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Del Monte Food Company's (DLM) stock wasn't one you wanted to be in today. Especially at a time when the bulls are in charge. The company, whose colleagues include ConAgra Foods, Inc. (CAG) and Kraft Foods Inc. (KFT), was down 2.1% to $12.56 about thirty minutes before the close of the session.
First-quarter data was reported by the business this morning. The market obviously wasn't too pleased. According to an article over at TheStreet.com, profit from continuing operations was 29 cents per share. This figure was two pennies above the estimate generated by the analysts. No matter what the traders are doing to the stock, at least shareholders can be happy about that aspect of the period.
Unfortunately, there's an aspect that isn't so worthy of praise. Management said that sales growth won't be as good as previously expected. For the full year, the top line should now expand by somewhere between 1% and 2%. The old range started at 2% and ended at 4%. Yet, earnings-per-share guidance remains the same.
Del Monte has been in a downtrend as of late. This makes me not want to trade the stock. As a long-term investment, however, it probably is an okay idea. Companies involved in food usually work better with patient holding strategies.
Out of the equities mentioned in this piece, I like Kraft the best. Nevertheless, Del Monte has some strong brands in its portfolio, and it should be able to leverage their popularity to deliver growth in the future.
Disclosure: I don't own any company mentioned; positions can change without notice.
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