TOP STORIES

Beyond Meat's 3Q Revenue Guidance Shy of Wall Street Targets

Beyond Meat Inc. projected $120 million to $140 million in revenue this quarter, shy of Wall Street expectations, pointing to near-term uncertainty related to the pandemic and its potential impact on retail and foodservice demand levels.

Analysts surveyed by FactSet expected $152.9 million in revenue.

Post Holdings Swings to 3Q Loss

Post Holdings Inc. reported a third-quarter loss but sales rose by a higher-than-expected 19% as higher sales in foodservice, BellRing brands and Weetabix was partially offset by declines in Post consumer brands and refrigerated retail sales.

The company, which Thursday disclosed plans to distribute a significant portion of its interest in BellRing brands to Post shareholders, swung to a net loss of $54.3 million from a profit of $36 million a year earlier. Post recorded a $39.3 million income tax expense during the quarter related to the remeasurement of its U.K. deferred tax assets and liabilities. On a per-share basis, the loss was 95 cents, or an adjusted profit of 93 cents.

Applebee's Owner Beats on Earnings -- Market Talk

0828 ET - Dine Brands Global posts earnings adjusted for one-time items of $1.94 per share and sales of $233.6M for 2Q, beating expectations. Same-store sales at Applebee's topped the same months in 2019. Shares rise more than 3% in pre-market trading. The chain owner cautions on giving full FY21 guidance given the Delta variant of the coronavirus. (heather.haddon@wsj.com; @heatherhaddon)

STORIES OF INTEREST

Papa John's Deepens Delivery App Ties -- Market Talk

1012 ET - Papa John's International says it signed a delivery deal with Grubhub in June, the latest outside app to ferry its pizza. The company says in 2Q earnings that its use of delivery apps have helped it stand out in the pizza sector, in contrast to Domino's Pizza which refuses to partner with the apps. The company says it's tapping DoorDash drivers during peak times and when its own labor force is tight. (heather.haddon@wsj.com; @heatherhaddon)

Pandemic Still Making the Future Murky, Kellogg Says -- Market Talk

1233 ET - The future is still full of unknowns for food makers. Kellogg says it is seeing a gradual recovery in its away-from-home business, meaning sales to schools, universities and other institutions, but that the pandemic is still causing significant uncertainty. While consumer demand for snacks and cereals to eat at home is decelerating, Kellogg says its sales at convenience stores are picking up. Sales tied to travel and lodging have been slower to come back and schools are just beginning to start in many parts of the world, the company says. "There is still a degree of uncertainty based on what's happening with the pandemic," said CEO Steve Cahillane. Kellogg shares up 1.5% to 62.94. (jesse.newman@wsj.com)

Wedbush, Morgan Stanley Lower Jack in the Box Price Targets -- Market Talk

1537 ET - Jack in the Box's "post-COVID unit growth trajectory could surprise to the upside," Wedbush says, as it cuts its price target to $117 from $135 and keeps its outperform rating. Improving franchisee profitability and potential real estate opportunities may help growth prospects, Wedbush says. Morgan Stanley cuts its target to $115 from $120 and keeps its equal-weight rating. On Wednesday, Jack in the Box posted higher earnings and same-store sales, while projecting commodity and labor costs above earlier estimates. Shares decline 3% to $100.61. (josh.beckerman@wsj.com)

FUTURES MARKETS

Hogs Drop on China Covid Fears -- Market Talk

14:56 ET - Resurgent concerns about coronavirus pressured lean-hog futures lower, with the most active CME contract finishing limit down 3.3% to 87.125 cents a pound. The Delta variant's spread in China, which is causing lockdown orders there to be reinstated, is feared to affect China's demand for US pork exports. However, flagging demand is yet to be seen in US pork export data, with the USDA reporting this morning sales of 38,800 metric tons for the week ended July 29-- with sales to China totaling 18,300 tons. Live-cattle futures closed down 1.1% to $1.27575 a pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

August 05, 2021 17:40 ET (21:40 GMT)