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General Mills Starts the Day Off Right


Company reports strong earnings as customers prefer frugal breakfasts.

Minyan Morning Memo

One to Watch: Before any of us broke open our cereal boxes, General Mills (GIS) posted Q4 earnings early this morning which beat the Street. The packaged food giant came in with a strong quarter and issued upbeat guidance. Boosted by a newfound frugality on the part of customers forsaking pricey power breakfasts, the company also benefited from falling commodity costs. It's worth a look.

What Just Happened: Yesterday the Dow was down but stocks still concluded their best quarter in years. So no need to reach for the Tylenol, especially after an FDA advisory panel cautioned against overuse lest you lose your liver. We also had Fed member Janet Yellen shoutin' from the rooftops that she expects a slow recovery and sees rates low for the foreseeable future.

What's Happening: The bloom was off the rose in Tokyo with Japan's Nikkei Index finishing down. Europe is trading higher and here at home equities are indicating an up open. The dollar is mixed but oil's inexorable rise continues.

What Will Happen: At 7:30 AM Eastern Santa delivered a gift of sorts when a survey by Challenger, Gray & Christmas showed June job cuts of 74,393, a 15 month low. Among the day's other data are ADP's national employment report at 8:15 AM and ISM manufacturing at 10:00. Constellation Brands (STZ) is out with earnings this morning. And here's hoping Sealy (ZZ) doesn't fall out of bed after the world's biggest mattress maker reported soft second quarter results after yesterday's close.

Happenstance: Not sure what it portends but the recently passed Billy Mays was on CNBC's Squawk Box this morning peddling an Awesome Auger. I always knew this incomparable pitchman could sell sand to Saudis, but am especially in awe at the ability to move merchandise from beyond the grave.
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