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Kellogg Company (K)

  • Nov. 26, 2014, 9:44 AM
    • Abraaj has raised its bid for Bisco Misr to 80.58 EGP per share, announcing a $130M offer for the Egyptian cake and biscuit maker.
    • The UAE investment company's initial bid of 73 EGP per share earlier this month was topped this morning by Kellogg's (K -0.5%) offer of 79 EGP/share.
    • Previously: Kellogg makes offer for Egypt's Bisco Misr
    | 1 Comment
  • Nov. 26, 2014, 6:40 AM
    | 1 Comment
  • Nov. 20, 2014, 9:12 AM
    • Air fares rose 2.2% M/M in October, according to the underlying data from the Bureau of Labor Statistics. The development arrives just as jet fuel prices are moderating on forward contracts for carriers (LUV, JBLU, HA, ALK, ALGT, SAVE, AAL, DAL, UAL, RJET).
    • Breakfast cereal prices rose 1.5% M/M in October. Though the gain could be due to a soft promotions-influenced comp from a year ago, sellers (GIS, K, POST) won't mind the relief.
    • Another surprise might be the +4.3% average price rise in the women's dresses category. Ann (NYSE:ANN), L Brands (NYSE:LB), Cache (NASDAQ:CACH), Cato (NYSE:CATO), Chico's FAS (NYSE:CHS), and Ascena Retail (NASDAQ:ASNA) could be part of that improvement.
    • BLS CPI table
  • Nov. 20, 2014, 6:55 AM
    • Kellogg (NYSE:K) says it will make an offer for Bisco Misr after completing its due diligence process.
    • The Egyptian food maker already has an offer on the table from Abraaj Group at $119M.
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  • Oct. 30, 2014, 8:20 AM
    • Kellogg (NYSE:K) reports sales in North America fell 4.2% Y/Y to $2.3B in Q3, while operating profit was 20% lower than the year-ago period.
    • The company saw weakness in both the snacks and morning foods segments in the U.S.
    • Cost of goods +3.6% to $2.35B.
    • International revenue growth: Europe sales -0.6%, Latin America +6.2%, Asia/Pacific +4.8%.
    • K -2.4% premarket.
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  • Oct. 30, 2014, 8:05 AM
    • Kellogg (NYSE:K): Q3 EPS of $0.94 beats by $0.02.
    • Revenue of $3.64B (-2.2% Y/Y) misses by $50M.
    • Shares -2.3% PM.
    • Press Release
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  • Oct. 24, 2014, 2:25 PM
    • Kellogg Company (NYSE:K) declares $0.49/share quarterly dividend, in line with previous.
    • Forward yield 3.16%
    • Payable Dec. 15; for shareholders of record Dec. 1; ex-div Nov. 26.
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  • Oct. 3, 2014, 11:16 AM
    • More M&A murmurings and a decent mix of economic news is enough to give foods stocks a lift.
    • Sector leaders: Tyson Foods (TSN +1.8%), Pilgrim's Pride (PPC +5.1%), Sanderson Farms (SAFM +4.3%), Flower Foods (FLO +1.8%), Post Holdings (POST +2.1%) and Kellogg (K +1.1%).
  • Oct. 2, 2014, 6:55 PM
    • Kellogg (NYSE:K) CEO John A. Bryant is planning to meet in London with British snack/cookie maker United Biscuits about a ~£2B ($3.2B) acquisition, the WSJ reports.
    • At the same time, United is said to be prepping IPO documents, thus giving P-E owners Blackstone and PAI Partners a second exit strategy. Blackstone and PAI bought United for £1.6B in 2006.
    • United had 2013 sales of £1.1B, and claims a quarter of the British cookie market. However, growth has been weak in recent years.
    • K -0.4% AH.
    | Comment!
  • Sep. 30, 2014, 10:29 AM
    • Shares of Kellogg (K -0.8%) are under pressure after Morgan Stanley takes its rating on the food stock down to Underweight from Equal Weight.
    • The investment firm thinks the Special K project touted by the company isn't delivering the expected returns.
  • Sep. 26, 2014, 8:59 AM
    • Kellogg (NYSE:K) says it will remove Optivita from its product list in the U.K. due to weak demand.
    • Sales of Optivita have fallen off even more than the broader cereal category.
    | Comment!
  • Sep. 22, 2014, 3:00 PM
    • Kellogg (K -0.6%) is one of the first round bidders for United Biscuits, sources tell The Wall Street Journal.
    • The Ontario Teachers' Pension Plan and Turkish firm Ulker Biskuvi Sanayi AS were also involved in the bidding for the private equity-owned food company.
    • The offer prices for United Biscuits is reported to be in the neighborhood of $3.27B.
    | 1 Comment
  • Sep. 17, 2014, 11:31 AM
    • Post (POST -2%) and Kellogg (K -1.9%) slide after General Mills delivers an underwhelming FQ1 report.
    • Pricing pressure and low cereal volumes are concerns within the group.
    • It's a tough day throughout the food sector with investors also a bit skittish on Flower Foods (FLO -0.9%), TreeHouse Foods (THS -0.5%), and Hain Celestial (HAIN -1%).
  • Sep. 11, 2014, 2:17 PM
    • The cereal industry is undergoing a "death by a thousand cuts" with no single competing category or product delivering a knockout blow - but volume in the U.S. remaining stuck in a downward trend.
    • Though Greek yogurt, the smoothie craze, fad diets, and the explosion of organic brands are all major headaches for cereal sellers, it might be the ambivalent attitude of millennials that proves to be the biggest challenge.
    • A recent swing by Kellogg (NYSE:K), Post Holdings (NYSE:POST), and General Mills (NYSE:GIS) to wax nostalgic with marketing campaigns hasn't delivered as strong as results as anticipated and new product innovation (protein, gluten-free, no-fat) has been somewhat hit and miss.
    • The battle for breakfast: An aggressive push by fast-food and fast-casual restaurants as well as the appeal of hit-and-run breakfasts from convenience-store chains has also impacted cereal sales, according to analysts.
  • Sep. 2, 2014, 7:02 AM
    • Kellogg (NYSE:K) is interested in acquiring a stake in Bisco Misr, according to Reuters.
    • The company is evaluating a bid of 51% to all 100% of the shares of the Egyptian snack maker.
    | Comment!
  • Aug. 6, 2014, 3:24 PM
    • Kellogg (K +2.5%) is considering an offer for United Biscuits in the £2B range ($3.37B), according to reports from the U.K.
    • Sources indicate the company is working with Barclays on how to structure an offer.
    • The acquisition could give Kellogg new growth channels.
    • United Biscuits is held by P-E firms Blackstone Group and PAI Partners.
    | Comment!
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Company Description
Kellogg Co and its subsidiaries are involved in the manufacture and marketing of ready-to-eat cereal and convenience foods.