Good morning and welcome to the Sysco's Third Quarter Fiscal 2014 Conference Call. As a reminder, today's call is being recorded.
Even without US Foods, Sysco's vast scale is advantageous as fixed costs plague industry profits.
But the US Foods deal would cement the food distributor's leading competitive edge.
MARKET SNAPSHOT: Election-inspired Stock Market Volatility Is Overblown
UPDATE: Election-inspired stock market volatility is overblown
These managers are great stewards of shareholders' money.
Our Ultimate Stock-Pickers Index continues to beat the market even as relatively few of our top managers are outperforming the S&P 500.
Our top managers remain cautious, focusing more on relative valuation and increasing their willingness to book gains in the face of a rising (but potentially overvalued) market.
Are consumer staples stocks reaching an inflection point?