SYSCO Corporation (SYY) - NYSE
  • Jun. 29, 2015, 8:17 AM
    | Jun. 29, 2015, 8:17 AM | 2 Comments
  • Jun. 24, 2015, 8:07 AM
    • Shares of Sysco (NYSE:SYY) fall in early trading after the FTC blocked its merger with US Foods.
    • The company isn't expected to appeal the decision due to the cost of stretching out the merger timeline even if it won in court.
    • The position of the regulator is that a combined Sysco-US Foods entity would dominate the broadline foodservice market.
    • Previously: Judge blocks Sysco merger with US Foods (Jun. 23 2015)
    • SYY -1.6% premarket to $36.99.
    | Jun. 24, 2015, 8:07 AM | 3 Comments
  • Jun. 23, 2015, 5:19 PM
    • A judge rules the FTC can block a merger between Sysco (NYSE:SYY) and P-E owned US Foods due to anti-competitive concerns.
    • A preliminary injunction is in effect pending a potential appeal by Sysco.
    • SYY -1.2% after hours.
    | Jun. 23, 2015, 5:19 PM | 36 Comments
  • Jun. 17, 2015, 9:30 AM
    • The impact of the bird flu in the the Midwest part of the U.S. is impacting the egg and chicken markets in different ways, according to data from the USDA.
    • A restriction on imports from the U.S. from some nations has increased the domestic supply of chickens to be sold to sellers. Prices for bulk leg quarters, drumsticks, and boneless/skinless thigh meat all fell by 19% or more Y/Y.
    • Egg prices were dramatically higher with most outbreaks associated with poultry farms where chickens are raised for their eggs.
    • Turkey prices are moderately higher.
    • Chicken stocks have been volatile the past few months off of news on the avian flu.
    • Related stocks: PPC, SYY, HRL, TSN, SAFM, CALM, ADM.
    | Jun. 17, 2015, 9:30 AM | 12 Comments
  • Jun. 8, 2015, 3:42 AM
    • While mergers and acquisitions have accelerated sharply since the financial crisis, the government's pace for reviewing proposed deals is slowing.
    • In such deal reviews concluded this year, more than 10 months elapsed, on average, between the transaction's announcement and a yes-or-no decision by the FTC or Justice Department. That's an increase from an average of seven months in recent years.
    • Notables: Comcast's (NASDAQ:CMCSA) bid for Time Warner (NYSE:TWC) was pending for 14 months before it was dropped in April. Applied Materials (NASDAQ:AMAT) walked away from its deal to acquire Tokyo Electron (OTCPK:TOELY) 19 months after it was announced, while the FTC spent more than a year examining Sysco's (NYSE:SYY) planned acquisition of U.S. Foods before bringing a lawsuit against it in February.
    | Jun. 8, 2015, 3:42 AM | 3 Comments
  • May 22, 2015, 1:56 PM
    • SYSCO (NYSE:SYY) declares $0.30/share quarterly dividend, in line with previous.
    • Forward yield 3.17%
    • Payable July 24; for shareholders of record July 2; ex-div June 30.
    | May 22, 2015, 1:56 PM
  • May 22, 2015, 8:20 AM
    • The avian flu outbreak in the U.S. has led to the deaths of close to 39M birds and disrupted both the egg and poultry industries.
    • A higher concentration of chickens on fewer commercial farms has increased the impact of a single case of the virus at a location.
    • Consumers are expected to bear the brunt of higher egg prices, while egg producers such as Cal-Maine Foods (NASDAQ:CALM) operating outside the area of the outbreak will see a benefit from the jump in market prices.
    • Related stocks: PPC, SYY, HRL, TSN, SAFM.
    | May 22, 2015, 8:20 AM | 6 Comments
  • May 15, 2015, 4:43 PM
    • Sysco (NYSE:SYY) will be left on the hook for ~$1B if the U.S. government kills its $3.5B merger with US Foods, based on a Reuters analysis of its SEC filings.
    • SYY already has spent more than $400M on a combination of integration planning, financing charges and defending the transaction in court.
    • If the FTC is successful in blocking the merger, SYY would  have to pay US Foods a $300M termination fee, plus up to $25M to Performance Food Group, which has agreed to buy assets to be divested; also, if the deal does not close by Oct. 8, SYY likely would incur another $265M in losses, including the cost of redeeming $5B in bonds set to be used for the acquisition.
    • The potential $1B in costs shows the dangers companies face when they decide to go forward with an aggressive deal at a time when the U.S. government is taking a more active stance in stopping deals it sees as reducing competition.
    | May 15, 2015, 4:43 PM | 2 Comments
  • May 11, 2015, 9:05 PM
    • A US Foods executive said in federal court today that his company would walk away from its planned merger with Sysco (NYSE:SYY) if the presiding judge issues an injunction to preliminarily block the deal.
    • David Schreibman, an executive VP at US Foods, told the judge that his company is not willing to endure a protracted legal fight with U.S. antitrust enforcers.
    • Also, SYY CEO Bill DeLaney disputed government claims his company could target customers for price increases if it acquired US Foods, saying customers would take their business to other distributors.
    • The FTC, which sued the companies in February after spending more than a year reviewing the proposed merger, wants the judge to block the deal preliminarily while it holds a longer in-house administrative beginning in July.
    | May 11, 2015, 9:05 PM | 10 Comments
  • May 4, 2015, 8:49 AM
    • SYSCO (NYSE:SYY) reports Broadline sales rose by 4.73% to $9.53B.
    • SYGMA sales declined 1.09% to $1.51B.
    • Sales from acquisitions increased total sales by 0.6%.
    • Gross margin decreased 17 bps to 17.52%.
    • Adjsuted operating margin -23 bps to 3.21%.
    • FQ3 results
    | May 4, 2015, 8:49 AM
  • May 4, 2015, 8:07 AM
    • SYSCO (NYSE:SYY): FQ3 EPS of $0.40 misses by $0.01.
    • Revenue of $11.75B (+4.2% Y/Y) misses by $230M.
    | May 4, 2015, 8:07 AM
  • May 4, 2015, 2:49 AM
    • The U.S.'s two largest food distributors, Sysco (NYSE:SYY) and U.S. Foods, and the Federal Trade Commission will square off in a Washington federal court tomorrow, in a seven-day hearing that will decide the fate of their planned merger.
    • The FTC filed suit in February to block the merger after investigating it for more than a year, arguing that the deal would "eliminate significant competition...and create a dominant national broadline food service distributor."
    | May 4, 2015, 2:49 AM | 2 Comments
  • May 3, 2015, 5:30 PM
    | May 3, 2015, 5:30 PM | 3 Comments
  • Feb. 20, 2015, 1:57 AM
    • Just after it hired top antitrust lawyers to counsel it in its fight with the Federal Trade Commission, Sysco (NYSE:SYY) has got word that the FTC filed suit against its proposed $3.5B takeover of rival U.S. Foods.
    • "This proposed merger would eliminate significant competition in the marketplace and create a dominant national broadline food service distributor," Debbie Feinstein, director of the FTC's Bureau of Competition, said in a statement.
    • Previously: Sysco arms itself for possible merger fight (Feb. 19 2015)
    | Feb. 20, 2015, 1:57 AM | 4 Comments
  • Feb. 19, 2015, 3:03 AM
    • Sysco (NYSE:SYY) has hired top antitrust lawyers as its counsel if the Federal Trade Commission files a lawsuit to block its $3.5B purchase of rival U.S. Foods.
    • The move comes after Sysco concluded a series of meetings with the FTC last Wednesday and follows concerns from the agency that the deal could limit competition and lead to higher prices.
    • Previously, Sysco and U.S. Foods offered to sell 11 distribution centers with $5B in sales in hopes of an approval.
    • Previously: Sysco-U.S. Foods merger facing tough approval (Jan. 29 2015)
    | Feb. 19, 2015, 3:03 AM
  • Feb. 13, 2015, 1:46 PM
    • SYSCO (NYSE:SYY) declares $0.30/share quarterly dividend, in line with previous.
    • Forward yield 3.03%
    • Payable April 24; for shareholders of record April 2; ex-div March 31.
    | Feb. 13, 2015, 1:46 PM
Company Description
Sysco Corp. engages in the selling, marketing and distribution of food and food related products primarily to the foodservice or food-away-from-home industry. It operates through the following segments: Broadline, SYGMA and Others. The Broadline segment distributes a full line of food products... More
Sector: Services
Industry: Food Wholesale
Country: United States