Hillshire Brands, Pilgrim’s Prides & Tyson Foods
The purchase price for Hillshire Brands is fattening up. Pilgrim’s Pride upped its offer for the maker of Jimmy Dean sausages to $55, valuing the company at about $6.7 billion. That trumps a $50 a share offer from Tyson Foods. The new price before the initial takeover bid on May 27th for $45. Hillshire Shares popped 9.5 percent to $58.65, while shares of Pilgrim’s Pride fell two percent to $25.34, and so did Tyson, closing at $42.08, down three percent.
Dollar General says it expects gross margins to improve as it focuses on more profitable products like accessories. The discount retailer reported lower than expected profit. But the company reiterated its full-year outlook and its continuing to open new stores. That sent shares up almost four percent $56.41.
Las Vegas Sands, Wynn Resorts & MGM Resorts
It was a rough day casino stocks. Las Vegas Sands, Wynn Resorts and MGM Resorts all tumbled after Deutsche Bank reported that Macau gaming revenue was up less than expected last month. All three companies were down at least 2.5 percent. Sands closed at $75.44, Wynn at $208.23 and MGM at $25.38.
Fannie Mae & Freddie Mac
Another high-profile investor is betting big on Fannie Mae and Freddie Mac. Carl Icahn bough $51 million in common shares of the company from Fairholme Funds, according to a court filing. Bill Ackman is another activist investor who has a large position in the companies. Shares of Fannie were up 4.5 percent $4.64. Freddie also rose more than three percent $4.59.
J.M. Smucker is hiking coffee prices for the first time in three years because of soaring green coffee costs. Its coffee products will go up by about nine percent. Smucker is the owner of Folgers and Dunkin Donuts coffee brands. Shares rose a fraction to $102.94.
Panera is changing up the recipe for its menu offerings. The company will remove all artificial colors, flavors, sweeteners and preservation from its food by 2016. It didn’t say how much will cost or whether it will impact prices. Shares were slightly to $154.02.