Chinese officials will be in Washington on Wednesday to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Shares of Conagra Foods nosedived 17 percent Thursday, hitting a 52-week low, after the company missed revenue estimates, citing hurricane effects and higher transportation costs.
The company's stock is down 35 percent so far this year. Stocks of fellow packaged goods companies like General Mills and Kellogg's have also struggled this year, but Conagra, with a $14.1 billion market value, has experienced the biggest percentage drop. Investors have turned away from the sector as sales growth slowed.
The company's acquisition of Pinnacle Foods is expected to weigh on its earnings in coming quarters. The deal closed 31 days before quarter ended on Nov. 25. Conagra told analysts that Pinnacle's challenges are "largely self-inflicted due to subpar innovation and executional missteps." (Cambell Soup is reportedly close to naming Pinnacle's former CEO Mark Clouse as its new chief executive.)
It also said it does not expect Pinnacle's performance to improve until the second half of the fiscal year 2020 but reiterated its excitement about having its brands, which include frozen foods such as Birds Eye vegetables and Hungry-Man dinners, in the Conagra portfolio.
Conagra plans to hold an investor day on April 10 to share more information on its plans to integrate Pinnacle's business.
In fiscal second quarter, the company said revenue rose 9.7 percent to $2.38 billion, but it missed Refinitiv estimates of $2.41 billion. On an organic basis, Conagra said sales fell 1.6 percent. Sales in the year-ago period were boosted by hurricanes, as consumers stocked up on packaged food.
It beat estimates on its bottom line, reporting earnings of 67 cents per share excluding items. Wall Street had been expecting earnings of 55 cents per share.
Conagra cut its estimate for fiscal 2019 adjusted earnings to a range of $2.03 to $2.08 per share. Analysts estimated its full year earnings at $2.11 per share.