- Sysco (SYY -0.7%) broke lower during an investor event today after being in positive territory. It is possible that investors expected even higher guidance from the food company than it delivered (FY22 EPS of $3.23 to $3.43 vs. $3.33 consensus).
- Management discussed its growth and post-pandemic strategies during the early part of the talk. Execs are pointing to robust demand amid at-home fatigue. A new $5B share repurchase plan was announced.
- Earlier today, Sysco announced a deal to acquire Greco and Sons for an undisclosed amount. Greco is described as an importer and distributor of a full line of premium quality food and non-food products as well as manufacturer of value-added specialty meat products. The company churned up about $800M in revenue last year.
- Sysco was on Seeking Alpha's Catalyst Watch this week to see some extra volatility during the investor event.