LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Pizza Hut, Wendy's Operator Files Chapter 11 -- Market Talk
0758 ET - Restaurant franchisee NPC International Inc. files
Chapter 11 in the Southern District of Texas. The US's largest
Pizza Hut owner says it has $1 billions to $10 billion in assets
and liabilities. "We view it as an opportunity to create a better
future for NPC's Pizza Hut restaurants," a Pizza Hut spokesman says
in response. The Wall Street Journal reported Monday the operator
was expected to file given roughly $800M in debt. NPC also owns
nearly 400 Wendy's Co. units. Wendy's down 2.6% in pre-market
trading. (email@example.com; @heatherhaddon)
General Mills Beats Expectations as Consumers Eat at Home During
General Mills Inc. beat Wall Street forecasts for sales and
profit for its fiscal fourth quarter as consumers stocked up on its
food amid coronavirus-related lockdowns.
The producer of Cheerios cereal, Häagen-Dazs ice cream, Nature
Valley granola bars and other products reported Wednesday $5.02
billion in sales for the quarter that ended May 31, up from $4.16
billion a year earlier and ahead of the $4.99 billion that analysts
Comparable sales rose 16% in the quarter.
STORIES OF INTEREST
General Mills Skips Forecast For FY21 Due To Pandemic -- Market
0817 ET - General Mills doesn't provide a forecast, including
for organic net sales and adjusted profit per share, for its new
fiscal year, which began June 1, citing uncertainty tied to the
pandemic. The maker of Cheerios, Nature Valley granola bars and a
bevy of other products does see the pandemic, as well as a
recession, resulting in higher orders for its food. The question
facing General Mills--and the packaged-food industry writ large--is
how long and with what magnitude the elevated demand tied to the
coronavirus-related eating-at-home will continue. Among other
factors, General Mills says it is assessing everything from the
level of virus control and the possibility of a vaccine to GDP
growth and consumer confidence to try to figure that out. Shares
down 2.5% premarket. (firstname.lastname@example.org;
Denny's to Hire 10,000 Workers, Prices Public Offering
Denny's Corp. said Wednesday it plans to hire 10,000
restaurant-level employees at both company and franchise operated
restaurants across the U.S. by the end of 2020.
The restaurant company said with dine-in restrictions lifting
and guests returning to restaurants as well as taking advantage of
takeout and delivery options, it is encouraging people, especially
those in the severely impacted restaurant industry, to apply for a
position at one of its franchises or company-owned restaurants
around the country.
Cattle Finishes Day Higher -- Market Talk
15:48 ET - Live-cattle futures finish trading 1.1% higher at
97.3 cents a pound. It's the highest live cattle have traded since
early June, rising ahead of the Independence Day holiday--a big
grilling holiday in the US. Meanwhile, hog futures rise just 0.1%
to 49.075c amid signs that the industry may be righting itself
after the Covid-19 outbreak in the US hurt meat demand. "Hog
weights jumped when animals started to back up ahead of packing
plants, but last week the average weight declined by 2 pounds per
animal," Karl Setzer of AgriVisor says. "While still above average,
this shows the hog situation may be starting to remedy itself."
Estimated U.S. Pork Packer Margin Index - Jul 1
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jul 1 +$ 69.96 +$ 3.68
Jun 30 +$ 67.36 +$ 1.34
Jun 29 +$ 71.29 +$ 5.53
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 93.2
(Percent of Year-Ago) Select 101.2
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday fell $1.59 per
hundred pounds, to $205.38, according to the USDA. Select-grade
prices fell $1.47 per hundred pounds, to $198.43. The total load
count was 193. Wholesale pork prices rose $1.09, to $63.45 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
July 01, 2020 17:16 ET (21:16 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.