Cracker Barrel Plans to Issue $275M in Debt in Private Offering
Cracker Barrel Old Country Store Inc. expects to issue $275 million of convertible senior notes due 2026 in a private offering, the company said Monday. It intends to allow the initial purchasers of its debt an option to buy up to an additional $25 million of notes in the private placement.
Freshpet Recalls One Lot of Dog Food Over Salmonella Concerns
Freshpet Inc. said it is recalling one lot of dog food due to potential salmonella contamination. The Secaucus, N.J., maker of pet food said the lot of beef-and-egg flavored food for small dogs had been designated for destruction but was inadvertently shipped last week to customers including Target Corp. and Publix Super Markets.
STORIES OF INTEREST
Hot Research: Meme Stock or Not, Analysts See Upside for Wendy's Shares -- Barrons.com
Wendy's stock rode a wave of meme stock volatility last week. Now analysts are making a case for the stock -- one that doesn't involve Reddit comments. Wendy's stock (ticker: WEN) was up 1.5% to $24.50 on Monday. Shares soared to a close of $28.87 last Tuesday, but pulled back through the tail end of the week. In between, speculation swirled that the company was caught in a broader market fascination with meme stocks.
Corn Falls on Weekend Rainfall
Corn for July delivery fell 3.7% to $6.59 1/4 a bushel on the Chicago Board of Trade Monday in reaction to rainfall hitting U.S. growing areas over the weekend. "The National Weather Service shows above-normal rains and average temperatures across the Midwest in the 8- to 14-day range," said Terry Reilly of Futures International. Grain traders will likely make most of their decisions based on any changes to the forecast this week, he said.
Cattle Rallies as Beef Demand Stays Strong -- Market Talk
1510 ET - Live cattle futures finished trading higher, with the most-active contract closing up 1% to $1.21275 per pound. It marks the fourth trading session in a row that cattle futures have risen, as demand for beef from food service and other avenues has provided support for futures. The amount of food eaten in and outside of the home has risen in recent months, according to data from the Bureau of Labor Statistics. "Pent up demand for restaurants and outside the home eating experiences are playing into these numbers, but at higher and higher prices does sticker shock become an issue?" says Steiner Consulting Group. Meanwhile, lean hog futures closed down 1.5% to $1.18225 per pound. (firstname.lastname@example.org; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Jun 14
Source: USDA, based on Wall Street Journal calculations.
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 14 -$ 16.90 +$120.08
Jun 11 -$ 4.84 +$128.12
Jun 10 +$ 9.85 +$131.39
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of
production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 142.4
(Percent of Year-Ago) Select 138.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday fell $2.09 per hundred pounds, to $335.47, according to the USDA. Select-grade prices fell $1.80 per hundred pounds, to $303.41. The total load count was 80. Wholesale pork prices fell $3.74, to $126.92 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires