$MKC

14 stories mentioning MKCUpdated 21h ago

Every FINWIRES story that references MKC, newest first.

Sector Update: Consumer Stocks Mixed Pre-Bell Wednesday

Consumer stocks were mixed premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) retreating 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) was flat.Unilever (UL) shares were down more than 2% pre-bell following a nearly 9% rise at the previous close. Reuters reported that the company agreed to protect the employment terms and conditions of workers in its European and UK food business for two years after its planned 2027 merger with McCormick (MKC). McCormick stock was fractionally higher.Ford Motor (F) shares rose more than 6% after the automaker lifted its full-year core profit outlook, while the company reported an unexpected year-over-year increase in its Q2 earnings and recorded revenue above market estimates.Lithia & Driveway (LAD) stock was 4% higher after the company reported higher Q2 adjusted earnings and revenue.

$F$LAD$MKC$UL$XLP$XLY

Sectors1d ago

Sector Update: Consumer

Consumer stocks were lower to flat premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) retreating 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) was flat.Unilever (UL) shares were down more than 2% pre-bell following a roughly 9% rise at the previous close. Reuters reported that the company agreed to protect the employment terms and conditions of workers in its European and UK food business for two years after its planned 2027 merger with McCormick (MKC). McCormick stock was fractionally higher.

$MKC$UL$XLP$XLY

Commodities1d ago

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Wednesday Ahead of Fed's Interest Rate Announcement

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.1% in Wednesday's premarket activity, ahead of the Federal Reserve's interest rate announcement.US stock futures were mixed, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining 0.2% before the start of regular trading.Mortgage applications fell by 6.4% in the week ended July 24, with both refinancing activity and new home applications pushed lower by an increase in 30-year fixed mortgage rates, data released by the Mortgage Bankers Association showed Wednesday.The weekly petroleum stocks data will be released at 10:30 am ET.The Federal Reserve's monetary policy committee will announce its latest decision on interest rates at 2 pm ET, followed by a press conference from Fed Chair Kevin Warsh at 2:30 pm ET.In premarket action, bitcoin was up by 1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% higher, Ether ETF (EETH) retreated 0.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.2% lower.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.6%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.Vertiv Holdings (VRT) stock was down more than 12% before the opening bell after the company reported higher Q2 adjusted earnings and revenue.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was flat, while the iShares US Healthcare ETF (IYH) slipped 0.9%. The iShares Biotechnology ETF (IBB) was 0.3% lower.Humana (HUM) stock was down more than 8% premarket after the company cut its 2026 GAAP earnings guidance.EnergyThe iShares US Energy ETF (IYE) was up 1.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 2.3%.Eni (E) stock was up more than 5% before the market open after the company reported higher Q2 net profit and sales.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.2%, the iShares US Technology ETF (IYW) was 0.2% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 1.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 0.9% lower, while the iShares Semiconductor ETF (SOXX) declined by 0.9%.United Microelectronics (UMC) shares were down more than 3% in premarket activity after falling 9% at the prior close. The company reported higher Q2 earnings and operating revenue and announced a phased expansion plan to boost semiconductor manufacturing capacity in Singapore and Taiwan.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.035, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated marginally by 0.02%.Unilever (UL) shares were down more than 2% pre-bell following a nearly 9% rise at the previous close. Reuters reported that the company agreed to protect the employment terms and conditions of workers in its European and UK food business for two years after its planned 2027 merger with McCormick (MKC). McCormick stock was 0.5% higher.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) lost 0.02%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.UBS Group (UBS) shares traded up 1% in early-hours activity after the company reported higher Q2 earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 4.8% to $83.05 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.2% to $2.63 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 6.8%, while the United States Natural Gas Fund (UNG) was 0.2% lower.Gold futures for November retreated 0.2% to $4,090.00 an ounce on the Comex. Silver futures were up 0.6% to $57.85 an ounce. SPDR Gold Shares (GLD) decreased 0.3%, and the iShares Silver Trust (SLV) was 0.3% lower.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$E$EEM$EETH$EXI$FAS$FAZ$GLD$HUM$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MKC$PMR$QQQ$RTH$SLV$SOXX$SPY$UBS$UL$UMC$UNG$USO$VDC$VHT$VIS$VRT$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Wire7d ago

McCormick Plans London Secondary Listing After Unilever Foods Combination

McCormick (MKC) outlined the operating model, executive team and planned secondary listing on the London Stock Exchange for the combined company following its proposed combination with Unilever Foods, the company said Thursday.The combined company will operate through four commercial divisions and will be led by an executive team comprising leaders from both businesses, McCormick said.McCormick added that it intends to seek a secondary listing on the London Stock Exchange while retaining its primary listing on the New York Stock Exchange.Shares of McCormick were down about 2.3% in Thursday trading.Price: $50.72, Change: $-1.30, Percent Change: -2.50%

$MKC

Wire33d ago

McCormick Faces Consumer Strain, Unilever Deal Questions, UBS Says

McCormick (MKC) continues to face uncertainty around consumer demand and its pending acquisition of Unilever's (UL) foods business, keeping investor sentiment cautious heading into H2, UBS Securities said Thursday in a report.Packaged-food companies broadly are navigating a difficult consumer backdrop, with many at risk of downward earnings revisions as shoppers remain price-sensitive and trade-offs persist, the report said. McCormick's demand trends remain hard to predict, and while the company expects sales to improve later in the year, "many are likely to take a wait-and-see approach," UBS said.Investors are also looking for more clarity on McCormick's planned merger with Unilever's Foods business, with an update expected in September, UBS said. It's uncertain whether that update will be enough to ease concerns about the deal's strategic fit and financial implications, the report said.McCormick's fiscal Q2 results on Thursday came in ahead of expectations, helped by stronger margins, though the beat did little to change the broader concerns weighing on the stock, UBS said.UBS raised its price target on McCormick stock to $52 from $51 and maintained its neutral rating.Price: $50.53, Change: $+2.18, Percent Change: +4.50%

$MKC$UL

Sectors34d ago

Sector Update: Consumer Stocks Decline Late Afternoon

Consumer stocks were lower late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.4%.In corporate news, Darden Restaurants (DRI) issued a full-year earnings outlook below market estimates on Thursday, and the restaurant operator's fiscal Q4 sales fell short of expectations. Its shares fell 1.1%.Stellantis (STLA) and Nissan are in talks to buy some assets from Marelli, the bankrupt auto-parts supplier currently undergoing a complex Chapter 11 restructuring, Bloomberg reported. Stellantis shares were down 1.3%.McCormick (MKC) reported fiscal Q2 results above Wall Street's estimates on Thursday, while reiterating its full-year outlook. McCormick shares gained 2.1%.Bumble (BMBL) is exploring a sale amid a slowdown in growth of the online dating sector, Reuters reported. The dating app company has selected Morgan Stanley to assist it on a potential sale process, the report said. Bumble shares jumped past 5%.

$BMBL$DRI$MKC$STLA

Sectors34d ago

Sector Update: Consumer Stocks Decline Thursday Afternoon

Consumer stocks were lower Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.7% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.1%.In corporate news, Darden Restaurants (DRI) issued a full-year earnings outlook below market estimates on Thursday, and the restaurant operator's fiscal Q4 sales fell short of expectations. Its shares fell 1.3%.McCormick (MKC) reported fiscal Q2 results above Wall Street's estimates on Thursday, while reiterating its full-year outlook. McCormick shares gained 3.8%.Cal-Maine Foods (CALM) and other egg producers may soon resolve Justice Department and state investigations into alleged illegal price coordination, Bloomberg reported. Cal-Maine Foods shares were down 2.8%.

$CALM$DRI$MKC

US Markets35d ago

McCormick Tops Second-Quarter Views, Maintains Full-Year Outlook

McCormick (MKC) reported fiscal second-quarter results above Wall Street's estimates on Thursday, while the spices and seasonings producer reiterated its full-year outlook.The company posted adjusted earnings of $0.80 a share for the quarter ended May, up from last year's $0.69, which was the consensus on FactSet. Sales climbed 17% to $1.94 billion, driven by a contribution from McCormick de Mexico, ahead of the Street's view for $1.91 billion.On an organic basis, sales rose 1.7%, as a 2.2% gain in prices helped offset a 0.5% decline in volume and mix. The stock increased 5.2% in Thursday trade."Total organic growth was driven by accelerated momentum in flavor solutions, with gains across flavors and branded foodservice customers," Chief Executive Brendan Foley said in a statement. "We also effectively managed elevated inflation and incremental costs related to the Middle East conflict through productivity initiatives and cost savings programs, resulting in underlying margin improvement for the quarter."Sales in the consumer segment climbed 23% annually to $1.14 billion in the second quarter, while flavor solutions rose 8.9% to $794 million.In January, McCormick completed the purchase of an additional 25% stake in McCormick de Mexico, increasing its overall ownership in the company to 75%. McCormick said at the time that it expected the transaction to be accretive to net sales and adjusted earnings per share.For fiscal 2026, McCormick continues to project adjusted EPS of $3.05 to $3.13 on a sales growth range of 13% to 17%. The Street is looking for non-GAAP EPS of $3.09 and sales of $7.89 billion."Looking ahead to the rest of the year, we expect to sustain the momentum in flavor solutions and increase reinvestment to improve consumer volume trends and organic sales," Foley said. "Our fundamentals remain strong, supported by our advantaged categories and disciplined execution, giving us confidence in our ability to deliver on our 2026 outlook."Earlier this year, McCormick agreed to combine with Unilever's (UL) food business.Foley said the company is moving forward with integration planning for the proposed deal. The combined company is expected to realize about $600 million in annual cost synergies, with another $100 million in cost and revenue synergies to be reinvested in growth.Price: $50.09, Change: $+2.49, Percent Change: +5.22%

$MKC

US Markets35d ago

Stocks Rise Pre-Bell as Traders Assess Micron Results, Await Key Inflation Data

US equity markets were pointing higher before the opening bell Thursday as traders parse Micron Technology's (MU) latest financial results and await key inflation and economic data.The S&P 500 rose 0.8%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq increased 2.2% in premarket activity. The S&P 500 and Nasdaq closed Wednesday trading down for the third consecutive session, while the Dow finished in the green.Shares of Micron jumped 16% pre-bell as the semiconductor manufacturer issued an upbeat fiscal fourth-quarter outlook and reported stronger-than-expected results for the prior three-month period.Micron's "stellar" earnings report eased tech investors' concerns about the artificial intelligence and memory trade, Wedbush Securities said in a Wednesday client note."The tech sector and chip trade still has a lot of room to go higher over the coming months as the stellar demand trends from our recent Asia checks gives us further confidence to own tech stocks into the second half of 2026 with a stronger growth trajectory ahead," according to the brokerage.Qualcomm's (QCOM) stock rose 12% after the company agreed to acquire software infrastructure firm Modular in a roughly $3.92 billion deal. Nvidia (NVDA) gained 1.4%, while Intel (INTC) advanced 5.4%.Bio-Techne (TECH) spiked 22% as the firm agreed to be acquired by Germany's Merck KGaA in a deal worth $11.3 billion.The personal income and outlays report for May is scheduled to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.Treasury yields rose in premarket action, with the two-year rate advancing 1.3 basis points to 4.15% and the 10-year rate adding 0.8 basis points to 4.41%.Thursday's economic calendar also has the third and final estimate report of the first-quarter gross domestic product at 8:30 am, along with the weekly jobless claims bulletin, the durable goods orders report and the Chicago Fed national activity index, both for last month. The Kansas City Fed manufacturing index for June posts at 11 am.New York Fed President John Williams is slated to speak at 3:40 pm, while Chicago Fed President Austan Goolsbee speaks at 6:30 pm.West Texas Intermediate crude oil declined 1.1% to $69.54 a barrel before the open, while Brent decreased 1.4% to $72.72.Iran's Islamic Revolutionary Guard Corps reportedly said Wednesday it would be "unacceptable and dangerous" for ships to transit new routes through the Strait of Hormuz without coordination with Tehran, CNBC reported, citing local state media.In an emailed report on Wednesday, Stifel said 39 ships moved through the crucial waterway on Monday, still well below the usual average of over 100, but a strong improvement after more than three months of a complete halt in traffic.Darden Restaurants (DRI), TD Synnex (SNX), McCormick (MKC), Acuity (AYI), Commercial Metals (CMC) and BlackBerry (BB) report their latest financial results before the bell, among others.Gold slipped 0.2% to $4,002 per troy ounce, while bitcoin gained 3% to $61,489.

Dow JonesNasdaq CompositeS&P 500$AYI$BB$CMC$DRI$INTC$MKC$MU$NVDA$QCOM$SNX$TECH

US Markets57d ago

Packaged Food Companies Face 'Tough' Setup Amid Weak Demand, Growing Costs, UBS Says

US packaged food companies' upcoming quarterly results are likely to highlight a "tough" setup for the industry amid weaker demand and increasing costs, UBS Securities said in a note e-mailed Tuesday.The brokerage flagged downside potential to Wall Street's projections for the back half of the year and beyond given mounting cost pressures. The industry at the same time is facing structural changes "that could materially shift the growth trajectory for some time," UBS analysts Peter Grom and Sona Fernandes said in the note to clients.Campbell's (CPB), J.M. Smucker (SJM), General Mills (GIS), Conagra Brands (CAG), Simply Good Foods (SMPL), and McCormick (MKC) comprise the brokerage's packaged food coverage. The companies are expected to report results over the coming weeks."As has been the case for some time, we expect top-line trends to remain under pressure for most (of the names), and when layering in cost pressures that have ratcheted higher, we see downside risk to Street numbers looking out to the back half of the year and beyond," Grom and Fernandes said.Campbell's faces a "negative" setup ahead of its results amid "demand trends (that are) yet to show meaningful improvement and cost pressures that could drive out year estimates lower," the analysts wrote.UBS sees an "unfavorable setup" for General Mills ahead of its results. "We believe (fiscal 2027) guidance will fall short of expectations driven by top-line growth that remains underwhelming, cost pressures that will likely offset benefits from (corporate strategy) savings, and lapping unique items such as the 53rd week, incentive comp, and a divestiture," Grom and Fernandes said.For Conagra, the fundamental setup into its latest results continues to be "challenged, as top-line trends remain underwhelming," with cost pressures expected to lead to fiscal 2027 outlook falling short of the Street's views at the midpoint, according to the note.Simply Good Foods' "demand trends remain under pressure and cost pressures remain elevated making it difficult to step in," Grom and Fernandes said.UBS sees J.M. Smucker and, to some extent, McCormick as "partial exceptions" in its downbeat industry outlook.J.M. Smucker "remains one of the few companies across our packaged food coverage where we see a path to organic sales growth and strong bottom-line delivery" looking out over the next 12 to 18 months, the analysts said. McCormick's fundamentals "remain better than most, but the company is also not immune to moderating category trends and cost pressures," according to Grom and Fernandes."In many ways, we think growth algorithms for the group could be permanently impaired, and when comparing valuation to other industries that have structural top-line concerns, we think there in fact could be room for further multiple compression," the analysts wrote.Price: $21.12, Change: $+0.04, Percent Change: +0.19%

$CAG$CPB$GIS$MKC$SJM$SMPL

Sectors61d ago

Sector Update: Consumer Stocks Decline Friday Afternoon

Consumer stocks were lower Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.6%.In sector news, the Trump administration is expected to propose a tweak to the US-Mexico-Canada Agreement that would require half of all automobile components and materials to come from sources in the US, The Wall Street Journal reported. The pact currently requires 75% of a vehicle's materials to come from North American sources but has no US-specific quota, the report said.In corporate news, Costco's (COST) fiscal Q3 revenue topped market estimates buoyed by its gas business amid high fuel prices, but the warehouse chain's earnings fell short of expectations. Its shares fell 4.3%.General Motors' (GM) partly owned battery plant in Ohio is delaying the return of hundreds of workers amid weak demand for electric cars, Reuters reported. GM shares were down 1.3%.International Flavors & Fragrances (IFF) shares added 0.6% after it said Friday that it agreed to sell a majority stake in its food ingredients unit to private equity firm CVC Capital Partners in a deal worth roughly $4.3 billion, as part of IFF's efforts to focus on higher-margin businesses.Activist hedge fund Toms Capital Investment Management has built a significant stake in McCormick (MKC) as the US food company works on its planned acquisition of Unilever's (UL) food business, Reuters reported. McCormick shares rose 1.8%.

$COST$GM$IFF$MKC

Wire61d ago

Market Chatter: Activist Toms Capital Takes Major Stake in McCormick

Activist hedge fund Toms Capital Investment Management has built a sizable stake in McCormick (MKC) as the US food company works on its planned acquisition of Unilever's (UL) food business, Reuters reported Friday, citing sources familiar with the matter.The size of the stake, which Toms acquired in Q2, and what Toms intends to do with it, could not be determined, Reuters said.Toms and McCormick didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $47.64, Change: $+0.81, Percent Change: +1.73%

$MKC$UL

Research107d ago

BTIG Initiates McCormick & Company at Neutral

McCormick & Company (MKC) has an average rating of overweight and mean price target of $62.27, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$MKC