The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and a big change for the Campbell’s Soup Company.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Stocks ended in the green Wednesday
00:06as the annual rate of inflation slowed to a three and a half
00:09year low in August.
00:11There remains, however, some hot pockets of inflation.
00:14Housing costs and the consumer price index
00:16surged 5.2% from a year ago.
00:19Nevertheless, Fed watchers believe
00:20inflation is tame enough for the Federal Reserve
00:23to lower interest rates in September.
00:26Investors get more inflation data on Thursday
00:29when the producer price index is released.
00:32In other news, Campbell is planning
00:33to drop the soup from its name and wants to be
00:36known as the Campbell's Company.
00:39The 155-year-old soup maker, famous for warming many
00:43a stomach on a cold day from its iconic red and white cans,
00:46is making more money from just soups.
00:49The company also owns a host of other food brands
00:52like Pepperidge Farm Snacks, Swanson Frozen Dinners,
00:55both Prego and Rouse pasta sauces, V8 Juices, Cape Cod
01:00potato chips, Pop Secret Microwave Popcorn,
01:03and Noosa Yogurt.
01:04CEO Mark Klaus told investors, quote,
01:06we will always love soup and we'll never take our eye off
01:10of this critical business.
01:12But today, we're so much more than soup.
01:15Campbell created the canned soup business
01:17all the way back in 1897, and times have certainly
01:21changed since then.
01:22Currently, packaged food companies like Campbell
01:26are challenged by the popularity of GLP-1 weight loss drugs
01:29and as cash strapped consumers trade down
01:32to cheaper generic brands.
01:34But Campbell is upbeat on its product mix.
01:37It predicts Goldfish Crackers will take over
01:40as its top brand by 2027.
01:42As for soup, an aging population is expected
01:45to buoy sales into the future.
01:47A shareholder vote on the name change
01:49is scheduled for November.
01:51That'll do it for your daily briefing
01:53from the New York Stock Exchange.
01:55I'm Conway Gittins with The Street.

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