DJIA 8883.29 -143.66 (-1.59%) S&P 500 1120.67 -22.19 (-1.94%) Nasdaq 1872.39 -47.19 (-2.46%) Value Line Index 892.85 -17.51 (-1.92%) 30-Year Bond 105 25/32 +3/32 5.71 Yield
Hollywood Video parent Hollywood Entertainment Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HLYW)") else Response.Write("(Nasdaq: HLYW)") end if %> jumped $1 11/16 to $17 11/16 after announcing late yesterday plans to acquire Reel.com Inc., which operates an online movie video store (www.reel.com), for around $100 million. The video rental store company also announced that CMG Information Services <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CMGI)") else Response.Write("(Nasdaq: CMGI)") end if %>, Intel Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTC)") else Response.Write("(Nasdaq: INTC)") end if %>, Paul Allen's (co-founder of Microsoft) Vulcan Ventures Inc., and private investor Scott Beck (former CEO of Boston Market and vice chairman of Blockbuster Entertainment) will invest in the company by purchasing 5 million shares of restricted common stock at $13.50 a share. One of the restrictions prohibits the investors from transferring their shares for one year. CMG will convert its 34% stake in Reel.com into shares of Hollywood Entertainment, making CMG the company's biggest shareholder. By merging Hollywood Video with Reel.com, customers will be able to browse through titles on the Web and check availability or reserve a video for pickup at a nearby Hollywood Video store.
Internet commerce and information management software developer Open Market <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: OMKT)") else Response.Write("(Nasdaq: OMKT)") end if %> added $7/8 to $15 7/8 after announcing it has closed a $20 million private placement of common stock to CMG Information Services <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CMGI)") else Response.Write("(Nasdaq: CMGI)") end if %> and a fund managed by Heights Capital Management. Open Market sold a total of about 1.34 million unregistered shares at $14.94 per share. The investors also received warrants to buy an additional 334,728 common shares at $16.43 per share. Open Market said, "The additional working capital provided by this financing strengthens our balance sheet and gives the company more financial flexibility." With this investment, CMG joins the ranks of investors such as Intel <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTC)") else Response.Write("(Nasdaq: INTC)") end if %>, Tribune Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TRB)") else Response.Write("(NYSE: TRB)") end if %>, and Harcourt General <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: H)") else Response.Write("(NYSE: H)") end if %>. For more on Open Market, check out the Fool's recent interview with its Vice President of Marketing Bob Weinberger.
QUICK TAKES: Information services provider Electronic Data Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: EDS)") else Response.Write("(NYSE: EDS)") end if %> gained $5/16 to $35 3/16 after reporting Q2 EPS of $0.49 (before charges), up $0.10 from last year and a nickel ahead of analysts' mean estimate. But euphoria over the company's earnings was tempered by its announcement that it expects the GM strike to reduce full-year EPS by $0.04 to $0.08... Computer memory chip maker Micron Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MU)") else Response.Write("(NYSE: MU)") end if %> added $2 1/8 to $33 5/16 after saying it has seen some recent increases in prices and unit volume but has not yet determined whether the trend is sustainable... Paine Webber Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PWJ)") else Response.Write("(NYSE: PWJ)") end if %> rose $3 to $47 1/2 on speculation of a takeover offer from Dresdner Bank of Germany. The brokerage declined to comment on market rumors.
Computer systems and services supplier Stratus Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SRA)") else Response.Write("(NYSE: SRA)") end if %> was bid up $7/8 to $28 7/8 on reports that it will be acquired by Ascend Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ASND)") else Response.Write("(Nasdaq: ASND)") end if %> next week... New kid on the block Cyberian Outpost <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COOL)") else Response.Write("(Nasdaq: COOL)") end if %> surged $2 1/2 to $20 1/2 from an initial offering price of $18 after reaching as high as $26. The company sells computer hardware and software at its online superstore... Telecommunications equipment maker Carrier Access Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CACS)") else Response.Write("(Nasdaq: CACS)") end if %> stormed ahead $4 1/8 to $16 1/8 from an initial offering price of $12... Bandwidth management technologies company Adaptec Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ADPT)") else Response.Write("(Nasdaq: ADPT)") end if %> picked up $1 to $11 5/8 after announcing the resignation of its chairman and CEO, Grant Saviers. Company founder Larry Boucher has been appointed interim CEO.
Union Pacific Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UNP)") else Response.Write("(NYSE: UNP)") end if %> chugged ahead $1 3/4 to $42 after announcing that the government has lifted an emergency service order that allowed other rail carriers to use the company's network to move goods in the Texas and Louisiana Gulf Coast region, signaling the end of the service crisis in that region... Healthcare, insurance, and financial services holding company CIGNA Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CI)") else Response.Write("(NYSE: CI)") end if %> rose $1 5/16 to $66 1/16 after reporting Q2 EPS of $1.27 compared with $1.21 in the year-earlier period. Analysts had expected EPS of $1.20... Customer relationship management company Pegasystems Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PEGA)") else Response.Write("(Nasdaq: PEGA)") end if %> leapt $2 1/16 to $28 1/8 after reporting Q2 EPS of $0.13, a substantial improvement over last year's loss of $0.07 and better than analysts' expectations of $0.10.
Natural gas-fired power plant developer Calpine Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CPN)") else Response.Write("(NYSE: CPN)") end if %> added $1 1/16 to $20 3/16 after announcing a joint venture with Sonat Energy Services Co. to develop a 680-megawatt plant near Columbus, Ga... Cement producer Southdown Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SDW)") else Response.Write("(NYSE: SDW)") end if %> gained $3 to $62 9/16 after Warburg Dillon Read upgraded its rating on the company to "strong buy" from "buy," citing recent weakness in the company's shares... Electronic imaging specialist Princeton Video Image <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PVII)") else Response.Write("(Nasdaq: PVII)") end if %> soared $1 to $5 after announcing an agreement with CBS owned and operated KPIX-TV Channel 5 in San Francisco. Princeton Video will receive a portion of the advertising revenue generated through the use of its technology... Electronics contract manufacturer HADCO Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HDCO)") else Response.Write("(Nasdaq: HDCO)") end if %> was up $2 5/8 to $27 after announcing it will cut 3% of its workforce as a result of the worldwide slowdown in the electronic interconnect industry.
Earnings Movers
Airgas Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ARG)") else Response.Write("(NYSE: ARG)") end if %> up $9/16 to $13 1/2; Q1 EPS: $0.16 vs. $0.18 last year; Estimate: $0.15
Align-Rite International <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MASK)") else Response.Write("(Nasdaq: MASK)") end if %> up $2 1/8 to $13 7/8; Q1 EPS: $0.36 vs. $0.30 last year; Estimate: $0.34
Allmerica Financial Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AFC)") else Response.Write("(NYSE: AFC)") end if %> up $3 3/4 to $66 7/8; Q2 EPS: $0.92 (excluding special items) vs. $0.79 last year; Estimate: $0.76
American Power Conversion Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: APCC)") else Response.Write("(Nasdaq: APCC)") end if %> up $2 7/16 to $32 1/4; Q2 EPS: $0.35 (before charges) vs. $0.28 last year; Estimate: $0.34
Copley Pharmaceutical <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CPLY)") else Response.Write("(Nasdaq: CPLY)") end if %> up $1 3/8 to $7 1/4; Q2 EPS: $0.14 vs. $0.01 (excluding charges) last year; Estimate: $0.04 (single analyst)
Gilead Sciences <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GILD)") else Response.Write("(Nasdaq: GILD)") end if %> up $1/4 to $23 1/2; Q2 EPS: loss of $0.49 vs. profit of $0.09 last year; Estimate: loss of $0.58
Sypris Solutions <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SYPR)") else Response.Write("(Nasdaq: SYPR)") end if %> up $1 1/16 to $9 1/2; Q2 EPS: $0.21 vs. $0.04 last year
Bowling alley operator AMF Bowling <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PIN)") else Response.Write("(NYSE: PIN)") end if %> threw the old gutter ball today, skidding $2 3/8 to $14 after reporting a fiscal Q2 loss of $0.60 per share compared to a loss of $0.29 per share a year ago. The Street had been expecting a $0.27 per share loss in the period. Earnings before interest, taxes, depreciation, and amortization (EBITDA) slid 51% in the quarter to $17.5 million. The company blamed the poor results in part on the financial crisis in Asia -- a "key" market for AMF. The "normal seasonality" of the bowling biz also hurt cash flow, presumably because bowlers prefer to hit the lanes more often in cold weather than in warm. The company's shares dropped 32% this week, suggesting some investors may have had a bad feeling about the quarterly results all along. On Thursday, SG Cowen looked at the tea leaves and downgraded the stock to "neutral" from "buy."
Overshadowed by "hot" initial-public-offering-of-the-day Cyberian Outpost <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COOL)") else Response.Write("(Nasdaq: COOL)") end if %> was NorthEast Optic Network <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NOPT)") else Response.Write("(Nasdaq: NOPT)") end if %>, which fell $1 1/2 to $10 1/2 from its IPO price of $12 per share on its first day of trading. The company is controlled by Central Maine Power Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CTP)") else Response.Write("(NYSE: CTP)") end if %> and Northeast Utilities <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NU)") else Response.Write("(NYSE: NU)") end if %>, which have funded the build-out of the firm's fiber optic network, stretching from New York State to Maine. While laying fiber optic lines alongside electric transmission pipes may seem like a novel idea, NorthEast's concept is not all that unique. Rival Williams Cos. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WMB)") else Response.Write("(NYSE: WMB)") end if %> operates a fiber optic network along its oil and gas pipeline right of way, and Qwest Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QWST)") else Response.Write("(Nasdaq: QWST)") end if %> started out by laying its network alongside Southern Pacific's railroad tracks. The competition in the sector may explain why NorthEast's shares sold at the low end of their expected $12 to $14 per share offering price range today, as well as why the size of the offering was lowered to 4.5 million shares from 5.5 million shares.
QUICK CUTS: Number two U.S. automaker Ford Motor Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: F)") else Response.Write("(NYSE: F)") end if %> gave back $3 3/4 to $57 after rising 4.1% yesterday. Analysts expect Ford's July sales figures, which will be reported on Tuesday, will be even with or slightly below last year's results... PC, printer, and computing products maker Hewlett-Packard <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HWP)") else Response.Write("(NYSE: HWP)") end if %> slipped $1 3/4 to $55 1/2 after saying 2,400 of its higher-tier managers will take a three-month, 5% pay cut as part of efforts to reduce costs at the company... Consumer products giant Procter & Gamble <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PG)") else Response.Write("(NYSE: PG)") end if %> slipped $4 1/4 to $79 3/8 after Bear Stearns downgraded the stock to "attractive" from "buy"... Coffee shop operator Starbucks Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SBUX)") else Response.Write("(Nasdaq: SBUX)") end if %> was burned $5 5/8 to $41 7/8 after reporting that its same-store sales in July increased by 2% from a year ago, down from the 4% rise reported in June.
Telecommunications equipment maker Ciena Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CIEN)") else Response.Write("(Nasdaq: CIEN)") end if %> lost another $5 5/16 to $74 1/16 following yesterday's news that client AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: T)") else Response.Write("(NYSE: T)") end if %> may opt for a different global optic networking setup than the Ciena system the company is already testing. Ciena merger partner Tellabs <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TLAB)") else Response.Write("(Nasdaq: TLAB)") end if %> fell another $4 3/4 to $75 9/32... Farming equipment maker Deere & Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DE)") else Response.Write("(NYSE: DE)") end if %> was mowed down $2 7/8 to $40 3/16 after Morgan Stanley Dean Witter downgraded the stock to "outperform" from "strong buy"... Toy retailer Toys R Us <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TOY)") else Response.Write("(NYSE: TOY)") end if %> lost $15/16 to $22 3/4 as Merrill Lynch lowered its near-term rating to "neutral" from "accumulate"... Online computing products reseller Egghead.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EGGS)") else Response.Write("(Nasdaq: EGGS)") end if %> was fried for $3 3/8 to $14 1/2 after reporting a fiscal Q1 loss of $0.24 per share compared with a loss of $0.21 per share a year ago.
Retail supply chain management software maker JDA Software Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: JDAS)") else Response.Write("(Nasdaq: JDAS)") end if %> dropped $5 1/4 to $17 3/4 after reporting fiscal Q2 EPS of $0.20 (excluding charges), in line with the Street's estimate. However, Piper Jaffray downgraded the stock to "buy" from "strong buy"... Casino operator Station Casinos <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: STN)") else Response.Write("(NYSE: STN)") end if %> fell $3 1/8 to $9 1/8 after its proposed merger with REIT Crescent Real Estate Equities Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CEI)") else Response.Write("(NYSE: CEI)") end if %> was thrown into jeopardy after Station filed for "declaratory relief" in federal and state court yesterday.... Networking and communications equipment maker Ascend Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ASND)") else Response.Write("(Nasdaq: ASND)") end if %> descended $7 1/32 to $44 15/32 on published reports that it will buy online transaction processing systems developer Stratus Computers <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SRA)") else Response.Write("(NYSE: SRA)") end if %> for $800 million in stock.
Wireless messaging services provider PageNet <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PAGE)") else Response.Write("(Nasdaq: PAGE)") end if %> lost $5/8 to $11 3/4 after saying a San Diego man who allegedly used the company's system to set up fraudulent voice mail boxes ended up costing the firm about $1 million... Home furnishing products maker Crown Crafts <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CRW)") else Response.Write("(NYSE: CRW)") end if %> was ripped $4 1/4 to $10 1/4 after reporting a fiscal Q2 net loss of $0.27 per share, missing estimates of a $0.15 per share loss. Also, the firm said Paul Criscillis will step down as CFO next month... Mortgage loan servicer Ocwen Financial Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: OCN)") else Response.Write("(NYSE: OCN)") end if %> dropped $1 5/8 to $20 1/4 after saying yesterday that it may consider strategic alliances, including possible mergers, to enter into untapped markets... Farm and construction equipment maker New Holland NV <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NH)") else Response.Write("(NYSE: NH)") end if %> lost $2 1/16 to $15 3/8 on a Morgan Stanley Dean Witter downgrade to "neutral" from "strong buy."
AGCO Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AG)") else Response.Write("(NYSE: AG)") end if %> was dragged down $15/16 to $12 3/4 courtesy of downgrades from Merrill Lynch, Morgan Stanley Dean Witter, and Sanford C. Bernstein... Steel maker Bethlehem Steel <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BS)") else Response.Write("(NYSE: BS)") end if %> was rolled for a $3/8 loss to $10 3/4 after Lehman Brothers cut its fiscal 1999 earnings estimates. The brokerage firm also reduced earnings expectations for National Steel <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NS)") else Response.Write("(NYSE: NS)") end if %>, which fell $7/8 to $9 3/4... PC retailer CompUSA <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CPU)") else Response.Write("(NYSE: CPU)") end if %> dropped $1 9/16 to $18 15/16 after SoundView Financial cut its short-term rating to "hold" from "buy"... Burlington, Vermont-based bank holding company Banknorth Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BKNG)") else Response.Write("(Nasdaq: BKNG)") end if %> slid $3 5/16 to $34 15/16 after agreeing to buy Evergreen Bancorp <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EVGN)") else Response.Write("(Nasdaq: EVGN)") end if %> in a $291 million stock swap. Evergreen added $2 1/2 to $30 1/4 on the news... Information Resources <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: IRIC)") else Response.Write("(Nasdaq: IRIC)") end if %> fell $2 25/32 to $14 7/32 after the provider of UPC code-scanning services was downgraded by ABN AMRO to "hold" from "buy."
FOOL
ON THE HILL
An Investment Opinion
by
Alex Schay
Two Scoops of Competition
At first blush, building a multi-billion dollar business on corn grits, oats, rice, various dehydrated fruits, sweeteners, wheat, and wheat derivatives seems a bit flaky. It seems intuitive that in such a business comparable products would be abundant, and low-price products would reign. However, up until recently cereal companies used to be shining examples of rational competition. Virtually every one of the name brands could make money due to a reluctance to engage in the kind of debilitating price wars that cripple other industries, like airlines -- to use an extreme example of irrational pricing. The thing is, not much has changed on the high-end, but there have been other developments.
Kellogg <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: K)") else Response.Write("(NYSE: K)") end if %>, the company that brings consumers Frosted Flakes, Apple Jacks, and Pops corn puffs has been hurt recently not so much by price wars on the brand name box front, but rather by inexpensive knock-offs like Frosted Flakers, Apple Zaps, and Sweet Puffs made by Quaker Oats <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: OAT)") else Response.Write("(NYSE: OAT)") end if %> and other "bag cereal" purveyors, whose wares typically sell for roughly $0.75 less than their "square" relatives. Is it dastardly and underhanded to minimize marketing costs by copying best sellers? Sure, but it's also a tried and true business practice.
Even though Kellogg has seen market share losses for most of this decade, accelerating to roughly 1% per year over the last four years, really painful manifestations of this phenomenon have been muted. However, today Kellogg dropped $2 3/16 to $33 1/4 after announcing that Q2 earnings fell 17% to $143.2 million, or $0.35 per share, compared with estimates for $0.37 per share. Hardly awful considering that Kellogg forecast grim numbers during its first quarter conference call, but what really has investors down is the fact that Kellogg reported that 1998 earnings will drop as much as 15% to $1.45 per share, a little stark when compared with current estimates for $1.77. The company has stated that it will spend more on promotions to regain sales that have been lost to store brands and the bag people.
The costs of combating discount brands is estimated to be in the range of $225 million pre-tax. While some of this may be spread across research and development (R&D) expenses, there are some fears that these changes may not be one-time competitive increases but rather a reflection that cereal margins have been unsustainably high. Kellogg has operating margins of 17.47%. Trade promotions, of course, affect the net price that the company receives, but at some point the more drastic issue of price cuts needs to be addressed. The price-value proposition for Kellogg's high-end cereal brands has eroded, but the company is understandably reluctant to slash prices across the board. An across the board price cut would cut 1999 EPS by about a fifth. Price cuts of 10% on selected brands would probably be the more judicious route.
Many skeptics feel that bagged cereals are a waste of time, and certainly their potential penetration seems to have an upper limit. In 1997 Quaker earned a skimpy $5 million (pre-tax) on baggy sales of $160 million, or margins of 3%, compared with supermarket brand margins in the neighborhood of 7% and branded box cereals raking in 20% margins. In spite of the low profitability, Quaker gained 2% cereal market share last year and seems on track to do the same this year. One problem for the growth of bag cereals might be saturation if the private label and grocery brands get in on the act full time, like privately held Malt-O-Meal or Ralcorp Holdings <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RAH)") else Response.Write("(NYSE: RAH)") end if %>.
All of this doesn't help Kellogg much if it can't return to volume growth. Seeing Kellogg drop this year has this columnist taking a closer look at possible share buy-backs -- even though some form of promotional expenses will probably take priority. At the end of last year the company announced the authorization of a $400 million share repurchase, which is quite an aggressive figure and acknowledges the minimal capital investment needs of the firm and its large EBIT after capital expenditures (around $400 million). Although the company has less room to swap equity for debt than say at the end of 1996 when it had the lowest debt to capital in its peer group and EBITDA to interest expense coverage of 26 times, the firm may be able to take on some more of the great evil. Considering that it could achieve a lower cost of capital, a larger tax shield, small EPS accretion, and positive market signaling, it might be worth it -- but then again the company probably doesn't want to mess with its credit rating.
At some point Kellogg may have to resign itself to growing off of a lower EPS base, with all the accompanying share price headaches that might entail. However, let's take a look at those brands again:
All-Bran(R), Kellogg's Squares(TM), Apple Jacks(R), Apple Raisin Crisp(R), Apple Cinnamon Rice Krispies, Bran Buds(R), Complete(R) Bran Flakes, Cocoa Krispies(R), Common Sense(R), Cruncheroos(TM), Kellogg's Corn Flakes(R), Cracklin' Oat Bran(R), Kellogg's(R) Cinnamon Mini-Buns, Crispix(R), Double Dip Crunch(R), Froot Loops(R), Kellogg's Frosted Bran(R), Kellogg's Frosted Flakes(R), Frosted Krispies(R), Frosted Mini-Wheats(R), Fruitful Bran(R), Fruity Marshmallow Krispies(R), Just Right(R), Kellogg's(R) Low Fat Granola, Nut & Honey Crunch(R), Nut & Honey Crunch O's(R), Mueslix(R), Nutri-Grain(R), Pops(R), Product 19(R), Kellogg's(R) Two Scoops(R), Raisin Bran, Rice Krispies(R), Rice Krispies Treats(R), Smacks(R), Special K(R) and Kellogg's Honey Crunch Corn Flakes(TM).
They're Greaaatttt!
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
WE
DELIVER - Get The Evening News delivered
to your e-mailbox every evening!
ANOTHER FOOLISH THING
See something moving a stock that we didn't cover?
E-mail the
Fool
News Team
and we will start working on the story.
Unfortunately, we cannot answer every e-mail
or respond to individual questions.
|
Contributing Writers Yi-Hsin Chang (TMF Puck), a Fool Brian Graney (TMF Panic), Fool Two Alex Schay (TMF Nexus6), Fool, too Dale Wettlaufer (TMF Ralegh), Final Fool
Editing |