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MarketWatch MarketPulseOct 29, 2020
Kellogg tops earnings estimates and raises guidance as demand for at-home food is high during pandemic
Kellogg Co. posted stronger-than-expected earnings for its third quarter and raised its guidance, as it continued to benefit from demand for at-home food during the pandemic. Kellogg posted net income of $348 million, or $1.01 a share, in the quarter, up from $248 million, or 72 cents a share, in the year-earlier period. Adjusted per-share earnings came to 91 cents, ahead of the 86 cents FactSet consensus. Sales rose to $3.429 billion from $3.372 billion, topping the $3.403 billion FactSet consensus. The company has increased production to meet higher demand during the pandemic, is focusing on fewer items and investing in workers, warehousing labor and transportation capacity. E-commerce sales remained strong, while away-from-home channels have continued to decline. The company is now expecting full-year adjusted EPS to grow about 2%, up from prior guidance of a decline of about 1%. Shares rose 2% premarket, but have fallen 8% in the year to date, while the S&P 500 has gained 1.3%.

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Yahoo BusinessOct 29, 2020
U.S., Europe Futures Recover; Stocks Drop in Asia: Markets Wrap
(Bloomberg) -- Asian stocks dropped Thursday after shares tumbled in the U.S. and Europe, as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic. U.S. futures rebounded from the worst of the overnight declines.Losses were more modest across Asia than in the American session, with shares in Australia faring worst and those in China rising. S&P 500 contracts climbed about 1% after the benchmark lost 3.5% Wednesday -- its biggest drop since June. European futures also gained. The dollar gave back some of its overnight advance and 10-year Treasury yields held around 0.78%. Oil was steady after tumbling more than 5% on concern rising infections will sap demand.In China, nearly 1,000 firms are releasing third-quarter earnings on Thursday, with traders looking to see if the results confirm the nation's accelerating recovery. The yen held a small decline after the Bank of Japan kept its key interest rate and asset purchases unchanged.An MSCI gauge of global equities is down almost 5% this week as virus cases surge, and after American lawmakers failed to agree on an economic aid package before the Nov. 3 election. Germany and France are imposing stricter lockdowns, while Italy, Spain and the U.K. all reported record case numbers on Wednesday."Market sentiment is turning with investors buffeted by U.S. election uncertainty and now economic worries from rising Covid-19 cases across Europe," said Kerry Craig, global market strategist at JPMorgan Asset Ma
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