- Sour Mood Invades The Street; Here's Why
- Retail Results Just Plain Soft
- How Market Played Out Today
- Commodities "Taking It" On The Chin
- The Good News This Morning
- Why Tuesday Was a Let-Down
- Great Commodity Unwind Picks Up Steam
- Dollar/Euro Highest Since Feb.; Commods Drop
- Bob Pisani's ETF Special Monday
- Dow, S&P Down -- But There's Good News
- Wells Fargo Responds to Bill Gross Comments
- Sell Block: Cramer Condemns Hovnanian
- Lightning Round OT: Corning, Giant Interactive and More
- Lightning Round: FedEx, Deere, Dow Chemical and More
- H&R Block Taxed for No Reason?
- Six Reasons to Stay Positive
- Your First Move For Friday September 5th
- Web Extra: Fast & Furious Friday Trades
- Beginning Of Tech Unwind?
- Lone Star May Sue S.Korea Government on KEB Deal
- Japan Capex Falls, Hitting GDP Amid Global Worries
- Sony Recalls Laptops on Burn Concern, Shares Tumble
- Asian Markets Get Hammered, Yen Surges
- Fed's Fisher: Slower Growth May Not Curb Inflation
- Stock Picks: Are There Retail Stocks Worth Buying?
- Assessing the Value of Small Wind Turbines
- Investments Are Faltering in Chrysler and GMAC
- US Service Sector Expands Slightly in August: ISM
More Videos
Better-than-expected economic numbers this morning have moved futures up about 8 points; the dollar rallied and bonds dropped.
Talk about food inflation -- Potash [POT
Loading...
()
] has been the beneficiary here.
It beat by a wide margin on top and bottom line, and guides full year WAY above estimates ($9.50-$10.50 vs. prior guidance of $6.25-$7.25 and analyst estimates of $8.62).
CNBC's Investor Need-to-Know: |
In the middle of its earnings report, Potash took the unusual step of including a long essay on global food production. It concluded: "The most practical solution to issues of food supply and food inflation is to increase crop production."
How? Uh, guess: "The world's farmers can do this, and fertilizers will be integral to helping them achieve higher yields." Up 4 percent pre-open.
It went on to note that people in developing countries where populations are increasing "require more food and can afford a more nutritious diet that includes protein from meat sources. This requires an ever-increasing number of animals for food production and millions of additional tonnes of feed grains."
Trade with CNBC's Experts: |
Higher grain prices are "driven by the substantial growth in demand for food."
Same story from Bunge [BG
Loading...
()
], one of the largest agribusiness companies. It's one of the biggest oilseed processors; they also are big in fertilizers and food processing. Its earnings were nearly TWICE ESTIMATES (!) "Soybean farmers accelerated purchases because of favorable agricultural commodity prices and concerns about increasing crop input costs." It is increasing full year guidance. Up 8 percent pre open.
Black and Decker [BDK
Loading...
()
] beat, but guidance for the second quarter is below estimates and it's reducing guidance for the full year.
Stanley Works [SWK
Loading...
()
] is also cautious. Its earnings are a bit below expectations. "U.S. market conditions going into 2Q continue to be indicative of a recessionary environment." It's maintaining guidance, but it also says "market conditions will need to stabilize in 2H '08."
3M [MMM
Loading...
()
] beat, and reiterated guidance for the full year that is in line with expectations.
Triarc [TRY
Loading...
()
] (Arby's restaurants) and Wendy's International [WEN
Loading...
()
] are merging. Wendy's shareholders will get 4.25 shares of Triarc, that's about $26.77. Wendy's closed yesterday at $25.32, so it's a pretty modest premium. This will create the third-largest fast-food restaurant company, with 10,000 restaurants.
Questions? Comments?
Del.icio.us
Digg It
Data is a real-time snapshot *Data is delayed at least 15 minutes