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Sonic Same Store Sales Hurt By Hurricane Harvey -- Market Talk
16:41 ET - Fast food chain Sonic points to Hurricane Harvey and a weaker marketing strategy as it reports sliding F4Q same store sales. Comparable sales tumbled 3.3%, lead by a 4.8% decline at company-owned restaurants. Analysts polled by Consensus Metrix predicted a system wide decline of 1.3%. Shares fall 2% to $24.20 after the bell. (email@example.com; @moisenoise)
Ruby Tuesday to Be Taken Private in $146 Million Deal -Update
Restaurant chain Ruby Tuesday Inc. is being taken private as it struggles with unprofitability and declining same-restaurant sales amid broader changes in casual dining.
Private-equity firm NRD Capital Management, which has recently invested in other restaurant companies, is buying the casual-dining chain for about $146 million, or $2.40 a share.
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STORIES OF INTEREST
Aramark to Buy Avendra and AmeriPride in Separate Deals
Food-service giant Aramark Corp. plans to acquire two closely held companies for a total of $2.35 billion, in its largest deals since going public nearly four years ago.
The company is buying Avendra LLC, which procures food, supplies and such services as landscaping for hotels and other institutions, for $1.35 billion; and AmeriPride Services Inc., a supplier of uniforms and towels, for $1 billion, officials said Sunday.
The Future of Protein (the Meatless Variety) -- WSJ
The future of protein could be a meal worm, a fungus, an obscure plant or a run-of-the-mill pea.
"If we look around the world, there's a big consumer trend on more protein," says Mehmood Khan, vice chairman and chief scientific officer at PepsiCo Inc. "The question is: How are we going to do this in a manner that's sustainable? Protein isn't cheap. And animal protein has the greatest footprint on the planet."
The maker of Cheetos, Rice-A-Roni and Quaker Oats this year issued a request for proposals on "novel protein sources" for its snacks and beverages. PepsiCo is focused primarily on plant-based proteins but said it would also consider insects or mycoprotein -- an ingredient made from fermented fungus.
Hog Futures Rally on Cash Gains
Hog futures settled just short of a six-week high on Monday as traders anticipated higher prices in the cash market.
December lean hog contracts rose 2.4% to 63.7 cents a pound at the Chicago Mercantile Exchange, the highest close since Sept. 5.
Cash prices for slaughter-ready hogs have risen for 11 consecutive days, and were on track to rise again on Monday. New Midwestern slaughterhouses have given hog farmers more places to sell their hogs, helping to push up prices. Wholesale pork prices have also inched higher after hitting a bottom in early October.
Zumbrota, Minn Hog $1.00 Higher At $35.00 - Oct 16
Barrow and gilt prices at the Zumbrota, Minn., livestock market today
are $1.00 higher at $35.00 per hundredweight.
Sow prices are steady. Sows weighing under 450 pounds are $27.00, 400-450
pounds are at $27.00, 450-500 pounds are $27.00 and those over 500 pounds
The day's total run is estimated at 100 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Oct 16
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Oct 16 +$26.92 +$ 30.01
Oct 13 +$28.42 +$ 28.98
Oct 12 +$28.40 +$ 27.62
* 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 109.5
(Percent of Year-Ago) Select 110.4
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday rose 59 cents per hundred pounds, to $198.81, according to the USDA. Select-grade prices rose 52 cents per hundred pounds, to $190.57. The total load count was 97. Wholesale pork prices rose 48 cents, to $74.36 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
October 16, 2017 17:30 ET (21:30 GMT)