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MarketWatch MarketPulseNov 22, 2019
JM Smucker shares fall premarket after sales miss, lowered guidance
The J.M. Smucker Co. shares slid 2% in premarket trade Friday , after the distributor of Folgers and Cafe Bustelo brands missed sales estimates for its fiscal second quarter and lowered its full-year guidance. Orrville, Ohio-based Smucker said it had net income of $211.2 million, or $1.85 a share, in the quarter to Oct. 31, up from $188.5 million, or $1.66 a share, in the year-earlier period. Adjusted per-share earnings came to $2.26, ahead of the $1.97 FactSet consensus. Sales fell to $1.96 billion from $2.02 billion, below the $1.97 billion FactSet consensus. The sales decline was partly due to the sale of the company's U.S. baking business on Aug. 31. Chief Executive Mark Smucker acknowledged that the company's sales performance was below its expectations, but said cat food and pet snacks performed well, along with coffee brands. The company lowered its full-year guidance and said it now expects sales to fall 3%, compared with prior guidance of a decline of 1% to flat. It expects adjusted EPS to range from $8.10 to $8.30, down from prior guidance of $8.35 to $8.55. Shares have gained 11% in 2019, while the S&P 500 has gained 24%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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Reuters BusinessNov 22, 2019
Ford's China JV with Changan to return to sales growth in 2020-president
Auto sales at Ford Motor Co's China venture with Chongqing-based carmaker Changan are likely to turn positive next year, Changan's president said on Friday.

Yahoo BusinessNov 22, 2019
Kalanick Sells $1.5 Billion of Uber in Weeks After Lockup
(Bloomberg) -- Travis Kalanick's November selling spree has almost reached $1.5 billion.The Uber Technologies Inc. co-founder sold about $578 million of stock over three days this week, extending a series of transactions since a lockup ended Nov. 6. More disposals may be coming, with a Nov. 11 filing signaling Kalanick could offload his entire stake.The 43-year-old's holding in the ride-hailing company now constitutes far less than half of his $3.3 billion fortune. The shift started even before Uber's May listing, with Kalanick participating in private transactions after he was ousted as chief executive officer in 2017."While it is usual to see directors with such a high-value holding selling regularly, Kalanick's sales are unusually high," said Michael Tindale, CEO of Smart Insider, which tracks and analyzes stock transactions by directors and senior managers.A spokeswoman for Kalanick has declined to explain the sales, and Uber's press office didn't immediately respond to an emailed request for comment.Other insiders also have reduced holdings, though not on the scale of Kalanick, who has ditched more than half his stake since the lockup expired. Co-founder Garrett Camp has sold about $20 million of shares this month, a fraction of his $2 billion stake.Kalanick's actions underscore his focus on other investments even as he remains a director of Uber. He created a fund called 10100 in March 2018, saying in a tweet it would focus on his "passions, investments, ideas and big bets." The fund will handle Kalanick's for-

Reuters BusinessNov 21, 2019
Exclusive: Exxon aims to sell $25 billion of assets to focus on mega-projects - sources
Exxon Mobil plans to sell up to $25 billion of oil and gas fields in Europe, Asia and Africa in its biggest asset sales for decades, seeking to free up cash to focus on a handful of mega-projects, according to three banking sources.

Reuters BusinessNov 21, 2019
Gap's Old Navy brand to exit China in early 2020
Gap Inc said on Thursday it would not sell its Old Navy apparels in China from early 2020 and instead would focus on its North America market to boost sales.

Reuters BusinessNov 21, 2019
Macy's cuts profit outlook as tourist numbers drop
Macy's Inc cut its annual profit forecast for the second time this year on Thursday, as the department store operator blamed weak international tourism, warm weather and sluggish mall traffic for the first drop in same-store sales in two years.

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