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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

07/02/2021 | 05:44pm EDT

TOP STORIES

J. Alexander's Up After Deal to Be Bought by SPB Hospitality

Shares of J. Alexander's Holdings Inc. were up 13% to $13.81 Friday, just below the price agreed in a deal that would see the restaurant company acquired by SPB Hospitality LLC in an all cash deal valued at about $220 million.

The owner of J. Alexander's Restaurant, Redlands Grill, Stoney River Steakhouse and Grill and other restaurants said its shareholders will receive $14 in cash a share.

Sainsbury Profit Outlook is Set to Face 1Q Scrutiny -- Market Talk

1448 GMT - J. Sainsbury investors are likely to keep an eye on how profits are faring in the face of higher pandemic-related costs in the U.K. grocer's first-quarter trading statement Tuesday July 6. While Sainsbury's has taken a profit hit from higher costs during lockdowns, underlying profits are forecast to rise and the company says it's comfortable with consensus expectations of GBP620 million, Hargreaves Lansdown says. "However, with the economy re-opening, the nation's drift back to dining out might eat into its revenues," says HL analyst Susannah Streeter, pointing to official figures showing a 5.7% fall in retail food sales in May. "As shoppers fill up fewer baskets, there is likely to be further competition on price, which could affect margins." (philip.waller@wsj.com)

STORIES OF INTEREST

Ocado Investors to Focus on Technology Business at 1H -- Market Talk

1406 GMT - Ocado Group investors are likely to pay more attention to the U.K. online retailer's technology business than its traditional grocery operation in half-year results on Tuesday. Hargreaves Lansdown says grocery trading is likely to be slower than at the same time a year earlier because the latter benefited from higher levels of home shopping due to coronavirus lockdowns. Meanwhile, warehouses launched for international customers in the technology business are now up and running, with U.S. partner Kroger opening its first site during the last quarter. "Given the importance of [technology] contracts to the group's long-term profitability, performance here is far more important than a lackluster quarter in U.K. retail," HL analyst Nicholas Hyett says. (philip.waller@wsj.com)

Krispy Kreme Shares Fall in Day Two of Publicly Trading

Shares of doughnut seller Krispy Kreme Inc. are down 5.9% in their second day of trading after the company's return to being a publicly traded company.

Shares rose 24% to $21 a share on Thursday. The company's stock opened at $16.30 a share, lower than its IPO price of $17.

FUTURES MARKETS

Livestock Futures Finish Lower to End Week -- Market Talk

1541 ET - Livestock futures trading on the CME finished lower to cap off the week -- with live cattle futures dropping 1.3% to $1.22 per pound, and lean hog futures inching 0.1% lower to $1.00225 per pound. The drop in cattle futures comes as prices for both boxed beef and feed fell. On the feed side, corn prices today relaxed in reaction to news of rainfall prospects in growing areas over the long holiday weekend, as well as indications that China may take less US grain exports in the 2021/22 marketing year than initially forecast. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

07-02-21 1743ET

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.75% 529.5 End-of-day quote.3.93%
DJ INDUSTRIAL -0.18% 34751.32 Delayed Quote.12.97%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.10% 155.725 End-of-day quote.11.35%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.22% 123.325 End-of-day quote.9.43%
S&P GSCI CORN INDEX -1.59% 435.7069 Delayed Quote.8.26%
THE KROGER CO. -0.56% 40.87 Delayed Quote.28.68%
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