PepsiCo said today it has agreed to acquire Brazilian biscuit and snack maker Mabel.
PepsiCO did not disclose financial terms of the acquisition in its announcement, but Bloomberg reported earlier that it would buy the company for about $450 million.
Pepsi
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Tim Horton's reported a solid gain in third quarter earnings today.
The quick service restaurant said profits rose to $103.6 million Canadian, or $0.65 Canadian per share, from $81.7 million Canadian, or $0.42 per share, in last year's third quarter.
Results beat analyst estimates.
Revenue rose 8%, to $727 million Canadian, on same-store sales growth of 6.3% in the US and 4.7% in Canada.
At the same time that Tim Horton's
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Value-focused department store Kohl's reported a 20% gain in third quarter earnings today.
Profits rose to $211 million, or $0.80 per share, from $176 million, or $0.57 per share, in last year's third quarter. Revenue rose 3.8%, to $4.4 billion, on same-store sales growth of 2.1%.
In trading on Thursday, precious metals shares were relative laggards, down on the day by about 1.4%. Helping drag down the group were shares of Tanzanian Royalty Exploration , off about 35.1% and shares of Silver Standard Resources off about 21.6% on the day.
Also lagging the market Thursday are food shares, down on the day by about 0.6% as a group, led down by Green Mountain Coffee Roasters
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In trading on Thursday, construction materials & machinery shares were relative leaders, up on the day by about 2.8%. Leading the group were shares of CRH , up about 4.8% and shares of Gibraltar Industries up about 3.8% on the day.
Also showing relative strength are general contractors & builders shares, up on the day by about 2.2% as a group, led by KB Home
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JMP Securities downgraded its rating on Savient Pharma from market perform to market underperform and changed its price target to $1.50. The analyst issuing the downgrade believes that sales of its blockbuster drug Krystexxa will fall after competing drugs reach the market in a few years.
Merck & Company announced its quarterly dividend of 42 cents per share, an increase of about 11% over its prior dividend in September of 38 cents. This was the first time the company increased its quarterly dividend for in seven years
Shares are higher by about 3.6 percent.
In other dividend news, Potash Corporation Sask Incorporated maintained its quarterly dividend of 7 cents per share. Anadarko Petroleum Corporation
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The markets made a bit of a recovery today, but investors remain cautious, as they continue to keep a close eye on the debt crisis in Europe, as news out of France and a move by the European Central Bank made for a choppy trading day.
Today's economic data showed some sign of optimism, as initial jobless claims fell to a seasonally adjusted 390,000, that's the lowest level since April.
The Commerce Department said today the US trade deficit narrowed in September, with the trade gap falling 4 percent, to $43.1 billion.
On the earnings front, Cisco Systems
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Prudential Financial said late yesterday that its board of directors has approved an increase in its annual dividend.
The board declared an annual dividend of $1.45 per share for 2011, a 26% increase over the 2010 dividend, and the highest dividend ever paid by the company.
The insurer and financial services company said the dividend is payable on December 16 to shareholders of record as of November 22.
In its report on the dividend, Bloomberg News noted the MetLife
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Yahoo! , Microsoft and AOL announced late yesterday that they have formed advertising agreements that they say will improve the process of buying and selling online display ads.
The companies said the agreements will allow the ad networks operated by each company to offer each other's premium nonreserved online display inventory to their respective customers.
The move is being seen as a challenge to Google
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