74.11 +0.45 (0.61%)
Pre-Market: 7:17AM EST
|Bid||0.00 x 1800|
|Ask||74.28 x 3100|
|Day's Range||71.31 - 76.03|
|52 Week Range||45.00 - 239.71|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct. 28, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||109.54|
(Bloomberg) -- Philippine food maker Monde Nissin Corp. is weighing options including a potential minority stake sale for Quorn Foods, a British producer of meat substitutes, people with knowledge of the matter said.Monde Nissin, which makes the best-selling “Lucky Me!” instant noodles in the Philippines, is working with an adviser to look for an equity investor in Quorn, said the people. The firm could sell at least 20% in Quorn to an investor that would help expand the business, said the people, who asked not to be identified as the discussions are private.The Makati-based company acquired Quorn for 550 million pounds ($722 million) in 2015, according to the company’s website. Quorn started making meat-free products including burgers with mycoprotein before the faux meat boom that took off in recent years.Middle-class consumers are becoming more health-conscious, switching to products made of plant-based proteins by companies such as Beyond Meat Inc. and Impossible Foods Inc. Shares of Beyond Meat have fallen nearly 70% from their peak this year, but still have almost tripled since its debut in May, riding on the demand for vegan food.Deliberations are at an early stage and they may not lead to a transaction, the people said. A representative for Monde Nissin declined to comment.Monde Nissin also counts biscuits among its main products and exports to more than 30 countries, according to its website.(Updates to add more information about Monde Nissin in final paragraph.)\--With assistance from Cecilia Yap.To contact the reporters on this story: Vinicy Chan in Hong Kong at firstname.lastname@example.org;Elffie Chew in Kuala Lumpur at email@example.comTo contact the editors responsible for this story: Fion Li at firstname.lastname@example.org, Jeff SutherlandFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Kroger's (KR) third-quarter sales fell short of the Zacks Consensus Estimate. This was the second straight quarter of sales miss. Nonetheless, management forecast identical sales growth of 2-2.25% for fiscal 2019.
John Wiley & Sons' (JW.A) second-quarter fiscal 2020 results reflect strength in Research Publishing & Platforms and Education Services segments. However, a decline in book publishing is a concern.
Campbell Soup (CPB) earnings increase in the first quarter of fiscal 2020 on the back of higher adjusted EBIT and reduced interest expenses. However, sales were soft due to the Meals & Beverages segment.
Tyson Foods (TSN) is focused on enhancing portfolio to cater to the rising demand for protein-packed products. Also, its Financial Fitness Program bodes well.
Hormel Foods' (HRL) Refrigerated Foods unit has been aiding performance for a while now. However, global trade uncertainty and the African swine fever are leading to input cost inflation.
Hormel Foods' (HRL) earnings and sales decline year over year in fourth-quarter fiscal 2019. However, the Refrigerated Foods unit looks strong.
Sprout Farmers' (SFM) focus on product innovation, e-commerce, expansion of private label assortment and enhancement of technology bodes well.
The imitation meat segment is now designed to target broader audiences, both vegetarians and non-vegetarians, contrary to earlier times when only vegetarians were targeted.
BEIJING/SHANGHAI (Reuters) - U.S. plant-based "meat" makers targeting China like Impossible Foods and Beyond Meat Inc will need to battle homegrown rivals which are developing local favourites such as dumplings and mooncakes to nab a share of the lucrative market. China's meat substitute industry has seen a surge in interest in recent months, with startups, traditional food businesses and investors betting trend-loving Chinese consumers will take to plant-based protein like their U.S. counterparts. A devastating pig disease and bruising Sino-U.S. trade war that have combined to push up meat prices are also playing a role.
Yahoo Finance gives Conagra Brands' new plant-based Ultimate Burger a try. Here's our takeaway.
(Bloomberg) -- Travis Kalanick sold 6.1 million shares of Uber Technologies Inc. just days after disposing of a fifth of his stake, bringing the total offloaded to $711 million this month.The 43-year-old entrepreneur sold $164 million of his holdings in the ride-hailing company this week, according to a regulatory filing Wednesday. Last week he disposed of stock worth about $547 million.The sale underlines Kalanick’s focus on other investments, including CloudKitchens, which he funded with $300 million. A $400 million injection from Saudi Arabia’s Public Investment Fund valued the food startup at $5 billion, the Wall Street Journal reported last week.His remaining 4.2% stake in Uber is valued at $1.9 billion, or less than two-thirds of his $3.4 billion fortune, according to the Bloomberg Billionaires Index. When he was Uber’s chief executive officer, Kalanick said he retained all his shares in the company. That changed after his ousting in 2017. He sold stock in private transactions and had a 6% stake at the time of its May initial public offering.Kalanick has moved quickly to offload Uber shares since the IPO. This month’s trades came after a 180-day lockup period restricting insider and early investor sales expired last week.Uber shares fell 3.9% on Nov. 6 when its lockup expired. Beyond Meat Inc. has done even worse, falling 22% since its lockup ended. Shares in Avantor Inc., Fastly Inc. and Luckin Coffee Inc. all rose Wednesday when their restrictions were lifted.To contact the reporter on this story: Tom Metcalf in London at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Sysco's (SYY) U.S. Foodservice local case volumes have been rising year over year for 22 consecutive quarters now. The International unit's performance has been mixed.
(Bloomberg) -- Beyond Meat Inc. CEO Ethan Brown may not be selling his company shares anytime soon but that isn’t stopping other executives from cashing out gains after restrictions ended last month.CFO Mark Nelson is the latest executive to sell 70,000 shares for $5.7 million, reducing his stake in Beyond Meat by 16%, according to a filing. Last week, Chief People Officer Cari Soto sold 10,000 shares for $824,471, a separate filing showed. Chief Growth Officer Charles Muth sold 50,000 shares, while board member Bernhard van Lengerich shed more than 133,000 shares, according to regulatory filings.Other insiders who sold shares include Twitter co-founder and board member Biz Stone. Beyond’s largest shareholder, venture capital firm Kleiner Perkins, has sold 2.1 million shares, trimming its stake to 8.1%, according to filings and data compiled by Bloomberg.Beyond Meat shares have lost nearly a quarter of their value since the IPO lockup period expired at the end of October. Even so, the stock remains more than 200% higher since going public in May.In an interview with Bloomberg last month, CEO Brown said he will not sell more shares in his company after taking some profits back in July. ”Why would I?,” Brown said. “I’m entirely focused on long term.”Shares extended losses on Monday, falling as much as 5.2% to the lowest since mid-May. The stock has fallen for the past eight weeks, its longest decline since the IPO.To contact the reporters on this story: Tatiana Darie in New York at email@example.com;Meghan Genovese in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Scott SchnipperFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- For newly a public company, two rites of passage loom: its first few earnings reports, and the expiration of its IPO lockup. Twice this month, those events conspired to unleash double-doses of pain for investors.Uber Technologies Inc. plunged 13% over two days after reporting third-quarter results and early investors unleashed millions of shares into the market. A week earlier, Beyond Meat Inc. had one of its worst sessions as a public company. Its shares tumbled 22% after reporting its third-quarter results the night before its IPO lockup period expired -- marking the end of selling restrictions for insiders and other pre-IPO investors.Although stocks are typically prone to move a few percentage points -- sometimes even rising -- when their lockup period expires, any lockup-related selling outside of expectations can lead to abnormal moves in a recent IPO. When earnings reports are added to the mix, traders and investors alike can be taken on quite the ride.“The market is left guessing who is going to sell and who is not going to sell,” said Rahul Bhatia, an instructor at Training The Street and a portfolio manager. “That uncertainty is something that markets generally don’t appreciate.”When Uber’s lockup period expired, multiple block trades ranging from a few hundred shares to several million helped large holders unload their positions, according to an ECM banker involved in the activity who asked to remain anonymous because he isn’t allowed to publicly discuss the transactions. Uber shares fell as much as 8.7% on Wednesday, but closed down 3.9%.There was less activity than expected, according to the banker, in part due to price. There was a long list of holders who could potentially sell. But some traders likely wanted to avoid selling at the lows, he said.Just a fraction of the shares that were subject to the selling restriction traded on the day. Some of that activity was also attributed to the same shares changing hands multiple times, University of Florida professor Jay Ritter said in an interview.“Because the lockup date is known in advance, buyers are waiting for the opportunity to buy at a discount,” he said. “Some mutual funds wait until the lockup expiration before buying. Some hedge funds short the stock and then cover their position as soon as the lockup expires.”That is borne out by the data. According to financial data analytics firm S3 Partners, there was increased short activity immediately ahead of Uber’s lockup expiry, as well as a slew of long investors selling.“The post lockup long selling will probably take several days to complete as the newly freed longs will try not to move the market severely as they exit their positions,” S3’s head of research Ihor Dusaniwsky said.Rival ride-hailing firm Lyft took unusual measures to avoid a situation in which its lockup expired close to earnings. The company moved the end of its IPO lockup period to Aug. 19 from Sept. 25, saying the expiration would have fallen within the company’s earnings-related quiet period.“If you are a trader, you can try to take advantage of the price drop, but the drop is [typically] small and short-selling costs tend to be large,” New York University professor Aswath Damodaran said in an interview.Investors will get another opportunity to experience these public rituals in real-time next week, when lockups expire and earnings hit in short succession for the “Starbucks of China,” Luckin Coffee Inc., which is up 9% since its IPO. Life science equipment supplier Avantor Inc. and infrastructure software maker Fastly Inc. also have lockup expirations on Wednesday. Avantor reported third-quarter results on Tuesday while Fastly reported its results on Thursday.To contact the reporters on this story: Drew Singer in New York at firstname.lastname@example.org;Esha Dey in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Jennifer Bissell-LinskFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.