J.M. Smucker Company (SJM) Cuts Outlook for Fiscal Year 2025
J.M. Smucker, the maker of Jif peanut butter and Folgers coffee, has cut its annual sales and profit forecasts for fiscal year 2025, citing cost-conscious consumers switching to lower-priced alternatives amid persistent inflation.
As of 11:09 AM EDT, SJM shares were trading at $113.80, down 5.72% for the day. Despite beating quarterly profit estimates with earnings of $2.44 per share against an expected $2.17, the company’s outlook revision has spooked investors. SJM now projects annual net sales growth of 8.5% to 9.5%, down from its previous forecast of 9.5% to 10.5%.
The company also plans a second price increase across its coffee portfolio in early October due to rising green coffee costs.
Super Micro Computer (SMCI) Continues to Drop
SMCI shares plummeted 25.38% to $408.64 following a one-two punch of negative news. The company, which had been riding high on AI-related demand earlier this year, announced a delay in filing its annual 10-K report with the SEC.
This news came on the heels of a critical report from short-seller Hindenburg Research, which accused SMCI of accounting manipulation and other irregularities based on a three-month investigation. Despite the day’s losses, SMCI still boasts a year-to-date return of 44.04%, significantly outpacing the S&P 500‘s 17.52% gain over the same period.
Berkshire Hathaway (BRK-A) Crosses $1 Trillion in Market Cap.
In a historic moment for the conglomerate led by legendary investor Warren Buffett, Berkshire Hathaway became the first U.S. company outside the tech sector to surpass $1 trillion in market value. BRK-A shares were trading at $698,857.19, up 1.09% for the day, as of 11:09 AM EDT.
The milestone comes as Berkshire’s stock has rallied 30% in 2024, outpacing the S&P 500’s 18% gain. With a diverse portfolio spanning insurance, energy, railroads, and consumer goods, Berkshire’s ascent to the trillion-dollar club underscores the enduring appeal of Buffett’s value-focused investment strategy in an era often dominated by high-flying tech stocks.More By This Author:Is Tesla Putting The AI Cart Before The EV Horse?Stocks To Watch Today: PODD, SMCI, And PAYCUber Slapped With $324M EU Fine As Stock Dips Amid Data Transfer Scandal
