Martinne's Feed
Jul 23, 2012

Penney raises cash, unveils new shops

NEW YORK, July 23 (Reuters) – J.C. Penney Co Inc
said it raised $248 million by selling part of its stake in a
Simon Property Group Inc unit, the first step toward its
goal of shedding non-core assets.

Shares of the retailer, which also unveiled on Monday the
first three of its new in-store shops, were up 1 percent in
afternoon trade.

Jul 20, 2012

Grain prices set records, more searing heat in forecast

CHICAGO/NEW YORK, July 20 (Reuters) – Grain prices set
record highs on Friday and weather forecasts showed little to no
relief in sight from the worst U.S. drought in more than half a
century, feeding worries about food inflation at home and abroad
as supplies dwindle in the world’s largest grain exporter.

The United Nations’ Food and Agriculture Organization (FAO)
said it was concerned about the spike in grain prices, but it
did not yet see the current situation as a repeat of the
2007-2008 food crisis when high prices sparked riots in many
poor countries.

Jul 20, 2012

Exclusive: Republic Tobacco for sale, may get over $2 billion: sources

NEW YORK (Reuters) – Republic Tobacco, a privately held company that makes the Drum brand of loose tobacco in the United States, is seeking a buyer and could fetch more than $2 billion in a potential sale, according to people familiar with the matter.

The Illinois-based maker of tobacco and rolling papers has attracted interest mostly from private equity firms, said the three people, who declined to be identified because the process is not public.

Jul 19, 2012

Shoppers may be spared worst of corn price surge

NEW YORK (Reuters) – U.S. grain prices are soaring as the Midwest corn belt suffers its worst drought since 1956, but that doesn’t mean grocery bills are about to jump.

Easing costs of other commodities, hedging strategies aimed at keeping corn costs in line and fears of turning off consumers in a weak economy should all keep packaged food companies from hiking prices, at least in the short term.

Jul 19, 2012

Analysis: Shoppers may be spared worst of corn price surge

NEW YORK (Reuters) – U.S. grain prices are soaring as the Midwest corn belt suffers its worst drought since 1956, but that doesn’t mean grocery bills are about to jump.

Easing costs of other commodities, hedging strategies aimed at keeping corn costs in line and fears of turning off consumers in a weak economy should all keep packaged food companies from hiking prices, at least in the short term.

Jul 17, 2012

Coca-Cola’s global reach offset European weakness

By Martinne Geller

(Reuters) – Coca-Cola Co reported a higher-than-expected second quarter profit on Tuesday as rising consumption of its drinks in emerging markets offset declines in Europe.

But the world’s largest soft drink company, maker of Sprite, Minute Maid orange juice and vitamin water, said tough economic conditions were taking a toll, dampening the enthusiasm of investors, who sent the shares up nearly 3 percent in morning trading.

Jul 17, 2012

Coca-Cola global reach offset European weakness in second quarter

By Martinne Geller

(Reuters) – Coca-Cola Co (KO.N: Quote, Profile, Research) reported a higher-than-expected quarterly profit on Tuesday, as rising consumption of its drinks in emerging markets offset declines in Europe, sending its shares up more than 2 percent.

The world’s largest soft drink company, maker of Sprite, Minute Maid orange juice and vitaminwater, said second-quarter sales volume rose 4 percent, with North America growing 1 percent and international up 5 percent.

Jul 17, 2012

Coca-Cola global reach offset European weakness in Q2

July 17 (Reuters) – Coca-Cola Co reported a
higher-than-expected quarterly profit on Tuesday, as rising
consumption of its drinks in emerging markets offset declines in
Europe, sending its shares up more than 2 percent.

The world’s largest soft drink company, maker of Sprite,
Minute Maid orange juice and vitaminwater, said second-quarter
sales volume rose 4 percent, with North America growing 1
percent and international up 5 percent.

Jul 11, 2012

China quality group says mistakes were made in report on Mead milk

BEIJING/NEW YORK, July 11 (Reuters) – A consumer watchdog in
China said on Wednesday that a testing centre had made mistakes
in reporting that some of Mead Johnson’s baby formulas contained
prohibited additives and expressed “deep regret” for the
erroneous findings that led to a sharp fall in Mead’s stock.

Shares of Mead Johnson Nutrition Co, maker of
Enfamil baby formula, fell as much as 8 percent on Tuesday after
Caijing, an influential Chinese business magazine, reported that
vanilllin, a compound found in vanilla beans, was found in some
of its baby formulas in central Hunan Province.

Jul 10, 2012

General Mills sees stable prices despite corn spike

By Martinne Geller

(Reuters) – International food giant General Mills Inc (GIS.N: Quote, Profile, Research, Stock Buzz) expects its prices to remain stable and stood by its forecast for cost inflation of 2 to 3 percent this fiscal year, despite a recent spike in corn costs.

“Consumers should see generally stable prices,” General Mills Chief Executive Ken Powell said in an interview on Tuesday. He added that the operating environment should improve as the year progresses, as easing commodity inflation lessens the need for price increases that often hurt sales.