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Wendy's 2Q Earnings Top Street -- Market Talk
07:56 ET - Wendy's (WEN) shares up 2.8% premarket after the fast-food company's same-store sales grew for the 18th consecutive quarter. WEN's same-store sales grew 3.2% in 2Q as it posted adjusted EPS of 15c, 2c more than analysts polled by Thomson Reuters expected. While total revenue slid 16.3%, the company says it was primarily because it intentionally decreased the number of company-operated restaurants in favor of franchises. (email@example.com; @CaraRLombardo)
Wendy's Raised Prices in 2Q on Higher Beef, Bacon Costs -- Market Talk
10:00 ET - Wendy's (WEN) is expecting commodity inflation of 3%-4% for the year, up from its previous forecast of 1.5%-2%, due to higher beef and bacon prices. The chain raised prices on certain menu items by 1% in 2Q--the first price increase the company has instituted in two years. CEO Todd Penegor says beef prices have since come back down and that the company is now buying beef for 4Q. (firstname.lastname@example.org)
US Foods Beats 2Q Sales Expectations -- Market Talk
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1114 GMT - US Foods Holding Corp. (USFD) did more business in its 2Q than analysts expected, thanks in part to growing sales to independent restaurants. USFD, one of the country's largest food distributors, has also focused on bolstering its footprint by making five acquisitions so far this year. Last month it announced plans to buy TOBA Inc, which comes with three food distribution companies that serve retail stores in the Midwest. The company, which first went public last year, raises its 2017 outlook and now guides net sales growth of 3% to 5%. USFD shares are up 4.11% this year, compared to the S&P 500's 11% rise. (email@example.com; @CaraRLombardo)
STORIES OF INTEREST
Dairies' Fix for Souring Milk Sales: Genetics and Bananas
Dairy makers are hoping puréed fruit and genetically screened cows can help win back consumers who have soured on milk.
U.S. milk sales are down 11% by volume since 2000, according to U.S. Department of Agriculture data. Plant-based milk substitutes have taken some of the remaining market share. And a turn away from packaged foods has sapped sales of breakfast cereal, a key milk accompaniment.
Cattle Futures Fall to 2017 Low
Cattle futures tumbled to the lowest close this year, falling through technical boundaries to extend a week of heavy losses.
Contracts for live cattle gave way after dropping past the bottom end of a recent trading range of around $1.12 a pound. In the subsequent selloff, they dropped to a fresh low for the year while some feeder cattle futures fell to their lower daily limit.
Zumbrota, Minn Hog Steady At $51.00 - Aug 9
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $51.00 per hundredweight.
Sow prices are steady. Sows weighing under 450 pounds are $65.00-$67.00, 400-450 pounds are at $65.000-$67.00, 450-500 pounds are $65.00-$67.00 and those over 500 pounds are $69.00-$71.00.
The day's total run is estimated at 250 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Aug 9
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Aug 9 +$24.57 +$72.90
Aug 8 +$24.75 +$73.70
Aug 7 +$30.83 +$78.68
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 101.3
(Percent of Year-Ago) Select 102.5
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday fell 59 cents per hundred pounds, to $201.66, according to the USDA. Select-grade prices fell 25 cents per hundred pounds, to $196.61. The total load count was 148. Wholesale pork prices fell 37 cents, to $94.31 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
August 09, 2017 17:39 ET (21:39 GMT)