Latest news with #SwissMiss
Los Angeles Times
10-07-2025
- Business
- Los Angeles Times
Stocks close higher, nudging the S&P 500 and Nasdaq to more highs
Wall Street added to its recent milestones Thursday as the market closed at an all-time high after Delta Air Lines kicked off earnings season with a solid outlook for the rest of 2025, spurring an airline stock rally. The S&P 500 rose 0.3%, inching past the record it set last week after a better-than-expected June jobs report. The Nasdaq composite edged up 0.1%, enough of a gain to notch a new high for the second day in a row. The Dow Jones Industrial Average finished 0.4% higher. Delta surged 12%, bringing other airlines along with it, after beating Wall Street's revenue and profit targets. The Atlanta airline also gave a more optimistic view for the remaining summer travel season than it had just a couple months ago. The airline and other major U.S. carriers had pulled or slashed their forecasts in the spring, citing macroeconomic uncertainty amid President Donald Trump's tariff rollouts, which have consumers feeling uneasy about spending on travel. 'Companies are becoming more confident in the range of outcomes for tariffs,' said Michael Antonelli, market strategist at Baird. 'Companies are starting to understand what the playing field looks like a little bit better, even though we continue to have these kind of tariff announcements that get bounced back and forth.' Delta's encouraging report boosted the entire airline sector. United jumped 14.3%, American climbed 12.7%, JetBlue gained 7.8% and Southwest finished 8.1% higher. The market has been steadying following a downbeat start to the week as the Trump administration renewed its push to use threats of higher tariffs on goods imported into the U.S. in hopes of securing new trade agreements with countries around the globe. Wednesday had been initially set as a deadline by Trump for countries to make deals with the U.S. or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has now been extended to Aug. 1. That's given Wall Street a breather just in time for the start of corporate earnings season. Wall Street analysts predict that companies in the S&P 500 will deliver 5% growth in second-quarter earnings, according to FactSet. That would mark the lowest rate since the fourth quarter of 2023. Conagra Brands fell 4.4% Thursday after the maker of Slim Jim, Swiss Miss and other food products reported earnings and revenue that fell short of Wall Street's estimates. The company also lowered its earnings outlook, saying it expects continued cost increases due to tariffs. Helen of Troy, the company behind Hydro Flask water bottles and OXO kitchen tools, sank 22.7% after its latest quarterly results came in below Wall Street's forecasts. The company said it would not be providing a fiscal year 2026 outlook, citing uncertainty over tariff policy and the economy. Shares in AZZ rose 5.5% after the electrical equipment maker's latest quarterly earnings topped analysts' forecasts. Earnings season shifts into high gear next week with JPMorgan Chase, Wells Fargo and Citigroup among the big banks due to report their results on Tuesday. Beyond airlines, most of the sectors in the S&P 500 notched gains Thursday, led by banks and consumer-focused companies. JPMorgan and McDonald's each rose 1.8%. Technology and communication services stocks were the only laggards. Autodesk fell 6.9% and Netflix ended 2.9% lower. Shares of WK Kellogg vaulted 30.6% after Italian candy maker Ferrero agreed to acquire the cereal company in a deal valued at roughly $3.1 billion. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.'s portfolio of breakfast cereals across the United States, Canada and the Caribbean. Shares in mining company Freeport-McMoRan rose 3.6% after Trump said a 50% tariff on copper imports would take effect on Aug. 1. The price of copper rose 1.9% to $5.59 per pound. All told, the S&P 500 rose 17.20 points to 6,280.46. The Dow added 192.34 points to 44,650.64. The Nasdaq gained 19.33 points to 20,630.66. In economic news, the Labor Department reported Thursday that applications for unemployment benefits, a proxy for layoffs, fell last week, remaining in the historically healthy range they've been in the past couple of years. Bond yields mostly rose, although the yield on the 10-year Treasury held steady at 4.34%. European stock indexes closed mixed Thursday following an uneven finish in Asian markets. Tokyo's Nikkei 225 fell 0.4%, weighed down by selling of exporters' shares amid the yen's appreciation, which cuts profits from exports, and dampened sentiment because of the lack of progress in the Japan-U.S. trade talks. Veiga writes for the Associated Press.
Yahoo
12-03-2025
- Business
- Yahoo
Exclusive-US food giants PepsiCo, Conagra seek to exempt some imports from tariffs, trade group says
By Jessica DiNapoli NEW YORK (Reuters) - Major packaged food makers including Quaker Oats and Folgers coffee asked U.S. President Donald J. Trump for targeted exemptions from tariffs on imports like cocoa and fruit, according to a letter seen by Reuters. PepsiCo, Conagra and J M Smucker, are requesting that Trump exempt ingredients not available from U.S. sources to protect manufacturers who otherwise buy from domestic farmers and suppliers, according to the letter, sent on Monday by a consumer products trade group representing the companies, the Consumer Brands Association. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Coffee, oats, cocoa, spices, tropical fruit and tin mill steel, used for specialty food and household goods, are among the imports listed as unavailable domestically in the letter. "We believe targeted and carefully calibrated removal of these ingredients and inputs from tariffs is appropriate to best protect U.S. manufacturers and support (Trump's) efforts to lower consumer inflation," the letter said. PepsiCo and Smucker, which have executives sitting on the executive committee of the Consumer Brands Association, did not immediately respond to requests for comment. A spokesman for Conagra, whose CEO Sean Connolly is also on the industry group's executive committee, said the company, the maker of Swiss Miss hot chocolate, continues to evaluate its sourcing in light of possible policy changes. Trump's new round of tariffs on goods from China, Canada and Mexico come at a delicate time for the U.S. packaged food and consumer product industry. Manufacturers fear having to pass new costs on to consumers, who are already buying less after double-digit inflation the last several years. Trump campaigned to bring down the cost of living. Tom Madrecki, vice president of campaigns and special projects for the Consumer Brands Association, said the letter is aimed at opening up a conversation with the Trump administration on exemptions. Trade enforcement, including tariffs, he said, has to be "done strategically and (it) has to ladder back up to protect manufacturers," Madrecki said. He noted that bamboo fiber from Australia, used in the absorbent pads for diapers, is another import unavailable domestically. U.S. companies including Colgate Palmolive and Edgewell face exposure to tariffs. Colgate, which makes toothpaste in Mexico, is looking at ways to reduce the impact of tariffs. But the company doesn't expect it will be able to fully mitigate them, its chief investor relations officer John Faucher said Wednesday at an industry conference. "There still will be an impact both from the initial tariffs, as well as in terms of what happens with any sort of retaliatory tariffs as we look at impact with Mexico or Canada," Faucher said. Banana Boat sunscreen maker Edgewell said it was looking to lock in prices from Chinese suppliers on sunscreen chemicals ahead of tariffs. Procter & Gamble also said it may have to raise prices to deal with the looming trade war.
Reuters
12-03-2025
- Business
- Reuters
Exclusive: US food giants PepsiCo, Conagra seek to exempt some imports from tariffs, trade group says
Summary Companies NEW YORK, March 12 (Reuters) - Major packaged food makers including Quaker Oats and Folgers coffee asked U.S. President Donald J. Trump for targeted exemptions from tariffs on imports like cocoa and fruit, according to a letter seen by Reuters. PepsiCo (PEP.O), opens new tab, Conagra (CAG.N), opens new tab and J M Smucker (SJM.N), opens new tab, are requesting that Trump exempt ingredients not available from U.S. sources to protect manufacturers who otherwise buy from domestic farmers and suppliers, according to the letter, sent on Monday by a consumer products trade group representing the companies, the Consumer Brands Association. Coffee, oats, cocoa, spices, tropical fruit and tin mill steel, used for specialty food and household goods, are among the imports listed as unavailable domestically in the letter. "We believe targeted and carefully calibrated removal of these ingredients and inputs from tariffs is appropriate to best protect U.S. manufacturers and support (Trump's) efforts to lower consumer inflation," the letter said. PepsiCo and Smucker, which have executives sitting on the executive committee of the Consumer Brands Association, did not immediately respond to requests for comment. A spokesman for Conagra, whose CEO Sean Connolly is also on the industry group's executive committee, said the company, the maker of Swiss Miss hot chocolate, continues to evaluate its sourcing in light of possible policy changes. Trump's new round of tariffs on goods from China, Canada and Mexico come at a delicate time for the U.S. packaged food and consumer product industry. Manufacturers fear having to pass new costs on to consumers, who are already buying less after double-digit inflation the last several years. Trump campaigned to bring down the cost of living. Tom Madrecki, vice president of campaigns and special projects for the Consumer Brands Association, said the letter is aimed at opening up a conversation with the Trump administration on exemptions. Trade enforcement, including tariffs, he said, has to be "done strategically and (it) has to ladder back up to protect manufacturers," Madrecki said. He noted that bamboo fiber from Australia, used in the absorbent pads for diapers, is another import unavailable domestically. U.S. companies including Colgate Palmolive (CL.N), opens new tab and Edgewell (EPC.N), opens new tab face exposure to tariffs. Colgate, which makes toothpaste in Mexico, is looking at ways to reduce the impact of tariffs. But the company doesn't expect it will be able to fully mitigate them, its chief investor relations officer John Faucher said Wednesday at an industry conference. "There still will be an impact both from the initial tariffs, as well as in terms of what happens with any sort of retaliatory tariffs as we look at impact with Mexico or Canada," Faucher said. Banana Boat sunscreen maker Edgewell said it was looking to lock in prices from Chinese suppliers on sunscreen chemicals ahead of tariffs. Procter & Gamble (PG.N), opens new tab also said it may have to raise prices to deal with the looming trade war.
