Latest news with #Smuckers
Bloomberg
a day ago
- Business
- Bloomberg
Stock Movers: Halliburton, Smuckers, Oracle
On this episode of Stock Movers: - Halliburton (HAL), along with shares in several energy and oil companies, rose toward the end of the week on heightened tensions in the Middle East. Iran fired hundreds of ballistic missiles against Israel following an unprecedented direct attack on its nuclear facilities, ramping up a conflict between sworn enemies that threatens to engulf the Middle East and disrupt global oil supplies. Multiple waves of missiles targeting Israeli cities amount to the most forceful step yet by Tehran since Israel's overnight raids killed top Iranian generals and badly damaged key military infrastructure. Israel said it identified missiles launched from the Islamic Republic and reported explosions from interceptions and falling debris from incoming projectiles. There was dramatic video footage of at least one large explosion in Tel Aviv, and reports of explosions over Jerusalem. - Smuckers (SJM) declined the most in nearly four decades after saying US tariffs increasing costs in its coffee business will hurt profit, continuing a challenging run for the biggest US packaged food producers. The company, which owns the Folgers and Cafe Bustelo coffee brands, said adjusted earnings this fiscal year will be as much as $9.50 a share. The impact of higher coffee costs and US levies reduced that forecast by roughly $1 a share, Smuckers said. Shares sank 16% on Tuesday in New York, the biggest drop in data compiled by Bloomberg that extends back to 1988. The stock had risen about 1.6% this year through Monday's close, less than the S&P 500 Index's gain of roughly 2%. - Oracle (ORCL) shares soared to a record high after the software maker projected a 70% gain in cloud infrastructure sales this fiscal year, giving a bullish outlook for the closely watched business. The company, long known for its database software, has been gaining traction in its effort to become a major player in the business of cloud computing — renting out computing power and storage — by targeting clients focused on artificial intelligence work. Earlier this year, it announced a joint venture dubbed Stargate to provide OpenAI with massive sums of computing power. The shares gained 13% to $199.85 at the close on Thursday in New York, marking the biggest single-day increase in a year. Oracle had already climbed 17% in the last month as investors grew more optimistic that tariffs and other geopolitical issues wouldn't disrupt the software industry.
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
J.M. Smucker Sales Decline, Swings to Loss
J.M. Smucker SJM 0.87%increase; green up pointing triangle posted lower sales and swung to a loss in its latest quarter. The maker of Folger's coffee, Jif peanut butter and Smucker's jams reported a loss of $729 million, or $6.85 a share, for the fourth quarter ended April 30, compared with net income of $245.1 million, or $2.31 a share, in the prior-year period. Analysts polled by FactSet had expected earnings of $2.22 a share.
Miami Herald
29-05-2025
- Business
- Miami Herald
Beloved snack cake maker closing factory
Everyone knows JM Smucker, aka Smuckers, for its jelly and peanut butter spreads, but over the years, the company has also become a leader in the snack aisle. The Ohio-based food giant has added a lineup of household brands to its shelves, including Milk-Bone (for pets), Folgers coffee, Jif peanut butter, and most recently, Hostess snack cakes. Don't miss the move: Subscribe to TheStreet's free daily newsletter You know, the same Twinkies, HoHos, and Ding Dongs that filled generations of lunchboxes and satisfied late-night cravings? In 2023, Smucker gobbled up Hostess Brands in a $5.6 billion deal, betting big on the appeal of sweet snacks, despite the growing popularity of healthier and less sugary foods in the U.S. But even amid that big investment, the company has been working to consolidate operations, and that means making some difficult choices. Smucker announced it will close its Hostess snack cake plant in Indianapolis in 2026, ending almost 70 years of operations there. The plant has produced the most popular Hostess treats for decades. Smucker did not explain why it selected the Indianapolis site for closure, but it's an older facility that may require significant investment to update. "This decision continues the ongoing work to ensure our manufacturing network is optimized to mitigate costs and reduce complexity in support of the execution of our Sweet Baked Snacks strategy, which is focused on stabilizing the Hostess business and positioning it for long-term growth," said Senior Vice President Judd Freitag in a statement. Related: Beloved Mexican restaurant closing iconic location after 63 years Smucker did not disclose how many employees will be affected by the closure, but around 260 people work in the Indianapolis location. The company says it plans to shift production to other facilities in its network and will sell the Indianapolis facility by the end of calendar year 2026. There is a broader trend in the food and beverage industry of identifying ways to trim costs. Inflation is squeezing consumer budgets, and they are cutting back on discretionary spending, which includes everything from travel and restaurant meals to non-staple groceries like sweet snacks. Some companies are choosing to close existing locations instead of retrofitting them. So far this year, PepsiCo, Conagra Brands, Post Holdings, and Brown-Forman have all announced plant closures or restructurings. In each case, the companies cited rising costs, the need for operational simplicity, and a shift toward long-term sustainability. Labor costs, ingredient price volatility, and shifting consumer habits are also contributing to the closure trend. More Food: Applebee's brings back all-you-can-eat deal to take down Chili'sPopular Mexican chain reveals surprising growth plansStarbucks CEO shares plan for a whole new menu Shoppers are more frequently visiting discount retailers and buying more private-label brands such as those from Costco and Trader Joe's. These habits pressure large food manufacturers to rethink how they produce, ship, and market their products. Smucker is committed to stabilizing and growing its snacks business, and the Indianapolis closure may be one way to simplify logistics so the brand can remain profitable, even as consumer spending tightens. Related: Nutella adds a new flavor few saw coming The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
