Edward Aaron News
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Hormel Foods Corp., the maker of Spam lunchmeat, rose to a record after agreeing to buy the Skippy peanut-butter business from Unilever for about $700 million to expand further into China.
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Mead Johnson Nutrition Co., maker of the Enfamil baby formula, fell the most ever after Wal-Mart Stores Inc. pulled a batch of the powdered product after a newborn given it died. There is no evidence the second infant who was sickened was given the same formula, Mead Johnson said.
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Kraft’s North American grocery business, which today will list on the Nasdaq Stock Market as an independent company, is starting life with a handicap: years of underinvestment in new products and marketing.
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Diamond Foods Inc. retained Dean Bradley Osborne Partners LLC as financial adviser to strengthen its balance sheet as a planned earnings restatement threatens to violate some of its debt agreements.
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Diamond Foods Inc.’s investigation into whether money paid to walnut growers in September violated accounting rules has thrust Chief Executive Officer Michael Mendes into a role he’s unaccustomed to: Playing defense.
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Kraft Foods Inc. , the world’s second- largest food company, reported third-quarter earnings that beat analysts’ estimates.
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General Mills Inc. , the maker of Cheerios cereal, said third-quarter profit increased 18 percent as sales of yogurt and snacks advanced.
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A third infant tested positive for the Cronobacter bacteria that killed a newborn in Missouri and spurred the removal last week of baby formula from store shelves. A U.S. probe is continuing.
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Mead Johnson Nutrition Co., maker of the world’s best-selling baby formulas, gained 3.8 percent after U.S. regulators said they hadn’t found a connection between infant illnesses and the company’s products.
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Campbell Soup Co. , the world’s largest soup maker, gave a full-year earnings forecast that trailed some analysts’ estimates as U.S. soup sales slumped 5 percent last quarter.
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