General Mills (GIS) is out with fiscal 2016 second quarter results and revenue took a hit from the strong dollar. The Cheerios maker's sales of $4.4 billion fell short of Wall Street's estimates of $4.6 billion. Revenue fell 6.1 percent year-over-year, with FX headwinds taking a toll on sales to the tune of 4 percentage points. Profits rose amid cost cuts. Next, General Mills brought investors up to speed with its cost savings plan, unveiled last year, known as 'Project Century.' It now expects $450 million in savings by fiscal 2017 and $500 million in fiscal 2018. And finally – guidance: The company says sales should slump at a rate in the low-single digits and expects currency fluctuations to reduce earnings per share in 2016 by nine cents. TheStreet’s Scott Gamm reports from New York.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.