Return to basics gives Heinz a boost
Published: Fri, Nov. 21, 2008 12:30AM
Modified Fri, Nov. 21, 2008 05:34AM
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closeRETURN TO BASICS GIVES HEINZ A BOOST
Tough times call for comfort food.
First up, H.J. Heinz Co., the maker of Heinz ketchup, Weight Watchers meals and Ore-Ida french fries, is benefiting as consumers eat at home more to save money. Despite weaker overseas sales due to global economic slowing and unfavorable foreign exchange rates, it is expected to post a bigger second-quarter profit. Looking forward, it could benefit from higher product prices and declining raw material costs, says Soleil Securities Group analyst Edgar Roesch.
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SOUR ECONOMY SWEET FOR SMUCKER
Then, what's more comforting than PB&J. While other companies are cutting jobs in the tough economy, J.M. Smucker plans to add between 150 and 200 jobs, and it recently completed a $3 billion deal to buy Folgers coffee from Procter & Gamble. Deutsche Bank Securities analyst Eric Katzman rates the food maker, which is expected to report higher quarterly profit, "buy." In addition to its namesake jams and jellies, Smucker makes products under the Crisco, Hungry Jack, Jif and Pillsbury brands.
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