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LIVESTOCK HIGHLIGHTS : Top Stories of the Day

08/20/2021 | 04:12pm EDT

TOP STORIES

Starboard Collects More Papa John's Winnings -- Market Talk

0853 ET - Starboard Value trims its stake in Papa John's to 7.6% from 9.5% as part of a rebalancing of its portfolio due to the pizza chain's rising stock price since the activist hedge fund's investment in early 2019. Starboard sells 700,000 Papa John's shares at $122 apiece, for $85.4M. The stock was changing hands at around $40 when Starboard made a $250M preferred investment amid efforts by founder John Schnatter to regain control of company. The hedge fund earlier this year sold some its preferred back to the company for $184M. Starboard CEO Jeff Smith remains chairman of Papa John's, and the hedge fund says it plans to remain a large shareholder. Papa John's down 2.5% premarket to $124.27 after hitting an all-time high of $130.10 earlier this week. (colin.kellaher@wsj.com)

STORIES OF INTEREST

Do & Co Eyes Bigger Slice of Tasty Plane Food -- Market Talk

0547 GMT - Austrian airline caterer Do & Co is well-placed to gain share in a growing market thanks to its focus on the quality of its food offering, analysts at Jefferies say, starting coverage with a buy rating and EUR102 target price. Do & Co's premium positioning hinges on freshly prepared meals and a high proportion of chefs, and the company is also able to leverage experience from its hospitality and event catering divisions, "giving it capabilities that others cannot easily replicate," Jefferies says. Recent contracts with big airlines prove Do & Co's attractiveness, and the company is well-placed to make revenue rebound as the pandemic fades and new tenders approach, the investment bank says. (joshua.kirby@wsj.com; @joshualeokirby)

Pro Farmer Estimates Corn, Soy Crops Above USDA Forecasts -- Market Talk

1430 ET - Pro Farmer estimates the 2021 US corn crop at 15.2B bushels, with an average yield of 177 bushels per acre, while soybeans crop is expected to be 4.4B bushels and yield 51.2 bushels per acre. The estimate comes after the Pro Farmer Crop Tour and is higher than the USDA production forecast issued last week, which put corn at 14.8B bushels with 174.6 bushels per acre, and soybeans at 4.3B with 50 bushels per acre. Pro Farmer estimates Iowa's corn yield at 190.8 bushels per acre and soybeans at 1,218 pods per 3x3 foot square, and Minnesota results at 177.4 bushels of corn per acre and 1,027 pods of soy per 3x3 foot square. (paulo.trevisani@wsj.com; @ptrevisani)

FUTURES MARKETS

Livestock Futures Edge Higher Led By Hogs -- Market Talk

1528 ET - Livestock futures manage to close the session with a gain in a losing day for other commodities. Lean hogs led the climb with a 2% increase to $88.625 a pound, as the ham industry gears up for the holidays, according to CME Group. Live cattle rises 0.7% to $1.2905 a pound. CME says beef demand has been "red hot" this summer. Food prices, however, face the risk of weaker demand in the next few months given the threat of new lockdowns because of Covid-19. (paulo.trevisani@wsj.com; @ptrevisani)

(END) Dow Jones Newswires

08-20-21 1812ET

Latest news "Commodities"
Latest news "Commodities"