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Blue Apron Soars on CEO Swap -- Market Talk
11:19 ET - Blue Apron up 7.7% on news the meal-kit company is replacing its chief executive with current CFO Brad Dickerson. Outgoing CEO Matthew B. Salzberg, who co-founded the company five years ago, remains as executive chairman. Salzberg is the second Blue Apron founder to take a reduced role at the company since its stock market debut. Blue Apron's stock has dropped roughly 70% since it began trading at about $10 a share, making it one of the worst IPO performances of the year. Today's gains are the company's biggest since July, but shares are at $3.20. (firstname.lastname@example.org; @heatherhaddon)
Wendy's Expands Delivery Push With DoorDash -- Market Talk
8:38 ET - Wendy's says it is teaming up with on-demand courier company DoorDash to deliver the fast-food chain's fare directly to customers' doors. Wendy's is the latest fast-food company to jump into the delivery and mobile-ordering frenzy, which analysts are closely tracking. McDonald's in July expanded its partnership with UberEATS to deliver items to customers in 13 countries, giving them easier access to the chain's Big Macs and fries. Wendy's, which had been operating a delivery pilot program, plans to roll out its service in 48 US markets initially. (email@example.com @CaraRLombardo)
STORIES OF INTEREST
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Bayer Gets CFIUS Clearance for Monsanto Deal
Bayer AG (BAYN.XE) said on Friday that the Committee on Foreign Investment in the U.S., or CFIUS, has no national security concerns related to the German company's planned takeover of Monsanto Co. (MON). The companies will continue to cooperate with regulatory authorities to complete the transaction in early 2018, Bayer said.
Brazil Soybean Planting Approaching Its End -- Market Talk
1506 ET - U.S. soybean processors crushed 176M bushels of oilseed in October, up from 145M in September and steady with a year earlier, according to the USDA. Stocks of soybean oil at the end of October fell to 1.3B pounds from 1.4B a month earlier, also below the same time last year. (firstname.lastname@example.org; @b_parkyn)
Cattle Futures Tumble as Funds Sour on Beef
Cattle futures ended the week sharply lower as hedge funds and other speculative investors unwound optimistic bets.
Futures traders spent much of the week anticipating higher cash prices for physical cattle. But higher cash prices did little to stem the selling in the futures market.
December live cattle futures fell 2.2%, to $1.17225 a pound, at the Chicago Mercantile Exchange, with a number of contracts close to or at their lower daily limits. Feeder cattle futures were also sharply lower.
Hog futures rose, with the CME December lean hog contracts 1.6% higher, at 65.275 cents a pound.
Estimated U.S. Pork Packer Margin Index - Dec 1
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Dec 1 +$45.84 +$47.70
Nov 30 +$43.56 +$47.70
Nov 29 +$45.62 +$47.96
* 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 108.4
(Percent of Year-Ago) Select 106.3
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday rose $1.35 per hundred pounds, to $205.99, according to the USDA. Select-grade prices fell 60 cents per hundred pounds, to $183.61. The total load count was 135. Wholesale pork prices were steady at $82.59 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
December 01, 2017 17:32 ET (22:32 GMT)