Martinne's Feed
Oct 24, 2012

Best Buy warns on profit; U.S. unit head to leave

By Dhanya Skariachan and Martinne Geller

(Reuters) – Retailer Best Buy Co Inc (BBY.N: Quote, Profile, Research, Stock Buzz) on Wednesday warned earnings and same-store sales would fall for its fiscal third quarter, and said the head of its U.S. business will leave as it starts to restructure under a new chief executive.

Best Buy shares fell 6 percent in after-hours trading. The news came less than a month before the unofficial start of the biggest selling season of the year.

Oct 24, 2012

Cerberus bid for Supervalu seen as prelude to breakup

NEW YORK, Oct 24 (Reuters) – A sale of Supervalu Inc
heralds an eventual break-up of the far-flung supermarket
operator, with its diverse brands and assets sold to rival
supermarket chain operators and private equity firms, according
to people familiar with the matter.

Buyout firm Cerberus Capital Management is preparing a
takeover bid for the third-largest U.S. supermarket chain, with
an eye toward divesting the troubled company’s assets to several
parties only interested in pieces, the people said.

Oct 22, 2012

FDA probes deaths for links to Monster energy drink

By Martinne Geller

(Reuters) – The Food and Drug Administration said on Monday that it was investigating reports of five deaths that may be associated with Monster Beverage Corp’s energy drink, and the company’s shares fell more than 14 percent.

Monster is also being sued by the family of a 14-year-old girl who died after drinking two cans of its Monster Energy drink in a 24-hour period.

Oct 22, 2012

Cerberus working on bid for Supervalu: sources

By Martinne Geller and Soyoung Kim and Olivia Oran

(Reuters) – Cerberus Capital Management is working on a takeover bid for troubled supermarket operator Supervalu Inc (SVU.N: Quote, Profile, Research, Stock Buzz) and has held talks with lenders to line up financing, according to three sources familiar with the matter.

Debtwire earlier reported that the private equity firm was pitching a handful of banks to arrange $4 billion to $5 billion in debt financing to back a bid, sending Supervalu’s shares up more than 40 percent on Monday.

Oct 22, 2012

Cerberus working on takeover bid for Supervalu: sources

By Martinne Geller and Soyoung Kim and Olivia Oran

(Reuters) – Cerberus Capital Management is working on a takeover bid for troubled supermarket operator Supervalu Inc (SVU.N: Quote, Profile, Research, Stock Buzz) and has held talks with lenders to line up financing, according to three sources familiar with the matter.

Debtwire earlier reported that the private equity firm was pitching a handful of banks to arrange $4 billion to $5 billion in debt financing to back a bid, sending Supervalu’s shares up 00 percent on Monday.

Oct 17, 2012

PepsiCo keeps 2012 outlook despite quarterly beat

By Martinne Geller

(Reuters) – PepsiCo Inc stood by its full-year forecast on Wednesday despite beating earnings expectations in the third quarter as it pours money back into its business.

The maker of Diet Pepsi, Frito-Lay snacks and Tropicana orange juice also reported weaker-than-expected revenue, hurt by the stronger U.S. dollar and the exit of certain businesses.

Oct 17, 2012

PepsiCo profit beats expectations, affirms 2012 outlook

By Martinne Geller

(Reuters) – PepsiCo Inc reported higher-than-expected quarterly earnings on Wednesday, despite weaker revenue caused in part by the stronger U.S. dollar and the exit of certain businesses.

The maker of Diet Pepsi, Frito-Lay snacks and Tropicana orange juice said third-quarter net income was $1.90 billion, or $1.21 per share, down from $2.00 billion, or $1.25 per share, a year earlier.

Oct 16, 2012

Coca-Cola’s revenue misses Wall Street expectations

By Martinne Geller

(Reuters) – Coca-Cola Co reported quarterly revenue that came in short of Wall Street expectations on Tuesday, hurt by declines in Europe and Asia where it sold more lower-priced drinks.

The world’s biggest soft-drink maker, with brands such as Sprite, Fanta and Minute Maid, also said revenue and profit were hurt by the stronger U.S. dollar, which reduces the value of overseas sales. Still, earnings were in line with analysts’ expectations and shares edged slightly lower in premarket trading.

Oct 12, 2012

Kraft to sell Maxwell House cups for Keurig

NEW YORK (Reuters) – Kraft Foods Group Inc (KRFT.O: Quote, Profile, Research, Stock Buzz) plans to sell Maxwell House and Gevalia single-serve coffee pods compatible with Keurig brewing systems, in another blow to Keurig parent Green Mountain Coffee Roasters Inc (GMCR.O: Quote, Profile, Research, Stock Buzz).

The pods are not licensed by Keurig or affiliated in any way, Kraft spokesman Basil Maglaris told Reuters. That means that Green Mountain will not receive any royalties from their sale.

Oct 11, 2012

Exclusive: Kraft to sell Maxwell House K-cups for Keurig

NEW YORK (Reuters) – Kraft Foods Group Inc (KRFT.O: Quote, Profile, Research, Stock Buzz) plans to sell Maxwell House and Gevalia K-cup single-serve coffee pods compatible with Keurig brewing systems, a spokesman said on Thursday, in another blow to Keurig parent Green Mountain Coffee Roasters Inc (GMCR.O: Quote, Profile, Research, Stock Buzz).

The pods are not licensed by Keurig or affiliated in any way, Kraft spokesman Basil Maglaris told Reuters. That means that Green Mountain will not receive any royalties from their sale.