Diamonds and Dogs
General Mills (GIS) is higher by 3% following earnings. Strong growth in their pet foods business cushioned a slowdown in demand for its cooking sauces and baking products. Net revenue at its pet foods unit jumped 25% in the quarter. Cheerios and other cereals, snacks and baking products continued to recede from last year's pandemic peak, with the core sales down 3% year over year.
Profit-taking in FedEx (FDX). The parcel shipping giant is down 8% today following earnings. FedEx missed estimates by a wide margin and lowered guidance due to higher costs and lack of labor availability. The conditions don't seem to be improving any time soon with global supply chain issues. Vietnam's Covid-19 closures could cost Nike 160 million pair of shoes over the coming months. You're already seeing the problem at Dicks Sporting Goods.
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