Hormel Foods Corporation (NYSE:HRL): The company comments, “As we stated in our fourth quarter release, we anticipated a challenging operating environment this year, and for comparisons to be more difficult in the first half of the year and to become more favorable in the back half. We continue to look for slowly improving results from our Refrigerated Foods segment as pork operating margins return to more normalized levels. Sales in our Grocery Products segment and Meat Products group should also improve, as we begin to see the effects of our new advertising campaigns supporting our HORMEL and SPAM brands.”
The shares closed at $28.39, down $0.65, or 2.24%, on the day. Its market capitalization is $7.50 billion.
The Procter & Gamble Co. (NYSE:PG): Job cuts will be in non-manufacturing positions. Sees about $800M in savings from new cost, job cuts. Sees ability to cut $10B in costs by FY16. Comments from Reuters, citing the company’s presentation at the CAGNY Conference.
The shares closed at $66.42, up $1.98, or 3.07%, on the day. Its market capitalization is $182.95 billion.
PepsiCo, Inc. (NYSE:PEP): In presentation slides for the Consumer Analyst Group of New York conference, released earlier in a regulatory filing, PepsiCo reiterated a number of previously reported forecasts. The company still expects core constant currency earnings per share to decrease by 5% in 2012 from its FY11 core earnings per share of $4.40; it expects its Q1 core constant currency earnings per share to decrease by a high-single-digit percentage from its 1Q11 core earnings per share of 74c; and it is targeting nearly $8B in cash flow from operating activities and share repurchases in 2012 of at least $3B.
The shares closed at $63.13, up $0.03, or 0.05%, on the day. Its market capitalization is $98.74 billion.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.
To contact the reporter on this story: Stella Mariz at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com