Category Archive for "Consumer"

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Groundhog Day – PPC, HSH and TSN

Last week, we suggested that it was likely that PPC would remain engaged in its pursuit of HSH subsequent to TSN offering a $50 per share counter-bid for the company. Sure enough, the Wall Street Journal is reporting that PPC

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Quick Thoughts – HSH, TSN and PPC (Second Verse, Same as the First?)

This morning, TSN announced a proposal to acquire HSH for $50 per share in an all cash deal, effectively trumping PPC’s $45 per share offer that likely hadn’t even had time to cool off it was so fresh out of

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Quick Thoughts – HSH, PF and PPC

This morning, PPC sought to derail HSH’s proposed acquisition of PF by announcing an unsolicited bid for HSH of $45 per share (all cash). Putting aside the numbers for a moment, this deal makes much more sense to us if

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Quick Thoughts – Retail

Retail earnings this morning are a bit dicey, with notable weakness from a number of different companies – SPLS, HD, TJX, URBN and DKS. We see these results as consistent with our commentary last week where we laid out (again?

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Quick Thoughts – KSS and WMT

Both KSS ($0.60 versus consensus of $0.63) and WMT ($1.10 versus consensus of $1.15) reported weak EPS results and lackluster comps.  WMT is a name that remains among our least preferred, while KSS is a name that we haven’t commented

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Quick Thoughts – TSN, Rate of Change is What Matters

This morning, TSN reported Q2 ’14 EPS results of $0.60 per share, falling shy of consensus by $0.03 per share.  Revenue, a less important metric given the volatility of the company’s margin structure, was +7.2% year on year, beating consensus

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Quick Thoughts – ENR, a Roll-Up now Rolling…Down?

In conjunction with its earnings release this morning, ENR announced its intent to separate into two, separate publicly traded companies: Consumer products (batteries and lighting products) – battery category is in secular decline, excellent free cash flow profile, capital structure

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Quick Thoughts – ADM Q1 Results

ADM reported Q1 ’14 results that were well shy of consensus this morning ($0.55 per share, adjusted, versus expectations of $0.74 per share).  While a less impactful number, revenues missed consensus estimates as well. While we like ADM’s long-term positioning

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Quick Thoughts – Crop Progress (April 28th)

The USDA is set to release the weekly crop progress report later today, and we expect substantial improvement in the amount of corn that has been put in the ground versus last week’s total of 6%. As we mentioned last

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Quick Thoughts – HSY

Hershey’s Q1 results this morning struck a familiar note within staples and the broader market this earnings season – miss on revenues, meet or beat on EPS.   HSY constant currency organic sales increased 3.2% (2.4% reported, shy of consensus by

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