General Mills' stock (GIS) dropped 4.2% in premarket trade Friday after the company cut its full-year profit and sales outlook, citing weak food-industry trends in the U.S. The food giant, which brands include Cheerios, Haagen-Dazs, Pillsbury and Old El Paso, said it now expects adjusted earnings per share for the fiscal year ending May 2015 to grow at a "low single-digit" percentage rate above fiscal 2014 earnings of $2.82 a share, compared with a previous growth target of a "high single-digit" rate.
By Victor Reklaitis, MarketWatch
Joy Global, Darden, American Apparel also in focus
NEW YORK (MarketWatch) -- These are the stocks that are likely to make notable moves on Wednesday:
FedEx Corp.(FDX) is expected to report quarterly earnings before Wednesday's opening bell, with analysts polled by FactSet predicting a profit of $2.19 a share.
By Josh Beckerman
General Mills Inc. said it plans to eliminate another 500 jobs with the closures of two Pillsbury dough factories, adding to the roughly 1,400 job cuts it announced last year as it tries to improve profitability amid lackluster industry sales.
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