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Value investors may be interested after such a dramatic fall, but it still may not be the greatest food industry bet at this juncture.
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It's not as if Conagra's business has suddenly collapsed. Through the first two quarters of the company's 2019 fiscal year (six months ended Nov. 25, 2018), sales growth is up -- although profits have been under pressure, especially after the acquisition of Pinnacle Foods was completed in October.
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P.p. = percentage point. YOY = year-over-year. Data source: Conagra Brands.
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Most of the sales growth can be attributed to acquisitions, though, like Angie's Artisan Treats and Sandwich Bros. Conagra's legacy business has been a mixed bag, with some quarters notching modest growth and others slight declines. In the meantime, the company's work to revitalize its core brands (like Marie Callender's, Slim Jim, and Reddi-wip) and interest payments from new debt to fund takeovers have left expenses high, reducing the bottom line.
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The current downtrend can be traced back to Conagra's planned separation from former subsidiary Lamb Weston (NYSE: LW) back in 2016. The all-things-potato Idaho-based Lamb Weston has continued to post modest but steady growth since then, while Conagra and its snacks and pre-packaged foods business has been in decline. Conagra management often talks about growth in its refrigerated and frozen portfolio, but that has not offset weakness elsewhere -- especially within Pinnacle, which includes names like Bird's Eye vegetables and Vlasic pickles.
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To put it simply, Conagra's focus on snacks and pre-packaged food has not worked out. Consumer tastes are changing, and innovation from upstart food companies is creating plenty of extra competition. Updating a legacy portfolio of brands costs money, as does acquiring smaller peers, an unenviable position the food industry has found itself in. That creates a favorable environment for the consumer, but not necessarily shareholders.
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Nevertheless, optimism that management could revitalize growth led to a big run-up in Conagra share price over the last few years, even as sales stagnated and free cash flow (money left over after basic operations and capital expenditures are paid for) declined. Realization has finally set in that Conagra is not a high-growth concern, and its trailing price-to-earnings ratio has fallen to a much more reasonable 11.5; that has driven the dividend yield up to 3.5%.
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Consumer staple stocks are supposed to be safe havens during stock market downturns, but that hasn't been the case this year. With expectations for shares getting reset, Conagra looks much more attractive than it did earlier in the year. Nevertheless, for investors looking for dividend payers in the food sector, General Mills (NYSE: GIS) has a PE ratio of 11.0 and a 5% yield; and The Kraft Heinz Company (NASDAQ: KHC) has a PE of 5.0 and dividend yield of 5.6%. I think those are much more compelling stocks at the moment as Conagra sorts through its acquisitions and tries to reduce expenses.
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Should You Buy ConAgra Brands After Its Post-Earnings Plunge?
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Rio Tinto: "We remain fully supportive of our detained employees"
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HONG KONG, China (CNN) -- Mining giant Rio Tinto has commented for the first time on bribery allegations in China against its employees, saying the claims are "wholly without foundation."
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Rio Tinto signage scrolls past the opening bell at the Australian Stock Exchange in Sydney on June 5.
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Earlier this month China detained four employees in Shanghai, including an Australian citizen, on charges of stealing state secrets. According to reports by government news agency China Daily, Rio Tinto is accused of bribing officials from China's top 16 steel mills to obtain market information.
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The case has reverberated around the business world because of the growing importance of China for the global market. As developed economies struggle with the recession, China just reported this week GDP growth of nearly 8 percent from April to June.
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"Rio Tinto believes that the allegations in recent media reports that employees were involved in bribery of officials at Chinese steel mills are wholly without foundation," said Sam Walsh, chief executive of the company's iron ore business, in a statement on the company Web site.
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"We remain fully supportive of our detained employees, and believe that they acted at all times with integrity and in accordance with Rio Tinto's strict and publicly stated code of ethical behavior," the statement said.
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"Rio Tinto remains very concerned about the four employees detained in Shanghai. The Australian Government is keeping the company fully briefed on its efforts to assist them. Rio Tinto will continue to work to support the employees and their families and colleagues."
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A Rio Tinto spokesperson wouldn't comment on claims in the Australian media that the company has pulled staff from China, but the statement on the company Web site says, "Rio Tinto continues to operate in China and is maintaining high levels of iron ore shipments from Australia."
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Rio Tinto was involved with negotiations on setting iron ore prices in China at the time of the arrests. China was demanding a cut in price larger than the 33 percent offered by producers -- a cut accepted by neighboring nations South Korea and Japan.
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"Last year since October, the Chinese steel industry has suffered very hefty losses because of the plunge in steel prices, but they still have this high inventory cost which they acquired at the height of the iron ore prices," said Xianfang Ren, a senior analyst at Global Insight.
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Other reports in state controlled media say mining companies have wined and dined by the Chinese iron ore negotiating team -- not illegal, analysts said, but questionable. Building relationships, or guanxi in Mandarin Chinese, has long been a part of Chinese culture and crucial to doing business here.
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"The line between entertainment, public relations and government relations, and bribery, commercial bribery - it's kind of blurred here in China," Ren said.
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The incident comes after Rio Tinto broke away from a $19.2 billion investment deal with state-owned Chinalco last month. The deal with Chinalco was signed in February and was awaiting a review by Australia's Foreign Investment Review Board. The deal soured as opposition party members ratcheted disapproval, saying it put Australian resources at strategic risk.
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The week after the arrests, Chinalco released this statement: "Chinalco has been in contact with Rio Tinto expressing our mutual concern for the current situation with their staff. We have also reasserted that the situation is in no way related to any commercial dealings between Rio and Chinalco."
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Both the U.S. and Australian governments have weighed in voicing concern about the arrests and transparency in doing business in China.
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stuff. It’s just that somehow so much of the good stuff has become really expensive. Sold in stores that act like they’re doing you a big fat favor bringing it to you. And maybe they are, but they shouldn’t act like it. That’s why we started Lucky’s Market."
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We're not gonna deny it—we love special effects. It ranks right up there with plot and concept as the reason why we go see movies.
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And a second bonus poll.
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Are you angry that The Dark Knight didn't get nominated for best picture?
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ADEN, Yemen (AP) — Suspected al-Qaida militants on Wednesday attacked an army complex in southern Yemen, killing at least six soldiers and two civilians, officials said.
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The attack in the port city of Aden started when the militants detonated an explosives-laden car at the complex's gate and fired on the troops, military officials said.
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Hospital officials said three of the attackers also died in the subsequent shootout.
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The defense ministry said a statement later that seven other attackers were killed during a chase by troops, and two were detained. It said the government regained control of the area, but that only one civilian was killed.
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The Aden attack appeared similar to one that targeted the defense ministry's headquarters in the Yemeni capital of Sanaa last December in which more than 50 people were killed.
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Al-Qaida in Yemen, which is considered the most active branch of the terror network, claimed responsibility for the Sanaa attack.
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Apache Struts is a popular open-source framework for developing Java-based Web applications that's maintained by the Apache Software Foundation.
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Several security updates were released for Struts this year, including last month, to address highly critical vulnerabilities that could enable remote attackers to execute arbitrary commands on Web servers running applications built with the framework.
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Hackers have since taken notice and are now actively exploiting those flaws, according to researchers from security firm Trend Micro, who found a tool on Chinese underground forums that automates attacks against vulnerable Struts versions.
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The tool exploits the following Struts vulnerabilities to compromise servers: S2-016 (CVE-2013-2251), which was patched in Struts 2.3.15.1 on July 16; S2-013 (CVE-2013-1966), patched in Struts 2.3.14.1 on May 22; S2-009 (CVE-2011-3923), patched in Struts 2.3.1.2 on Jan. 22, 2012; and S2-005 (CVE-2010-1870), patched in Struts 2.2.1 on Aug. 16, 2010.
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The existence of the attack tool was confirmed on July 19, three days after the most recent vulnerability was disclosed to the public, Noriaki Hayashi, a senior threat researcher at Trend Micro, said Wednesday in a blog post.
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"We have observed attacks against Asian targets using this specific hacking tool, which indicates these Struts flaws are being actively exploited by potential threat actors in the wild," he said.
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Once hackers break into a Linux-based or Windows-based server using the Struts attack tool, they can execute pre-configured commands in order to extract information about the server's operating system, directory structure, active users and network configuration.
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The tool also allows attackers to plant a so-called Web shell that acts as a backdoor, giving them persistent access to the servers to execute other commands and use them as they see fit, Hayashi said.
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The Web shell installed by the tool is called JspWebShell and is coded using JavaServer Pages (JSP).
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Web shells with more powerful capabilities are easily available on hacker forums and they allow attackers to search for and steal information from compromised servers, the researcher said.
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Struts 2.3.15.1, which is currently the most secure version of the framework, removed several vulnerable features like the "redirect:" and "redirectAction:" prefixes of the DefaultActionMapper class. The Struts developers warned that upgrading to this version might break some applications that rely on those features and recommended replacing the retired prefixes with fixed navigation rules.
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Upgrading to the latest version is strongly recommended, Hayashi said. "The potential risks from a successful attack outweigh the inconvenience of modifying any deployed apps."
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A Democratic California lawmaker sharply condemned Friday online attacks against his family after he altered a closely watched bill to restore net neutrality protections.
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"My personal family pictures have been stolen from my social media platforms and used to create memes," Assemblyman Miguel Santiago said in a sweeping statement defending his actions. "This is a new low. Progressives don't behave that way. We expect this type of disrespect, fake news, and insults from Trump."
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One meme shared by Santiago's office shows a picture of him with his wife and two children, with text purporting to show Santiago telling them how to be "a sellout whore" who is "just like daddy."
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Santiago, of Los Angeles, chairs an Assembly committee that on Wednesday removed whole portions of a bill considered one of the nation's most aggressive efforts to revive net neutrality rules. The Federal Communications Commission repealed Obama-era regulations last year that prevented internet companies from speeding up or slowing down the delivery of certain content.
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The amendments led Democratic Sen. Scott Wiener, the bill's original sponsor, to declare the bill "mutilated" and withdraw his support.
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Critics have charged Santiago of selling out to internet providers, citing his contributions from AT&T and other broadband companies.
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Santiago, for his part, said he changed the bill to help it withstand legal muster and took the extraordinary step of moving the bill forward without Weiner's support because he wanted to keep it alive and keep working on it.
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Both lawmakers said they're committed to working on improving the bill, but it's unclear whether they'll work in tandem.
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The showdown represents the latest flashpoint in the Democratic Party over ideological purity. California Democratic Party chairman Eric Bauman attempted to diffuse tension Thursday with a statement urging Santiago and Weiner to work together to find the right solution. He did not condemn Santiago's actions.
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My friend Jim Leftwich and I love the music of the Japanese surf band The Royalfingers. Here's a video with scenes from Japanese monster movies set to the music of The Royalfingers' "Black Sand Beach" from their 2002 (and only) album Wild Eleki Deluxe.
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Here's another video. I have no idea what happened to the band and why they only put out one album. If anyone knows, please share in the comments.
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The amendment to the inpatient hospital visitation policy started on Monday.
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LEXINGTON, KY (WAVE) - UK HealthCare has temporarily amended its inpatient hospital visitation policy to be proactive in helping protect the health and well-being of patients and health care workers during this flu season.
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No visitors under the age of 12 (except in Bone Marrow Transplant where no visitors under the age of 18 are permitted).
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No visitors with any symptoms of flu-like illness.
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Only two visitors will be permitted in a patient’s room at one time.
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Visitors may be issued masks or other protective clothing for use when visiting.
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Additional restrictions may be in place in special care units such as women's and children’s units, critical care and oncology units.
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Compassionate visitation exceptions will be made on a case-by-case basis.
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“These procedures are designed to help protect patients, visitors and staff from exposure to the flu and are in effect at all UK HealthCare inpatient units including University of Kentucky Chandler Hospital, Kentucky Children’s Hospital, UK Good Samaritan Hospital and Eastern State Hospital,” Dr. Derek Forster, medical director for infection prevention and control at UK HealthCare, said in a press release.
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It is still recommended anyone six months of age and older who haven't received a flu shot, receive one. A flu vaccination is still the first and best way to prevent influenza.
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Everyday preventive actions are also recommended to stop the spread of germs.
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Covering your nose and mouth with a tissue when you cough and sneeze.
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Washing your hands with soap and water or an alcohol-based hand rub, if soap and water aren't available.
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Avoid close contact with sick people when possible.
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The new visitation requirements started Monday morning.
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A jury determined the Saskatchewan Music Award winners, but now the public gets to vote on the best Saskatchewan albums of 2018.
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The long list consists of 42 albums, compiled by a jury of industry professionals.
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Voting closes on Dec. 11; the Top 10 shortlist will be announced by Dec. 21.
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ST. LOUIS (AP) — Trying to turn attention back to tax cuts and away from the staffing turmoil in his administration, President Donald Trump promised Wednesday that more relief was on the way.
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Speaking at a Boeing factory in St. Louis with two fighter jets as his backdrop, Trump celebrated the impact of the tax cuts he signed into law last year and said he was working with Congress on a second package that would deliver new benefits for companies and the middle class.
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The trip to Missouri came a day after Trump announced he had fired Secretary of State Rex Tillerson, with questions swirling about who is next to go. It also came as a closely watched special election in Pennsylvania — a district Trump won in a landslide in 2016 — remained too close to call, providing another wakeup call to Republicans about Democratic enthusiasm heading into November’s midterm elections.
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The trip served as a victory lap of sorts for a president who has struggled to rack up legislative wins. Trump launched his campaign for an overhaul of the nation’s tax code at a Springfield, Missouri, manufacturing plant last August, and returned to the state to tout the benefits of the law, which slashed taxes for corporations while providing more modest breaks for middle-class families.
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Boeing, which employs about 14,000 people in the St. Louis area, announced it would make $300 million in new investments as a result of the overhaul. Increased military spending under Trump has also benefited the company, particularly its St. Louis operation, which produces the Navy F/A-18 Super Hornet and Air Force F-15s.
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During his visit, Trump eagerly inspected the cockpit of an EA-18 Growler, climbing a set of metal stairs to chat with Steve Schmidt, Boeing’s lead test pilot.
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He also heard from business leaders and workers from companies that have passed on their tax savings in the form of bonuses or higher wages.
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Trump headlined a fundraiser for Republican U.S. Senate candidate Josh Hawley. Hawley is running for the seat held by Democrat Claire McCaskill. Trump publicly endorsed him during a trip to the state in November.
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Entries are due Feb. 28 for the juried exhibition on display this summer at The State Museum of Pennsylvania in Harrisburg.
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Crack open those art portfolios.
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Pennsylvania residents are invited to submit their creations in a variety of media — paintings, drawings, photography, sculpture and more — to this year's "Art of the State" exhibition, according to a recent news release from the Pennsylvania Historical & Museum Commission.
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Entries, due Feb. 28, can be made online at https://bit.ly/2EqHu04. The fee is $30 for up to three works of art and $10 for each additional entry.
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A panel of jurors will select the works for display June 23-Sept. 8 at The State Museum in Pennsylvania in Harrisburg, and an additional juror will award a total of $7,250 in prizes to select works.
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Zackary J. Degenfelder, 22, of Collins, passed away Thursday, April 10, 2019 surrounded by his family at home.
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He was born February 23, 1997 in Buffalo, NY, the son of Scott and Deborah (Johnson) Degenfelder who survive.
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Zackary attended Gowanda Central School and graduated in 2015. He was a member of the Gowanda Central School band and helped coach the Gowanda Panthers little league football team. Thanks to Make-A-Wish, Zackary attended his favorite country singer’s concert, Chad Brock, in Wisconsin and it was a trip of a lifetime. He was also a huge fan of the Buffalo Bills, Buffalo Sabres, and Boston Red Sox.
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Besides his loving parents, Zackary is survived by two brothers; Kyle (Samantha Sparceno) Degenfelder of Gowanda, NY and Kory Degenfelder, of Collins, NY. Also surviving are two sisters; Dayna Degenfelder and Josalyn Degenfelder, both of Collins, NY, as well Zackary’s best friend; Hunter Simmons, of Gowanda, NY; a niece, Jennifer Degenfelder and several aunts, uncles and cousins.
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Friends may call on Saturday, April 13, 2019 from 3-7 p.m. at Mentley Funeral Home Inc., 105 East Main St. Gowanda, NY. Per family request, please wear your favorite Sabres, Bills, or Red Sox apparel. Funeral services will be held on Sunday, April 14, 2019 at 1 p.m. from the funeral home. Burial will be in Collins Center Cemetery.
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In lieu of flowers, memorials may be made to the Children’s Hospital ICU or Hospice Buffalo.
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Olympic and world 400m champion Wayde van Niekerk is in the second week of light track training as he continues to prepare for next season.
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Van Niekerk has been out of action since late 2017 after injuring his knee while playing in a celebrity touch rugby match at Newlands Stadium ahead of a Rugby Championship Test between the Springboks and New Zealand.
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His coach, Ans Botha, said the first man in history to go sub10sec in 100m‚ sub-20 in 200m‚ sub-31 in 300m and sub-44 in 400m trains on the track twice a week as part of his rehabilitation programme but there is still a long way to go.
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“He is not going full out at the moment but he is working on the track twice a week.
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“This is part of his rehabilitation programme and hopefully he will get over it without any problems ‚” said Botha.
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