<ul class="summary-list"><li>Hostess stock climbed roughly 19% Monday, while JM Smucker declined as much as 8%.</li><li>Jelly company Smucker agreed to acquire the Twinkie maker for $5.6 billion.</li></ul><p><a href="https://markets.businessinsider.com/stocks/twnk-stock">Hostess</a> stock jumped stock as much as 19% Monday after <a href="https://markets.businessinsider.com/stocks/sjm-stock">JM Smucker</a> agreed to take over the Twinkie maker.</p><p>At the same time, Smucker stock tumbled about 8%. </p><p>The jelly company is set to acquire the long-time cupcake and donut producer for $5.6 billion, or about $34.25 a share. Smucker will also take on Hostess' $900 million in debt when the deal closes in January.</p><p>Hostess shareholders will get $30 in cash and 0.03002 share of Smucker stock for every Hostess share they owned. </p><p>Prior to Monday, Hostess stock has climbed 25% in 2023, even as price increases caused demand to slip for its flagship products, Twinkies and Ding Dongs.</p><p>Hostess had become a candidate for an acquisition earlier this year as investors grew concerned about its declining growth.</p><p>In 2016, the company had gone public via a merger with a special purpose acquisition company.</p><p>As for Smucker, it also operates coffee and pet food brands, and has a market valuation of more than $14 billion.</p><p>The news marks the latest major packaged food acquisition as companies look to bolster their portfolios. Earlier this year, Campbell's Soup secured a $2.7 billion deal for Sovos Brands, while Unilever acquired Greek yogurt producer Yasso.</p>

Hostess surges 19% after the Twinkie maker agrees to $5.6 billion takeover by JM Smucker

<a href="https://markets.businessinsider.com/stocks/sjm-stock"></a><ul class="summary-list"><li>JM Smucker's CEO, <keyword id="4926655" type="PERSON" weightage="60" keywordseo="mark-smucker">Mark Smucker</keyword>, sees <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> "across the board" and is passing some <keyword id="1391685" type="PERSON" weightage="60" keywordseo="Price-Increases">price increases</keyword> onto consumers.</li><li>The CEO added JM Smucker's name to a growing list of <keyword id="1127875" type="ORGANIZATION" weightage="60" keywordseo="Consumer-staples">consumer staples</keyword> companies raising prices.</li><li>The firm revealed an 8.1% year-over-year drop in revenue in its fiscal fourth-quarter earnings release Thursday.</li></ul><p><a href="https://markets.businessinsider.com/stocks/sjm-stock">JM Smucker's</a> CEO Mark Smucker says he's seeing widespread inflation and the company is passing some price increases onto consumers.</p><p>"We have been seeing inflation over the past year across the board," Smucker said in an interview with CNBC's Sara Eisen.</p><p>The CEO added that he believes rising costs are "manageable" because the company has been able to pass costs onto consumers.</p><p>"This is something that we deal with on a regular basis. Our products (prices), in many cases, are based on commodities so we have been very successful over the years in ensuring that we can pass along price increases to our consumers, partnering with our retail customers to do that in the most equitable and fair way," Smucker said.</p><p>Smucker went on to explain that the current "inflationary environment" affects everyone, but his company has the ability to navigate the rising tides.</p><p>JM Smucker revealed an 8.1% year-over-year drop in revenue in its fiscal year 2021 fourth-quarter earnings release on Thursday. The company did manage to beat revenue and non-GAAP EPS estimates, but it expects sales for the fiscal year 2022 to decrease between 2% and 3%.</p><p>JM Smucker missed analyst estimates for GAAP earnings per share by $0.24 in the quarter as well, earning just $1.35 per share.</p><p>The company is the latest in a line of consumer staples firms that have <a href="https://www.businessinsider.com/household-products-coke-toilet-paper-diapers-coffee-tampons-price-increase-2021-4">announced price increases.</a></p><p><a href="https://markets.businessinsider.com/stocks/clx-stock">Clorox</a> said during its <a href="https://markets.businessinsider.com/news/stocks/clorox-co-clx-q3-2021-earnings-call-transcript-10085923">quarterly earnings call</a> on April 30 that it plans to increase prices for some of its Glad brand products due to higher material and shipping costs.</p><p><a href="https://markets.businessinsider.com/stocks/whr-stock">Whirlpool</a> also <a href="https://www.cnbc.com/2021/04/21/whirlpool-ceo-sees-strong-home-trends-boosting-appliance-sales-even-as-prices-rise.html">raised its prices between 5% and 12%</a> in April with CEO Mark Bitzer citing raw material cost increases in steel, plastics, and oil.</p><p><a href="https://markets.businessinsider.com/stocks/pg-stock">Procter &amp; Gamble</a>, <a href="https://markets.businessinsider.com/stocks/gis-stock">General Mills</a>, <a href="https://markets.businessinsider.com/stocks/kmb-stock">Kimberly Clark</a>, and <a href="https://markets.businessinsider.com/stocks/hon-stock">Honeywell</a> have also announced price hikes recently.</p><p>Despite falling sales, JM Smucker stock is still up roughly 17% in the past six months, and shares traded up 0.83% on Thursday as of 1:33 p.m. ET.</p><div type="image" title="JM Smucker stock chart" height="657" width="834" msid="83214874" hostid="261"></div>

JM Smucker CEO says he's seeing widespread inflation and the company is passing some price increases onto consumers

<br /><ul class="summary-list"><li>Millennials, who have traditionally sought out higher-end <keyword id="6354798" type="ORGANIZATION" weightage="60" keywordseo="coffee">coffee</keyword> brands, are helping fuel growth for <keyword id="5793610" type="COMPANY" weightage="60" keywordseo="Folgers">Folgers</keyword>, Bloomberg reports.</li><li>The COVID-19 pandemic led to stockpiling that benefitted the packaged food industry. </li></ul><p>Millennials are helping fuel growth for Folgers coffee, <a href="https://www.bloomberg.com/news/articles/2020-10-09/millennials-embrace-baby-boom-icon-folgers-in-at-home-coffee-era">Bloomberg reports.</a> </p><p>"Believe it or not, they [millennials] do drink Folgers," J.M. <keyword id="10082407" type="UNKNOWN" weightage="60" keywordseo="smuckers">Smuckers</keyword> CEO Mark Smucker told Bloomberg.</p><p>J.M. Smuckers owns Folgers, the ground and instant coffee brand known for the tagline dating back to the 1980s calling it "the best part of waking up," </p><p>J.M. Smuckers also owns several brands across coffee, snacks, and pet products, including Snausages, Dunkin', and Crisco.</p><p>Smucker told Bloomberg that Folgers was "one of the brands in our portfolio that benefited the most from the pandemic," as people increasingly opted to make coffee at home.</p><p>The company in April increased its annual sales and profit forecast as <a href="https://www.cnbc.com/2020/04/21/jm-smucker-raises-sales-outlook-on-coronavirus-led-stockpiling.html">consumers stocked up</a> on nonperishable packaged foods, including Folgers coffee.</p><p>It also reportedly increased production at all of its manufacturers. J.M. Smuckers' stock has increased by 12% this year.</p><p>According to Bloomberg, over a three-month period, 1.3 million new households bought Folgers, and now the company is focused on trying to keep those new customers. Smucker also noted that growth has slowed since the pandemic began, although uncertainty about future lockdowns means it could grow once again.</p><p>Before COVID-19 changed the way people shop and eat, Folgers was largely losing out on millennial coffee drinkers to gourmet brands and single-serve Keurig products, which consumers of that generation tended to prefer to the inexpensive containers sold by Folgers, <a href="https://www.wsj.com/articles/waking-up-a-brand-with-a-new-folgers-in-your-cup-1519209001?mod=e2tw">The Wall Street Journal</a> reported in 2018.</p><p>That year, Smuckers invested millions in a higher end coffee that sold at nearly twice the price of traditional Folgers, called <a href="https://www.grubstreet.com/2018/02/folgers-unveils-first-fancy-coffee-1850-by-folgers.html">1850 by Folgers.</a> The goal of the new line was to rebrand Folgers using imagery evoking its early roots in Gold Rush-era San Francisco, executives told the Journal.</p><p>Now, pandemic-related stay-at-home orders have worked in Folgers' favor with millennial buyers. The packaged-coffee industry has also had some immunity from COVID-19-related supply-chain issues that rocked other industries. Smucker told Bloomberg that he expects the <keyword id="118965" type="PERSON" weightage="60" keywordseo="Supply-chain">supply chain</keyword> to hold up through a second wave of infections and panic buying, if there is one. </p>

Millennials are fueling a comeback for Folgers coffee, the century-old canned coffee brand embraced by their Boomer parents

<ul class="summary-list"><li>New <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> data showed a 5% jump in consumer prices on a year-over-year basis in May.</li><li>The increase added to the debate about whether is inflation is actually "transitory," as the Federal Reserve has claimed.</li><li>Detailed below are 10 companies that have already said they're passing <keyword id="652666" type="PERSON" weightage="60" keywordseo="rising-costs">rising costs</keyword> on to consumers.</li></ul><p>The Labor Department released its monthly <keyword id="134096" type="COMPANY" weightage="60" keywordseo="consumer-price-index">Consumer Price Index</keyword> (CPI) data on Thursday, revealing a <a href="https://www.businessinsider.com/cpi-inflation-may-supply-bottlenecks-shortages-price-growth-reopening-demand-2021-6">5% jump</a> in headline consumer prices year-over-year in May, the fastest pace of increase since August 2008.</p><p>That came in above the consensus economist estimate of 4.7%.</p><p>Core CPI, which excludes volatile food and energy prices, rose a more modest 3.8% year-over-year in May but still increased 0.7% month-over-month.</p><p>Both figures fanned the flames of an already raging debate among economists and market watchers about the nature of current inflationary trends.</p><p>Some, including <a href="https://www.businessinsider.com/fed-keeps-key-rate-near-zero-sees-inflation-as-transitory-2021-4">the Federal Reserve</a>, argue that rising costs are only "transitory" - a result of supply and demand imbalances brought about by the pandemic and rapid reopening.</p><p>Others, including Cambridge's Mohamed El-Erian, claim that inflation could be <a href="https://markets.businessinsider.com/news/stocks/how-bad-inflation-get-mohamed-el-erian-transitory-federal-reserve-2021-5-1030380375">here to stay</a> and question the Fed's insistence on maintaining ultra-accommodative policies as the pandemic winds to an end.</p><p>Whatever side of the argument investors land on, one thing is clear, dozens of companies are raising prices due to the <a href="https://markets.businessinsider.com/news/stocks/corn-copper-lumber-wheat-price-commodities-have-surged-2021-inflation-2021-5-1030397643">increasing costs of basic commodities</a>.</p><p>From Coca-Cola to Campbell Soup, the majority of these price increases have come from <keyword id="1127875" type="ORGANIZATION" weightage="60" keywordseo="Consumer-staples">consumer staples</keyword> companies that are most affected by commodity costs.</p><p>Whether or not current price increases will remain over the long-term is clearly up for debate, but for the everyday consumer, the reality is life is now more expensive than it was last year. </p><h3>Detailed below are 10 companies that have already said they are passing rising costs onto consumers due to inflation.</h3><h3><u><strong>Campbell Soup Company</strong></u></h3><p>On June 9, in Campbell Soup's third quarter, 2021 conference call, the word "inflation" was mentioned 35 times by execs and analysts.</p><p>The company revealed it was "impacted by a rising inflationary environment," and CEO Mark Clouse said he expects "sustained inflationary pressures through the remainder of the year."</p><p>Campbell's said it will be raising food prices this summer to offset the rising costs. Although CEO Mark Clouse noted, "we are going to be very thoughtful about it. The last thing we want to do is shut down the growth that we've worked fairly hard to have."</p><h3><u><strong>The JM Smucker Company</strong></u></h3><p>In JM Smucker's fourth-quarter, 2021 conference call on June 3, there were 10 mentions of inflation, and CEO Mark Smucker said the company would be raising prices to offset rising costs.</p><p>"Broad-based inflation is impacting many of the commodities, packaging materials, and transportation channels that are important to our business. We are mitigating the impacts through a combination of higher pricing inclusive of list price increases, reduced trade and net revenue optimization strategies, as well as continued cost management," Smucker said.</p><h3><u><strong>Stanley Black &amp; Decker</strong></u></h3><p>In Stanley Black &amp; Decker's first quarter 2021 earnings presentation on April 28, in a slide entitled "Commodity Inflation Update," the company said steel, resin, base metals, electrical components, and batteries have pushed incremental inflation costs up for 2021 by $160 million vs. January guidance.</p><p>The slide showed Black &amp; Decker's plans to increase prices to offset costs.</p><h3><u><strong>Whirlpool</strong></u></h3><p>In an interview with Yahoo Finance in April, Whirlpool's CFO Jim Peters said the company was seeing price increases and would pass the costs onto consumers.</p><p>"We took price increases in every region of the world, that range from 5% to 12%," Peters said. "Those are driven by commodity cost increases, and it's something we have done historically."</p><p>The company said in its first-quarter conference call that the price increase actions "will offset the impact of global supply constraints and rising input costs."</p><h3><u><strong>Kimberly-Clark</strong></u></h3><p>Kimberly-Clark said it would be raising prices on products like Scott toilet paper and Huggies diapers by "mid-to-high single digits" in late March.</p><p>Then, in the company's April 23 first-quarter earnings call, execs said they saw "sharp rises in input costs."</p><p>Michael Hsu, Kimberly-Clark's chairman and chief executive officer, said the company was "moving rapidly, especially with selling price increases to offset commodity headwinds."</p><h3><u><strong>Honeywell</strong></u></h3><p>Honeywell's CEO Darius Adamczyk announced that "inflation is taking hold" and affecting his business' bottom line in the company's first-quarter 2021 conference call on April 23.</p><p>The CEO said, "there's no doubt about it. We knew it. We see it."  Honeywell announced it would be "quickly taking action" on pricing to stay ahead of the problem.</p><h3><u><strong>The Clorox Company</strong></u></h3><p>Clorox's VP of Investor relations Lisah Burhan told investors in the company's third-quarter 2021 results on April 30 that the company has seen "significant resin price inflation."</p><p>In order to "manage those rising costs," Clorox announced "pricing action" effective in July. "As we've mentioned, we'll manage inflationary pressures holistically using all the tools in our toolbox," Burhan said.</p><h3><u><strong>Procter &amp; Gamble</strong></u></h3><p>Procter &amp; Gamble COO Jon Moeller told analysts in an April 20 earnings call that "this is one of the bigger increases in commodity costs that we've seen over the period of time that I've been involved with this, which is a fairly long period of time."</p><p>The company said it will begin "the process of implementing price increases on its Baby Care, Feminine Care, and Adult Incontinence product categories in the United States to offset a portion of the impact of rising commodity costs," noting that the "exact amount of the price increase will vary by brand and sub-brand in the range of mid-to-high single-digit percentages and will go into effect in mid-September."</p><h3><u><strong>Coca-Cola</strong></u></h3><p>In mid-April, Coca-Cola's CEO James Quincey told CNBC's Sara Eisen on "Squawk on the Street" that the company would be increasing prices to offset rising costs.</p><p>"We are well-hedged in '21, but there's pressure built up for '22, and so there will have to be some price increases," Quincey said.</p><p>"We intend to manage those intelligently, thinking through the way we use package sizes and really optimize the price points for consumers," he added.</p><h3><u>Reynolds Consumer Products</u></h3><p>Reynolds Consumer Products revealed that a three-step price increase is already underway on some of its most popular products last month.</p><p>"Price increases have been implemented, and a second-round is underway, with plans for a third-round to be implemented in the third quarter," Michael Graham, Reynolds chief financial officer, said during the company's first-quarter earnings call on May 8.</p>

The Fed says inflation is transitory, but these 10 companies have already said they'll pass along rising costs to customers

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5afddf01b9ea5319008b4dd7-2000/rtx34gj2.jpg" border="0" alt="Trump Xi" data-mce-source="Reuters/Carlos Barria" data-mce-caption="President Donald Trump welcomes Chinese President Xi Jinping at Mar-a-Lago state in Palm Beach, Florida." /><p class="source"><span>Reuters/Carlos Barria</span></p><p class="caption">President Donald Trump welcomes Chinese President Xi Jinping at Mar-a-Lago state in Palm Beach, Florida.</p></div><p></p></div></div></p><ul><li><strong>Stocks fell on Tuesday as traders were unsure if the US and China were making meaningful progress on a trade deal, stoking fears of another stalemate. </strong></li><li><strong>Chinese officials reiterated that they were unaware of the phone calls President Trump claimed occurred over the weekend between high level negotiators.</strong></li><li><strong><a href="https://markets.businessinsider.com/news/stocks/philip-morris-altria-merger-discussions-cigarette-vaping-industry-2019-8-1028477584">Philip Morris International confirmed</a> it was exploring an all-stock "merger of equals" with <a href="https://markets.businessinsider.com/stocks/altria_1-stock">Altria Group</a>, a dominant force in the US tobacco market.</strong></li><li><strong>Tuesday's losses continued after a <a href="https://markets.businessinsider.com/news/stocks/yield-curve-inversion-deepest-since-2007-flashes-recession-signal-2019-8-1028478146?utm_campaign=browser_notification&amp;utm_source=desktop">closely-watched segment of the yield curve inverted</a> the most since the financial crisis. </strong></li><li><strong><a href="https://markets.businessinsider.com/">Visit the Markets Insider homepage for more stories.</a></strong></li></ul><hr /><p>Stocks slid on Tuesday as investor's remained skeptical that the US and China were making significant progress toward a trade deal. </p><p>President Trump said Chinese officials asked to restart trade negotiations during a series of phone calls with his administration over the weekend, leading to a rally in stocks on Monday. </p><p>On Tuesday, Chinese officials reiterated that they unaware of any phone conversations taking place with high-level members of the Trump administration, casting doubt on the progress of the trade talks.</p><p>"I'm not aware of the two phone calls over the weekend that the US side talked about," China's Foreign Ministry Spokesperson Geng Shuang said <a href="https://www.fmprc.gov.cn/mfa_eng/xwfw_665399/s2510_665401/t1692308.shtml">during a press conference</a> on Tuesday. "We hope the US will remain calm, return to reason, and immediately stop its wrong approach so as to create conditions for bilateral consultations." </p><p><strong><em><a href="https://www.surveymonkey.com/r/BI-Young-Investor-Panel" target="_blank" rel="noopener">Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.</a></em></strong></p><p>Traders are still on edge moving closer to September as the US is expected to impose new taxes on Chinese imports -while increasing existing tariffs - and China is preparing to levy new duties on $75 billion worth on US goods. </p><p>Losses intensified on Tuesday after the<a href="https://markets.businessinsider.com/news/stocks/yield-curve-inversion-deepest-since-2007-flashes-recession-signal-2019-8-1028478146?utm_campaign=browser_notification&amp;utm_source=desktop">spread between two- and 10-year Treasury yields fell</a> as low as negative 4.2 basis, its lowest level since before the financial crisis. The relationship is one of the most closely-followed segments of the so-called yield curve, and has inverted before each of the last seven recessions. </p><p>Here's a look at the major indexes as of the 4 p.m. close on Tuesday: </p><ul><li>The <a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a> declined 0.32%, to 2,869.16.</li><li>The <a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Dow Jones Industrial Average</a> fell 0.47%, to 25,777.90.</li><li>The <a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nasdaq Composite</a> slid 0.34%, to 7,826.95.</li></ul><p><a href="https://markets.businessinsider.com/news/stocks/johnson-and-johnson-572-million-opioid-crisis-settlement-stock-price-2019-8-1028476868">Johnson &amp; Johnson was ordered to pay $572 million</a> after an Oklahoma judge ruled against the drugmaker in a case accusing the company of contributing to the US opioid epidemic. Shares of J&amp;J rose as much as 5% on the news, adding close to $15 billion in market value to the company's stock as the penalty was far lower than expected. </p><p><a href="https://markets.businessinsider.com/news/stocks/philip-morris-altria-merger-discussions-cigarette-vaping-industry-2019-8-1028477584">Philip Morris International confirmed</a> its currently in discussions with Altria Group about a possible all-stock "merger of equals." The deal would reunite the two tobacco giants after they split more than ten years ago, with the combined company being worth north of $200 billion. </p><p>Within the S&amp;P 500, these were the largest gainers:</p><ul><li><strong><a href="https://markets.businessinsider.com/">Costco Wholesale</a>: </strong>5%</li><li><strong><a href="https://markets.businessinsider.com/stocks/atvi-stock">Activision Blizzard</a>: </strong>4.9%</li><li><strong><a href="https://markets.businessinsider.com/stocks/nem-stock">Newmont Mining</a>: </strong>3.3%</li></ul><p>And the largest decliners:</p><ul><li><strong><a href="https://markets.businessinsider.com/stocks/sjm-stock">J.M. Smucker</a>: </strong>(-8.2%)</li><li><strong><a href="https://markets.businessinsider.com/stocks/pm-stock">Philip Morris</a>: </strong>(-7.8%)</li><li><strong><a href="https://markets.businessinsider.com/stocks/hum-stock">Humana</a>: </strong>(-5.8%)</li></ul><p>Energy and financial stocks fell more than 0.6%, as consumer discretionary and industrials dropped more than 0.4%. Communications, utilities, and materials posted slight gains. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/taste-test-kfc-popeyes-fried-chicken-fast-food-2016-9">We did a blind taste-test of KFC and Popeyes fried chicken - here's the verdict</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/J3mYfwQa-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Stocks tumble as investors remain unconvinced on trade progress

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b1988091ae66219008b48b1-2400/ap18158602334983.jpg" border="0" alt="trump abe" data-mce-source="AP/Susan Walsh" data-mce-caption="President Donald Trump, right, meets with Japanese Prime Minister Shinzo Abe, left, in the Oval Office of the White House in Washington, Thursday, June 7, 2018." /><p class="source"><span>AP/Susan Walsh</span></p><p class="caption">President Donald Trump, right, meets with Japanese Prime Minister Shinzo Abe, left, in the Oval Office of the White House in Washington, Thursday, June 7, 2018.</p></div><p></p></div></div></p><p>Stocks were mixed Thursday ahead of President Donald Trump's trip to Quebec to attend the G7 summit, where US allies are expected to confront the him on trade. The <a href="http://markets.businessinsider.com/index/us-dollar-index">dollar</a> and Treasury yields fell.</p><p>Here's the scoreboard:</p><p><strong><a href="http://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>:</strong><span> </span><span>25,237.28</span><span> </span><span>+90.89 <span aria-label="Up by 0.36%">(+0.36%)</span></span></p><p><strong><a href="http://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>:</strong><span> 2,769.35 −3.00 <span aria-label="Down by 0.11%">(-0.11%)</span></span></p><ol><li><strong>President Donald Trump <a href="http://www.businessinsider.com/ap-japans-abe-to-meet-trump-ahead-of-us-north-korea-summit-2018-6?r=UK&amp;IR=T">met with Japan's Shinzo Abe</a>. </strong>The two leaders had planned to discuss trade issues, including American purchases of Japanese cars, and a June 12 summit between the US and North Korea. Abe is pushing to make sure Japanese interests are represented at the meeting, <a href="https://apnews.com/365c2f00590e4fe5b01af79097fc99c0/Trump-says-outcome-of-Kim-summit-depends-on-'attitude'">the Associated Press reports</a>. </li><li><strong>The US and China reached a deal on Chinese telecom company ZTE. </strong>The company is required to <a href="http://www.businessinsider.com/trump-china-trade-fight-zte-deal-reached-2018-6#">pay a $1 billion fine in a settlement</a> that lifts crippling <a href="http://www.businessinsider.com/trump-china-trade-war-zte-shut-down-2018-5">sanctions</a> on the company, which was last month forced to <a href="http://www.businessinsider.com/trump-china-trade-war-zte-shut-down-2018-5">shut down major operations</a>. </li><li><span><strong>The combined net worth of US households <a href="https://www.reuters.com/article/us-usa-economy-wealth/u-s-household-net-worth-100-trillion-in-q1-2018-idUSKCN1J3269">cracked $100 trillion for the first time</a>. </strong>Household net worth rose $1.028 trillion in the first three months of 2018, the Federal Reserve said, bringing the total to $100.768 trillion. </span></li><li><strong>Trump requested support from Saudi Arabia a day before withdrawing the US from the Iran nuclear deal.</strong> <a href="https://www.reuters.com/article/us-oil-opec-usa-exclusive/exclusive-trump-requested-saudi-oil-support-before-iran-nuclear-decision-sources-idUSKCN1J31XU">Reuters reports</a> that a Trump aide, in an unusual effort by Washington to influence the oil cartel, called Saudi Arabia to ask if the country would increase supply if Iranian barrels were disrupted. </li><li><strong><a href="http://markets.businessinsider.com/stocks/mcd-stock">McDonald's</a> is planning to <a href="https://www.wsj.com/articles/mcdonalds-plans-to-shrink-corporate-structure-1528378704">cut down its corporate headcount</a>. </strong>Shares of the company rallied more than 4% after the <a href="https://www.wsj.com/articles/mcdonalds-plans-to-shrink-corporate-structure-1528378704">Wall Street Journal reported</a> <span>President </span><span>Chris Kempczinski wrote to employees that a round of </span>corporate layoffs is on the way. </li><li><strong>JM Smucker posted disappointing earnings and <a href="http://markets.businessinsider.com/news/stocks/j-m-smucker-issues-fy19-outlook-quick-facts-1026779219">easily missed guidance estimates.</a> </strong>Shares of the company fell as much as 9% to lows not seen since 2014. </li></ol><p>And a look at the upcoming economic calendar:</p><ul><li>Canada releases employment and housing numbers.</li><li>Chinese inflation data is out. </li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/sneaky-ways-costco-buy-more-tricks-2018-5">Sneaky ways Costco gets you to buy more</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/lW7AXjz4-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Stocks go nowhere ahead of expected trade spats at G7 summit

<p><a href="http://www.businessinsider.com/the-bottom-line"><img src="https://static.businessinsider.com/image/58ebd32577bb70a0428b7344-869/the-bottom-line-bannervideo02.png" alt="The Bottom Line banner_video_02" data-mce-source="Business Insider" /></a></p> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/M7PLf5oT-xjRU7l6Z.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe>                    <script>                    function receiveMessage(event)                    { console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }                    window.addEventListener("message", receiveMessage, false);                    </script><p>This week:</p><ul><li>Business Insider executive editor Sara Silverstein discusses how the <a href="http://www.businessinsider.com/stock-market-news-rotation-has-flipped-it-completely-upside-down-2017-9" target="_blank" rel="noopener noreferrer">stock market has been turned upside</a> down in September. The stocks that were the best year-to-date performers through August have been the worst in September, while those with the weakest returns over the first eight months have led the way higher. A similar complete reversal can also be seen at the sector level, with market-leading tech and healthcare stocks giving way in this month to energy and telecom. This rotation has helped propel <a href="http://markets.businessinsider.com/index/S&amp;P_500" target="_blank" rel="noopener noreferrer">US stocks</a> to new records. It seems that whenever the equity market loses a driver of gains, another is ready to step up and take its place.</li><li>Business Insider deputy executive editor Matt Turner speaks to <a href="http://financialservicesinc.ubs.com/revitalizingamerica/MikeRyan.html" target="_blank" rel="noopener noreferrer">Mike Ryan</a>, the chief investment strategist for UBS Wealth Management Americas, about what keeps him up at night. He says that he's most worried about a policy mistake from central bankers, and that his concern is compounded by the fact that current monetary policy is entirely unprecedented. Ryan notes that central banks around the world have greatly expanded their balance sheet, and highlights the challenge around what happens when they unwind that.</li><li>Turner chats with <a href="https://am.jpmorgan.com/us/en/asset-management/gim/adv/profiles/u/dennis-ruhl" target="_blank" rel="noopener noreferrer">Dennis Ruhl</a>, chief investment officer of JPMorgan's US behavioral finance equity group, about his greatest market fears. Ruhl expresses concern over the unwinding of quantitative easing, as well as political developments that could inject volatility into the market. He says the market headwind that has the greatest likelihood of materializing is the natural aging of the current cycle, as wages and interest rates rise.</li><li><a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwi6-qiDzsjWAhUCs1QKHYXbBjoQFggmMAA&amp;url=https%3A%2F%2Fwww.ubs.com%2Fus%2Fen%2Fwealth%2Fresearch%2Fkeyanalyst%2Fmark-haefele.html&amp;usg=AFQjCNFmm-5PCZzKDnkrzJF3Gh5JzpK8RA" target="_blank" rel="noopener noreferrer">Mark Haefele</a>, global chief investment officer of UBS Wealth Management, tells Turner that he's most worried about what happens with interest rates and inflation. He also notes that while many geopolitical developments have a short-term effect before being quickly forgotten, the North Korea situation could be different, and is a threat worth taking seriously.</li><li>Silverstein speaks with Turner about his biggest takeaways from the recent <a href="https://www.ubs.com/us/en/wealth/special-reports/cio-global-forum.html" target="_blank" rel="noopener noreferrer">UBS CIO Global Forum</a>, where he chatted with eight investment officers. According to him, they all share the view that the stock market is fully-valued, if not slightly expensive, but that there isn't any imminent downside risk due to overconfidence.</li><li>Turner also addresses recent comments from Fidelity's director of global asset allocation research <a href="https://institutional.fidelity.com/app/literature/biography/945232/lisa-emsbo-mattingly.html" target="_blank" rel="noopener noreferrer">Lisa Emsbo-Mattingly</a>, who noted that the US market may be overdue for a 5% correction, since we haven't gotten one in about a year and a half. Asked about whether investors have been buying as the stock market has hit new highs, Turner cites a behavioral strategist who says that when the market is grinding higher, people don't want to miss out. He also notes the subdued reaction the market has seen when faced with headline risk, such as developments out of North Korea.</li><li>Silverstein sits down with <a href="http://www.alpinefunds.com/default.asp?P=856333&amp;S=856386" target="_blank" rel="noopener noreferrer">Sarah Hunt</a>, a portfolio manager at Alpine Funds, which oversees $4 billion, and discusses why she's bullish on energy stocks. Hunt says there's been a change in discussions around oil, and says she expects to see oil demand higher than supply for the first time in years. She notes that this is very helpful from a sentiment standpoint. In terms of energy stock valuations, she says that companies will start to look more attractive once oil prices rise, enhancing cash flows. Hunt also highlights how energy producers have succeeded in cutting costs, and says higher oil prices translate to more sustainable dividends.</li><li>Hunt goes on to talk about whether stocks are overvalued, and says that the anticipation of a correction makes it less likely to happen in the near term. She notes that while the Fed is unwinding its balance sheet, other central banks around the world are still expanding theirs, which should help equity markets continue to perform. Hunt envisions stocks being the default place where investors go.</li><li>Silverstein asks Hunt about the potential effects of tax reform, and says sentiment has changed, so now policy progress will be treated as a positive catalyst. She says that lower corporate tax rates will be better for earnings and cash flow.</li><li>Hunt outlines what she sees as the best opportunities in the market, and highlights consumer staple stocks, which have underperformed lately. She likes the dividend yields they offer, and says valuation levels for the sector are getting more attractive. Hunt argues that investors have been ignoring value stocks as they pursue growth, and says that's created opportunity. On a single-stock basis, Hunt mentions JM Smucker's as a company she likes.</li></ul>

THE BOTTOM LINE: The secret recipe for new stock records and the market's biggest fears

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5cf9014e11e2053646540d92-1999/amazon air.jpg" border="0" alt="amazon air" style="display: block; margin-left: auto; margin-right: auto;" data-mce-source="Ted S. Warren / AP Images" /><p class="source"><span>Ted S. Warren / AP Images</span></p></div><p></p></div></div></p><p>Here is what you need to know.</p><ol><li><strong><a href="https://www.businessinsider.com/trump-tweets-that-there-is-progress-in-mexico-talks-tariffs-2019-6" target="_blank" rel="noopener">Mexican American officials claimed progress in trade talks late on Wednesday</a></strong>. But President Donald Trump declared it was "not nearly enough" to halt the import taxes he's holding out as a way to force Mexico to better regulate immigration.</li><li><a href="https://www.businessinsider.com/amazon-prime-air-drones-approved-by-faa-2019-6" target="_blank" rel="noopener"><strong>Amazon's drone delivery service is one step closer to taking flight</strong></a>. The Federal Aviation Administration has granted Amazon Prime Air permission to test its latest delivery drones in the US.</li><li><strong><a href="https://www.businessinsider.com/fiat-chrysler-renault-shares-fall-after-auto-mega-merger-scrapped-2019-6" target="_blank" rel="noopener">Renault shares are tanking after Fiat Chrysler scrapped their mega-merger</a></strong>. "Political conditions in France do not currently exist for such a combination to proceed successfully," Fiat Chrysler said.</li><li><a href="https://www.businessinsider.com/walmart-shareholders-bernie-sanders-wages-amazon-2019-6" target="_blank" rel="noopener"><strong>Bernie Sanders accused Walmart of paying 'starvation wages' and attacked the CEO's pay</strong></a>. The senator urged the company to increase its starting wages to $15 an hour from $11 an hour.</li><li><a href="https://www.businessinsider.com/federal-reserve-jerome-powell-comments-implications-for-markets-economy-2019-6" target="_blank" rel="noopener"><strong>The Fed's recent behavior shows it's very nervous about the economy's future</strong></a>. We lay out three reasons why you should also be worried.</li><li><a href="https://www.businessinsider.com/josh-friedman-explains-commercial-real-estate-short-trade-canyon-partners-2019-6" target="_blank" rel="noopener"><strong>Hedge fund titan Josh Friedman told Business Insider why his firm is spending $1 billion to short the commercial real estate market</strong></a>. Friedman, who predicted the mortgage crisis, says the bet is more of hedge than a directional wager.</li><li><strong><a href="https://www.businessinsider.com/stock-market-investing-how-to-buy-great-companies-brown-advisory-2019-6" target="_blank" rel="noopener">A duo of stock pickers crushing 96% of their peers unpack their tactics for finding companies that customers love - and reveal their top picks</a></strong>. In a recent interview with Business Insider, Mick Dillon and Bertie Thomson of the Brown Advisory Global Leaders Fund shared their secrets.</li><li><strong style="color: #222222;"><a href="https://markets.businessinsider.com/indices">Stock markets around the world are mixed</a></strong>. Asian shares traded lower, led by the Shanghai Composite (-1.2%). Japan's Nikkei was little changed. European stocks climbed, with the Euro Stoxx 600 climbing 0.7%. The S&amp;P 500 is set to open up 0.3% near 2,836.25.</li><li><strong style="color: #222222;"><a href="https://markets.businessinsider.com/earnings-calendar#date=06/05/2019&amp;name=&amp;countries=&amp;eventtypes=99&amp;tab=ALL">Earnings reporting is light</a></strong>. JM Smucker and Signet Jewelers reports ahead of the opening bell, while Beyond Meat releases its quarterly results after markets close.</li><li><strong style="color: #222222;"><a href="https://markets.businessinsider.com/economic-calendar#date=06/05/2019&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">A series of US economic data is set to come out</a></strong>. The monthly US trade deficit will be released at 8:30 a.m. ET, along with initial jobless claims.</li></ol>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/ingredients-processed-foods-red-bull-twinkies-doritos-kraft-cheese-2016-10">This stunning visualization breaks down all the ingredients in your favorite processed foods</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/X3e5FNqV-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

10 things you need to know before the opening bell

<p><span style="font-size: 15px; line-height: 1.5em;">Earlier Tuesday, JM Smucker, <span>the maker of Folgers coffee,</span>&#xa0;<a href="http://www.businessinsider.com/r-j-m-smucker-to-buy-big-heart-pet-brands-in-58-billion-deal-2015-2">announced</a></span><span style="font-size: 15px; line-height: 1.5em;">&#xa0;that it would buy the privately held pet food maker Big Heart Pet Brands - aka the company that makes Meow Mix - in a cash-and-stock deal valued at about $5.8 billion.</span></p>
<p><span>But here's a related story: t</span><span style="font-size: 15px; line-height: 1.5em;">here's a bizarre electronic dance music (EDM) remix of the popular Meow Mix jingle found on the company's official YouTube page.&#xa0;</span></p>
<p>And it's weird. T<span>his Meow Mix will&#xa0;</span><em>definitely</em><span>&#xa0;deliver.</span></p>
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Meow Mix has a bizarre electronic dance music remix of its popular jingle

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5538e6d4ecad04e5292d5fe0-1200-924/dunkin-donuts-doughnut-sprinkles-6.jpg?maxX=600" border="0" alt="dunkin donuts doughnut sprinkles" width="600"><p class="source"><span><a href="https://www.flickr.com/photos/jeepersmedia/14678913269">Flickr/Mike Mozart</a></span></p></img></div><p></p></div></p><p>Shares of Dunkin Brands are exploding higher after the company reported first quarter results that topped estimates and increased its outlook for the year.</p><p>The stock was up nearly 9% in pre-market trading.</p><p>The owner of the Dunkin' Donuts franchise reported first quarter earnings per share of 40 cents, beating the forecast for 35 cents, according to Bloomberg.</p><p>Revenues came in at $185.9 million, beating estimates for $180.65.</p><p><span>Dunkin' Donuts US comparable store sales rose 2.7%, while </span><span>Baskin-Robbins US comparable store sales rose of 8.0%.</span></p><p><span>In a release, Dunkin CEO Nigel Travis said, <strong>"This was a really strong quarter and we are delighted with the performance of our product and marketing programs given the severe weather that we experienced in many of the markets where our restaurants are located.</strong> Our Dunkin' Donuts U.S. franchisees got the year off to a strong start by demonstrating great flexibility and resiliency in dealing with the challenging circumstances."</span></p><p>The company also raised its forecast for the year, saying it expects revenue to rise 6%-8%, up from an earlier outlook for 5%-7% growth, while adjusted EPS is expected to total $1.87-$1.91, up from $1.83-$1.87. </p><p>Dunkin added that this guidance reflects, "the financial impact of the agreement with The J.M. Smucker Company and Keurig to make Dunkin' K-Cup® packs available at additional <keyword id="6354851" type="ORGANIZATION" weightage="60" keywordseo="Retail">retail</keyword> outlets nationwide net of the financial impact of the profit-sharing agreement it reached with Dunkin' Donuts U.S. franchisees."</p><p>The stock is up by nearly 12% year-to-date.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-to-burpee-full-body-workout-2015-3">This simple exercise will work out every muscle in your body</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lyeGY3dDqIOrfWUeyzqcSzvAuvKi9t3n" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'lyeGY3dDqIOrfWUeyzqcSzvAuvKi9t3n',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Dunkin' Donuts is exploding higher after beating on earnings and raising its outlook

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57bc281bdb5ce92c168b8344-1823/rtx2mkac.jpg" alt="AK-47" data-mce-source="Reuters/Maxim Shemetov" data-mce-caption="A salesperson demonstrates a model AK-47 assault rifle at the newly opened Gunmaker Kalashnikov souvenir store in Moscow's Sheremetyevo airport, Russia." data-link="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0BF1FN7NLID#/SearchResult&amp;ALID=2C0BF1FN7NLID&amp;VBID=2C0BX41XW217&amp;POPUPPN=1&amp;POPUPIID=2C0BF1FNJNPRH" /><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0BF1FN7NLID#/SearchResult&amp;ALID=2C0BF1FN7NLID&amp;VBID=2C0BX41XW217&amp;POPUPPN=1&amp;POPUPIID=2C0BF1FNJNPRH">Reuters/Maxim Shemetov</a></span></p><p class="caption">A salesperson demonstrates a model AK-47 assault rifle at the newly opened Gunmaker Kalashnikov souvenir store in Moscow's Sheremetyevo airport, Russia.</p></div><p></p></div></div>Here is what you need to know.</p><p><strong><a href="http://www.businessinsider.com/preliminary-august-pmi-figures-for-france-germany-and-the-eu-2016-8?r=UK&amp;IR=T">Tuesday is PMI day in Europe</a>.</strong> German manufacturing slipped to 53.8 in July to 53.6 in August, but that was ahead of the 53.5 that economists were expecting. In France, the service sector saw an improvement to 52.0 from 50.5 while the manufacturing sector remained in contraction with a 48.5 print. The euro is little changed at 1.1328.</p><p><strong>Oil is under pressure. </strong>West Texas Intermediate crude oil is lower by 1.1% at $46.87 per barrel. Tuesday's selling has the energy component lower for a second straight day following its seven-day winning streak.</p><p><strong><a href="http://www.businessinsider.com/chinas-cnooc-largest-oil-operator-in-scotlands-north-sea-2016-8?r=UK&amp;IR=T">China controls 2 of the North Sea's biggest oilfields</a>. </strong>Nexen, a company owned by China National Offshore Oil Corporation, extracts nearly 200,000 barrels of oil per day across those two fields, according to The Times' analysis of CNOOC accounts. The Chinese company gained a foothold in the region after former Chancellor George Osborne gave tax breaks for oil companies in the North Sea in an effort to combat the drop in oil prices.</p><p><strong><a href="http://www.bloomberg.com/news/articles/2016-08-23/bayer-monsanto-said-to-move-closer-to-deal-as-talks-progress">Bayer and Monsanto are nearing a deal</a>.</strong> Talks between the two sides have continued after Monsanto rejected Bayer's $55 billion offer back in July. The companies continue to work towards a deal, progressing on issues such as purchase price and a termination fee, Bloomberg reports, citing people familiar with the matter.</p><p><strong><a href="http://www.businessinsider.com/lyft-president-says-company-not-seeking-buyer-2016-8?r=UK&amp;IR=T">Lyft says it's not looking to sell itself</a>.</strong> The company is pushing back against reports that it had failed to sell itself to six different companies. Lyft President John Zimmer told Business Insider's Biz Carson the company isn't seeking a buyer and that "<span>Getting approached and then having it characterized as us wanting to sell the business and failing to do so is a large mischaracterization."</span></p><p><strong><a href="http://www.businessinsider.com/r-toll-brothers-revenue-jumps-235-percent-2016-8">Toll Brothers beat on the top and bottom lines</a>.</strong> The luxury homebuilder earned $0.62 per share as revenue spiked 23.5% to $1.27 billion. "<span>Given our land holdings, geographic diversity, variety of product offerings and brand name recognition, we believe we will continue to benefit from our strong position within the luxury new home market," CEO <span>Douglas C. Yearley, Jr. said in the press release. </span></span></p><p><strong><a href="http://www.businessinsider.com/r-amazon-working-on-music-subscription-service-for-5-a-month-recode-2016-8?IR=T">Amazon is working on a music subscription service</a>.</strong> The online retailer is in the planning stages of a subscription music service that would run through its Echo hardware, Recode reports, citing sources. Amazon is reportedly deciding whether the service will cost $4 or $5 per month.</p><p><strong>Stock markets around the world are mixed. </strong>Spain's IBEX (+1.1%) leads in Europe after Japan's Nikkei (-0.6%) lagged in Asia. S&amp;P 500 futures are up 5.25 points at 2,186.75.</p><p><strong>Earnings reports trickle out. </strong>Best Buy and JM Smucker will release their quarterly reports ahead of the opening bell.</p><p><strong>US economic data remains light. </strong>Markit US Manufacturing PMI and new home sales will cross the wires at 9:45 a.m. ET and 10 a.m. ET, respectively. The US 10-year yield is higher by 2 basis points at 1.57%.</p>

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57594c819105842a008c7d6d-2223/rtsgmq7.png" alt="Sinkhole" data-mce-source="Reuters/Chris Wattie" data-mce-caption="Workers look at a large sinkhole in Ottawa, Ontario, Canada." data-link="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0FQEHB1EM1&amp;RW=1327&amp;RH=872#/SearchResult&amp;ALID=2C0FQEHB1EM1&amp;RW=1327&amp;RH=872&amp;VBID=2C0FC0ADKFYX&amp;POPUPPN=3&amp;POPUPIID=2C0FQEHBVR6W" /><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0FQEHB1EM1&amp;RW=1327&amp;RH=872#/SearchResult&amp;ALID=2C0FQEHB1EM1&amp;RW=1327&amp;RH=872&amp;VBID=2C0FC0ADKFYX&amp;POPUPPN=3&amp;POPUPIID=2C0FQEHBVR6W">Reuters/Chris Wattie</a></span></p><p class="caption">Workers look at a large sinkhole in Ottawa, Ontario, Canada.</p></div><p></p></div></div>Here is what you need to know.</p><p><strong><a href="http://www.businessinsider.com/the-bank-of-korea-stunned-the-markets-by-cutting-rates-2016-6">South Korea unexpectedly cut rates</a>.</strong> The Bank of Korea cut its benchmark interest rate 25 basis points to a record low 1.25%. The rate cut was the first since June 2015, and comes as "exports have continued their trend of decline." Thursday's decision, while unexpected, wasn't completely out of left field as the bank appointed four new board members in March, at least a few of which are considered to be dovish. This was their second meeting. The South Korean won ended little changed at 1155.89.</p><p><strong><a href="http://www.rbnz.govt.nz/news/2016/06/official-cash-rate-unchanged-at-2-25-percent">New Zealand kept policy on hold</a>. </strong>The Reserve Bank of New Zealand held its key interest rate unchanged at 2.25%, as expected. The bank warned, "<span>The exchange rate is higher than appropriate given New Zealand's low export commodity prices," and said it expects inflation to pick up as a result of accommodative monetary policy. The New Zealand dollar is stronger by 1.3% at .7104. </span></p><p><strong><a href="http://www.businessinsider.com/deflationary-pressures-in-china-appear-to-be-easing-2016-6">Consumer prices in China rose lose than expected</a>.</strong> China's CPI rose 2% year-over-year in May, missing the 2.3% gain that economists had forecast. The reading was the lowest since January and came as food inflation hit 5.9%. Meanwhile, producer prices fell 2.8%, beating the 3.3% drop that was anticipated. May's print marked the smallest drop since November 2014.</p><p><strong><a href="http://www.businessinsider.com/george-soros-trading-again-2016-6">George Soros is trading again</a>.</strong> Legendary investor George Soros is back, reports Gregory Zuckerman at The Wall Street Journal<span>. According to the report, Soros is bearish on the global economy and has placed short bets against stocks while also buying gold. Soros is the second most successful money manager of all-time, according to <span>London-based fund of funds LCH Investments, trailing only Ray Dalio.</span></span></p><p><strong><a href="http://www.businessinsider.com/restoration-hardware-earnings-guidance-2016-6">Restoration Hardware warned</a>.</strong> <span>The luxury-furnishings retailer announced an adjusted loss of $0.05 per share, which was worse than the $0.05 gain that was expected. Revenue edged up 4% to $455.5 million, topping the Bloomberg consensus of $452.8 million. Restoration Hardware slashed<span> its full-year adjusted EPS forecast to a range of $1.60 to $1.80, missing the $2.66 that Wall Street was anticipating. Shares were down as much as 14% in after-hours trade. </span></span></p><p><strong><a href="http://www.reuters.com/article/us-dongenergy-ipo-idUSKCN0YV0TP">Europe had its biggest IPO of the year</a>.</strong> Wind farm giant DONG Energy opened to gains as large as 10% in Copenhagen. DONG has built more than a quarter of the world's offshore wind farms, according to Reuters. Thursday's IPO values the company at <span>98 billion crowns ($15 billion). </span></p><p><span><strong><a href="http://www.businessinsider.com/r-goldman-sachs-cut-staff-in-russia-in-past-few-months-more-cuts-expected-sources-2016-6?IR=T">Goldman Sachs is cutting staff in Russia</a>.</strong> The investment bank has reportedly cut traders, back office staff, and investment bankers in Russia. A source told Reuters as much as 10% of Goldman's Russia staff could be let go while another said more cuts are likely by the end of the summer.</span></p><p><strong>Stocks everywhere are lower.</strong> Germany's DAX (-1.3%) paces the decline in Europe after Japan's Nikkei (-1%) led the losses in Asia. China's Shanghai Composite and Hong Kong's Hang Seng were closed for Dragon Boat Festival. S&amp;P 500 futures are down 7.25 points at 2110.75.</p><p><strong>Earnings reports trickle out. </strong>J.M. Smucker and Vail Resorts are among the names set to report ahead of the opening bell and H&amp;R Block will release its quarterly results after markets close.</p><p><strong>US economic data remains light. </strong>Initial claims will be released at 8:30 a.m. ET and wholesale inventories will cross the wires at 10 a.m. ET. Then, at 10:30 a.m. ET, natural gas inventories will be announced. The US 10-year yield is down two basis points at 1.68%, its lowest since February.</p>

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55deeebc69bedd417b1a29f9-911-683/explosion-destruction.jpg" alt="explosion destruction " border="0" /><p class="source"><span><a href="http://pictures.reuters.com/Package/2C0BF1O804GUY#/SearchResult&amp;ALID=2C0BF1O804GUY&amp;VBID=2C0BX4M5MVQW&amp;POPUPPN=16&amp;POPUPIID=2C0BF1O2XXXXX">Reuters/Social Media</a></span></p><p class="caption">An image distributed by Islamic State militants on social media on August 25, 2015 purports to show the destruction of a Roman-era temple in the ancient Syrian city of Palmyra.</p></div><p></p></div></div>Here is what you need to know.</p><p><strong>China propped up stocks. </strong>Just days after saying it was done intervening in the stock market, Beijing entered the market to <a href="http://www.bloomberg.com/news/articles/2015-08-27/china-said-to-intervene-to-shore-up-stock-market-before-parade-idtyzfdu">prop up shares ahead of the September 3 parade commemorating its World War II victory over Japan</a>. In the final hour of trade, Chinese stocks surged from a loss of 0.7% to book a gain of 5.3%. Sources told Bloomberg, the government bought large-cap names.</p><p><strong>Ukraine and its creditors agreed to a debt write-down. </strong>Ukraine's finance minister, Natalie Jaresko, and its creditors, have ironed out a <a href="http://www.bloomberg.com/news/articles/2015-08-27/ukraine-reaches-restructuring-deal-with-20-writedown-to-bonds">20% writedown to the face value of approximately $18 billion Eurobonds</a>, according to Bloomberg. The deal also pushes back bond maturities by four years and sets the interest rate at 7.75% for all maturities. Russia has rejected the same deal for the $3 billion worth of Ukrainian bonds it owns. Bloomberg reports that Ukrainian bonds surged the most on record following the announcement.</p><p><strong>The Kansas City Fed's Jackson Hole Symposium begins. </strong>This year's event won't be attended by Federal Reserve Chair Janet Yellen. Instead, <a href="http://www.ft.com/intl/cms/s/0/2b24941e-4bcb-11e5-b558-8a9722977189.html#axzz3k0fhbEZB">focus will be centered on Fed vice-chair Stanley Fischer's speech on Saturday</a>. Investors will be looking for clues to if and when the Federal Reserve will raise interest rates for the first time since 2006. Also of note will be any comments related to the economic slowdown in China and its impact on the global economy.</p><p><strong>Boeing reached a settlement on its 401(k) plan. </strong>The aviation giant has reached a preliminary agreement regarding a class action lawsuit filed on behalf of its employees over the <a href="http://www.wsj.com/articles/boeing-settles-lawsuit-accusing-company-of-mishandling-401-k-plan-1440623006">improper handling of its 401(k) plan</a>. The Wall Street Journal reports that the suit accused Boeing of "allowing excessive 401(k) fees to go unchecked, choosing higher-cost retail mutual funds over cheaper options, and improperly making 401(k) plan decisions to benefit vendors receiving other Boeing business." Terms of the agreement were not disclosed.</p><p><strong>PVH beat on the top and bottom lines. </strong>The apparel giant announced <a href="http://www.reuters.com/article/2015/08/26/pvh-results-idUSL4N1115CV20150826">adjusted earnings of $1.37 per share</a>, topping the consensus estimate by eight cents. Revenue slid 5.6% to $1.86 billion, outpacing the $1.82 billion that analysts were anticipating. The quarter was boosted by strong sales of the Calvin Klein brand, which saw revenue rise 3% on a constant currency basis. PVH upped its full-year earnings forecast to $6.90 to $7.00 per share from its previous estimates of $6.85 to $6.95.</p><p><strong>Fidelity is considering new card partners. </strong><span>The company is </span><span></span><a href="http://www.businessinsider.com/fidelity-may-drop-partners-american-express-and-bank-of-america-2015-8">considering ending its card relationships with American Express and Bank of America</a><span>, people familiar with the matter told Bloomberg. MasterCard and Visa are being viewed as possible replacements, the sources said. </span><span></span></p><p><strong>Pershing Square has had an awful August. </strong><span>Hedge fund manager </span><span></span><a href="http://www.businessinsider.com/pershing-square-q2-letter-2015-8">Bill Ackman's Pershing Square has been hit hard during the volatility in August</a><span>. According to Pershing's latest investor update, it had booked a 10.1% year-to-date gain through the end of July, but the recent volatility has pushed the fund into the red for the year. </span><span>"While stocks can trade at any price in the short term, because we do not use margin leverage, we will not be forced out of any investment at an inopportune time," Ackman said in the letter.</span><span></span></p><p><strong>Stock markets are higher around the world.</strong> Aside from the gains in China, Hong Kong's Hang Seng (+3.6%) led the advance in Asia. In Europe, France's CAC (+3.0%) is the top performer. S&amp;P 500 futures are higher by 22.50 points at 1960.50.</p><p><strong>US economic data is moderate. </strong>Initial and continuing claims and GDP - Second Estimate will all be released at 8:30 a.m. ET while pending home sales are due out at 10 a.m. ET. Natural gas inventories are set to cross the wires at 10:30 a.m. ET. The US Treasury will auction $29 billion 7-year notes at 1 p.m. ET. The US 10-year yield is down 2 basis points at 2.15%.</p><p><strong>Companies continue to report their quarterly results. </strong>Dollar General, J.M. Smucker and Tiffany &amp; Co. are among the names to release their quarterly results ahead of the opening bell. Aeropostale, Gamestop and Smith &amp; Wesson highlight the companies reporting after markets close.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/map-shows-how-religion-spread-around-the-world-2015-6">This animated map shows how religion spread across the world</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="F5aHR4dTob1y4-cHP5qNzXITGcq1vPVW" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'F5aHR4dTob1y4-cHP5qNzXITGcq1vPVW',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

You Searched For "jm smucker stock" and got 13 results

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