the hottest peppers in the world, the Carolina Reaper and the Naga Viper. The label on the box said “One Chip Challenge” and carried a warning — “Inside: One Extremely Hot Chip.” Paqui tortilla chips are made by Amplify Snack Brands, a subsidiary of the Hershey Company.

Persons: Harris Wolobah, Lois Wolobah, Harris Organizations: Brands, Hershey Company Locations: Worcester

☆ Why are all the cool Kit Kats only available internationally?
▼ + stars: | 2023-09-02 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

They create buzz and urgency, which help decades-old brands like Kit Kat stay relevant. A few years later, Rowntree’s renamed the product Kit Kat Chocolate Crisp. Nigel Roddis/ReutersAfter manufacturing and distributing Kit Kat for decades, the British company entered into a deal with Hershey, giving it control over US Kit Kat distribution in 1970. Nostalgic candies, like traditional Kit Kat bars, exert a powerful hold over those who loved them in their childhood, she noted. When people reach for a Kit Kat, they’re reaching for a reliable jolt of sweetness and good feelings, she said.

Persons: Kit, Kit Kat, Kat, Kats, Behrouz Mehri, Nestlé, Lynn Dornblaser, Dornblaser, “, Kit Kat wasn’t, Chocolate Crisp, Rowntree’s, Kat Chocolate Crisp, Rowntree's Kit Kat, Nigel Roddis, Hershey, Kit Kats, Rowntree Mackintosh, Milo Kit Kat, Chris O’Donnell, ”, O’Donnell, it’s, Milo, Kit Kat Japan, Kat Churro, Justin Kukura, Marcia Mogelonsky, they’re Organizations: New, New York CNN, Target, Walmart, Hershey, Getty, Mintel Consulting, Reuters, Nestlé, Lotus, Hershey Company Locations: New York, United States, Japan, AFP, British, Hershey , Pennsylvania, ., Australia, Hershey

☆ 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

REUTERS/Mike Blake/File Photo Acquire Licensing RightsChocolate makers are banking on the traditional resilience of their product to price increases. The data showed Hershey's sales volumes increasingly declined during the period as the company hiked prices. "We are seeing consumers starting to react more than before, I'd be very cautious with price increases," said Dan Sadler, a candy expert at U.S.-based market researcher IRI. Barry Callebaut (BARN.S), the world's biggest chocolate maker supplying most major brands including Nestle (NESN.S), doesn't expect any growth in sales volumes this year. Pennsylvania-based Hershey, is hoping that as it eases off the rate of price hikes, its sales volumes will reverse their current downtrend.

Persons: Nielsen, Dirk Van de, Luca Zaramella, Patrick Folan, Mike Blake, Mondelez, Hershey, Zaramella, Bernstein, I'd, Dan Sadler, Barry Callebaut, Hershey's, Michele Buck, Matt Scuffham, Elaine Hardcastle Organizations: Nielsen, Hershey, Reuters, Consumers, Cadbury, Barclays, REUTERS, IRI, Nestle, Rabobank, El, Kailyn, Thomson Locations: Europe, United States, North America, Encinitas , California, U.S, Pennsylvania, El Nino, West Africa, Ivory Coast, Ghana, Kailyn Rhone, New York

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 says these stocks do well in an economic slowdown
▼ + stars: | 2023-08-22 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer said he's not sure whether the economy is headed for a slowdown, but on Tuesday he gave investors stocks to look into in case it is. "I don't know if we're headed for a slowdown, but I do know it makes sense to dip your toe into the consumer packaged goods stocks, true recession stocks, if only so that you'll have all your bases covered, and because they've gotten cheap," Cramer said. He added that during a slowdown, the consumer "retrenches," going back to the store to buy goods and make "the dollar stretch a little further." Cramer in particular highlighted consumer packaged goods stocks like Pepsico and Mondelez . "None of these recession stocks work if the economy stays white hot, but they make good protection in case Jay Powell says something really harsh on Friday that makes us terrified of a slowdown," Cramer said, referring to the Federal Reserve Chairman's upcoming speech at the central bank symposium.

Persons: CNBC's Jim Cramer, he's, we're, Cramer, Procter, Jay Powell, you've Organizations: Pepsico, Mondelez, Gamble, Hershey, Federal Reserve

"The increase in sugar and cocoa specifically is material," Mondelez CFO Luca Zaramella said in July. The data showed Hershey's sales volumes increasingly declined during the period as the company hiked prices. Barry Callebaut (BARN.S), the world's biggest chocolate maker supplying most major brands including Nestle (NESN.S), doesn't expect any growth in sales volumes this year. In the U.S., private label sales volumes grew nearly 9% in the year to mid-June despite near double-digit price rises, IRI data shows. Pennsylvania-based Hershey, is hoping that as it eases off the rate of price hikes, its sales volumes will reverse their current downtrend.

Persons: Mike Blake, Dirk Van de, Luca Zaramella, Patrick Folan, Mondelez, Hershey, Zaramella, Bernstein, I'd, Dan Sadler, Barry Callebaut, Hershey's, Michele Buck, Matt Scuffham, Elaine Hardcastle Organizations: REUTERS, Hershey, Reuters, Consumers, Nielsen, Cadbury, Barclays, IRI, Nestle, Rabobank, El, Kailyn, Thomson Locations: Encinitas , California, Europe, North America, U.S, Pennsylvania, El Nino, West Africa, Ivory Coast, Ghana, Kailyn Rhone, New York

Ex-Trump chief of staff Mark Meadows and former Acting U.S. Attorney General Matthew Whitaker are board members. The complaints come as many experts expect an uptick in challenges to corporate diversity programs following a U.S. Supreme Court ruling in June that prohibited race-conscious college admissions policies. “There certainly is a deep psychological effect that is putting the brakes on the forward movement of diversity in the workplace,” Rossein said. America First has also filed lawsuits accusing Target Corp and Progressive Insurance of breaching their duties to shareholders by adopting diversity programs and progressive marketing campaigns, for instance celebrating LGBTQ Pride Month. Commissioner Andrea Lucas, a Trump appointee, filed a dozen charges last year, more than any of her colleagues.

Persons: Trump, Stephen Miller, Donald Trump's Mar, Jonathan Ernst, Activision's, Kellogg, Morgan Stanley, Donald Trump, Mark Meadows, Matthew Whitaker, Rick Rossein, ” Rossein, Hershey, Andrea Lucas, Lucas, Gene Hamilton, Daniel Wiessner, Alexia Garamfalvi, Daniel Wallis Organizations: REUTERS, Activision Blizzard Inc, Kellogg, U.S, Opportunity Commission, America, Starbucks Corp, McDonald's Corp, Anheuser, Busch Companies, Hershey Co, Republican, Trump, Supreme, City University of New York School of Law, Target Corp, Progressive Insurance, Activision, Democratic, Thomson Locations: Lago, Palm Beach , Florida, U.S, America, Albany , New York

☆ E-commerce analytics firm MikMak is removing a competitor by acquiring assets from rival ChannelAdvisor
▼ + stars: | 2023-08-15 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +2 min

Adtech firms are racing to grab more of the retail media business, expected to be worth $130B. E-commerce startup MikMak has acquired the shoppable media and brand analytics arm of rival ChannelAdvisor for an undisclosed amount. With the new employees from ChannelAdvisor, MikMak will have 175 staffers. In buying part of ChannelAdvisor, MikMak inherits analytics that advertisers want to justify increasing ad spend with retailers. As part of the deal, MikMak and ChannelAdvisor will cross-sell their products.

Persons: ChannelAdvisor, Rachel Tipograph, Tipograph, MikMak, Morgan Stanley Organizations: Walmart, MikMak, Diageo, Hershey's, Tech, ChannelAdvisor Locations: ChannelAdvisor

☆ A revolution in weight loss treatment may force a reckoning for food and beverage companies
▼ + stars: | 2023-08-13 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +10 min

One such prediction came Monday from Morgan Stanley analysts who forecasted a 1.3% drop in calorie consumption in the U.S. by 2035. The shift in behavior is notable because it will affect a sizeable demographic group that represents a disproportionate share of food consumption, the analysts said. In fact, some patients taking these medicines say they have to sometimes force themselves to eat due to a lack of appetite. These types of patterns were seen in consumer research Morgan Stanley conducted in June and July among 300 patients taking these medicines. Keurig Dr Pepper, with its coffee business accounting for about 30% of corporate sales, offers some diversification from at-risk beverage categories, Morgan Stanley said.

Persons: you've, Morgan Stanley, Pamela Kaufman, Read, Campbell, Mondelez, Eli Lilly's Mounjaro, Morgan Stanley's, Morgan, John David Rainey, We've, we're, Rainey, Dara Mohsenian, Eric Serotta, Dr Pepper Organizations: Hostess Brands, Hershey, Nordisk's Ozempic, Centers for Disease Control, Food and Drug Administration, Novo Nordisk, Industry, Lawmakers, Walmart Locations: U.S, Cava

☆ Apple has plowed over $500 billion into stock buybacks since 2012 — more than Visa, JPMorgan, or Exxon are worth
▼ + stars: | 2023-08-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Apple has spent over $500 billion on stock buybacks since 2012, a Markets Insider analysis shows. Warren Buffett has welcomed Apple's buybacks as they've boosted his ownership at no cost to him. It splurged $90 billion on buybacks in its last financial year, and has repurchased $56 billion worth of its shares in the last nine months alone. His Berkshire Hathaway empire owns nearly 6% of Apple, and the position accounts for almost half of its roughly $350 billion stock portfolio. "Much of what the company retained was used to repurchase Apple shares, an act we applaud," Buffett wrote in his 2021 letter to shareholders.

Persons: Apple, Warren Buffett, Apple's buybacks, Charlie Bilello, Bilello, Apple's repurchases, Buffett, Tim Cook, Apple's Organizations: Service, Visa, JPMorgan, Exxon Mobil, Apple, Citigroup, Berkshire Hathaway Locations: Wall, Silicon, buybacks, Berkshire

☆ How Long Will Companies Keep Raising Prices on Consumer Goods?
▼ + stars: | 2023-08-10 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: 1 min

Food prices have gone up at a faster rate than other consumer goods over the past year, and it’s unclear when prices will stop rising. Food can vary widely in price as companies shoulder costs like ingredients and labor, which can be volatile. Companies say consumers have stayed loyal despite the price increases but are starting to pull back. Many consumer goods companies have raised prices by double-digit percentages in the past year, a move they often attribute to rising commodity prices. Hershey’s, for example, has said rising costs for sugar and cocoa — a result of weather conditions where those staples are grown — are to blame for its price increases.

Organizations: Companies

☆ Kellogg raises annual profit outlook on higher prices
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

Kellogg's cold cereal products are pictured in a market in New York, U.S., June 21, 2022. REUTERS/Mike Segar/File PhotoAug 3 (Reuters) - Kellogg Co (K.N) on Thursday forecast a smaller drop in annual profit than it had previously expected, as multiple price hikes for its breakfast snacks and cereals helped strengthen its margins. The Corn Flakes maker said it expected 2023 adjusted profit per share to decline between 1% and 2%, compared with the prior forecast for a decline of 1% to 3%. However, the company posted a 4.6% rise in net sales to $4.04 billion in the second quarter, missing analysts' expectations of $4.07 billion, according to Refinitiv data. Reporting by Mehr Bedi and Aatrayee Chatterjee in Bengaluru; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Mehr Bedi, Aatrayee Chatterjee, Milla Nissi Organizations: REUTERS, Kellogg, PepsiCo, Conagra Brands Inc, Hershey, Thomson Locations: New York, U.S, Bengaluru

☆ Morning Bid: ECB to follow Fed hike, Meta surges
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +5 min

Fed Chair Jerome Powell remained equivocal about whether there was one more policy rate rise left this year and said Fed staff were no longer forecasting a recession - but futures markets continue to see a less than 50% chance of another move. Global stocks (.MIWD00000PUS) hit their highest since April last year on Thursday, with European stocks up more than 1% ahead of the ECB decision. The euro pushed higher against a softer dollar ahead of the announcement and press conference from ECB chief Christine Lagarde. The yen also firmed as the Bank of Japan is expected to keep its easy policy unchanged on Friday. The euro zone's biggest bank BNP Paribas (BNPP.PA), by contrast, beat Q2 estimates and the stock jumped 4%.

Persons: Mike Dolan, Meta, Jerome Powell, Dow Jones, Christine Lagarde, Willis Towers Watson, Giorgia Meloni, Joe Biden, Toby Chopra Organizations: Federal Reserve, European Central Bank, Fed, Treasury, Boeing, Dow, Wall, ECB, Bank of, Shell, Barclays, BNP, Central Bank, Intel, Ford, Boston Scientific, Myers Squibb, Honeywell, Xcel, Eastman Chemical, Pentair, Mastercard, P Global, Hershey, Digital Realty, Northrop Grumman, Weyerhaeuser, Cincinatti, Verisign, Comcast, Southwest Airlines, HCA, . Federal Reserve Board, Washington Reuters Graphics Reuters, Reuters, Exxon, Chevron, Thomson Locations: U.S, Bank of Japan, Asia, Hong Kong, China, Abbvie, Bristol, Edison, Kansas, Basel III, Washington

☆ What’s ahead this week for Wall Street and the economy
▼ + stars: | 2023-07-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Case Shiller house price index for May and consumer confidence for July from the Conference Board. Earnings reports from AT&T, Boeing, Meta Platforms, Mattel, Stellantis and Chipotle Mexican Grill. Earnings reports from Coca-Cola, Mondelez, Honeywell, Keurig Dr Pepper, Royal Caribbean, Anheuser-Busch Inbev, Southwest Airlines and Hershey. Friday: Personal Consumption Expenditures price index for June, Employment Cost Index for the second quarter and University of Michigan consumer sentiment for July. Earnings reports from Procter & Gamble, Chevron and Exxon Mobil.

Persons: Jerome Powell, David Smith, Powell, Christopher Waller, ”, Dustin Thackeray, Tesla, Chris Isidore, —, Case, Dr Pepper Organizations: CNN Business, Bell, CNN, Fed, Traders, Rockland Trust, Big Tech, Microsoft, Meta, Crewe Advisors, Nasdaq, Netflix, Safety, Health Administration, doesn’t, Biden Administration, Bureau of Labor Statistics —, Ryanair, Federal Reserve, Conference Board, General Motors, Daniels, Midland, Verizon, PacWest, Boeing, Mattel, Honeywell, Anheuser, Busch Inbev, Southwest Airlines, Hershey, University of Michigan, Procter & Gamble, Chevron, Exxon Mobil Locations: Rockland, American, United States, PacWest Bank, Royal Caribbean

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