Earlier today, the Street was abuzz with rumors that Kraft Foods (NYSE: KFT) was investigating the sale of brands such as Maxwell House and Oscar Mayer in order to raise capital to up its Cadbury (NYSE: CBY) bid to something a little bit sweeter (and one the confectionery giant might not reject).

Kraft responded to the rumors saying they were just that - unfounded conjecture - and noted that it would not in fact need to ditch hot dogs and coffee for creme eggs and Trident gum. A spokeswoman for the company told Reuters "The financing for this proposal does not require any divestitures." So where did these rumors get started, anyway? Is Kraft protesting too much?

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The history of General Foods can be traced back to the Postum Cereal Company, founded by Charles William Post, inventor of Postum and Grape Nuts, in 1895. Wall Street player E.F. Hutton in time became the chairman, and he initiated a series of acquisitions beginning in 1925: Jell-O, Minute Tapioca, Log Cabin, Hellmann, Calumet Baking Powder, and Birdseye. It was after the Birdseye acquisition in 1929 that the food conglomerate became General Foods.

Among General Foods' many product offerings were Sanka decaffinated coffee and the astronaut's favorite, Tang. General Foods also continued to make acquisitions, including the makers of Kool-Aid in 1953, the Burger Chef restaurant chain in 1968, and Oscar Mayer in 1981.

But late in 1985, General Foods was itself acquired by Philip Morris Cos., which later became Altria Group (NYSE: MO), in the largest non-oil acquisition to date. When Philip Morris acquired Kraft in 1988, the two food companies were merged. In 2007, Altria spun off Kraft Foods (NYSE: KFT), which now owns such former General Foods brands as Jell-O, Kool-Aid, and Maxwell House coffee. And it was announced in late 2007 that Post Cereals, including Grape Nuts, would be sold to Ralcorp Holdings (NYSE: RAH).

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While Kraft Foods Inc.'s (NYSE: KFT) Oscar Mayer brand and ConAgra Food Inc.'s (NYSE: CAG) Hebrew National may both have venerable histories, they also have very different personalities: "I wish I were and Oscar Mayer wiener" vs. "We answer to a higher authority."

In 1900, Oscar Mayer and his brothers ran one of the most popular sausage makers in Chicago. They pioneered the use of brand names and voluntary federal approval to protect the reputation of their products. The company was the first to offer packaged sliced bacon. Such innovations helped Oscar Mayer to become an industry leader. The first wiener-mobile rolled out in 1936, and its descendants can still be spotted today. The famous Oscar Mayer jingle was introduced in 1963, and today is one of the longest-running jingles still in use. In 1988 the company launched its Lunchables, prepacked cracker-and-cold-cut school lunches. Oscar Mayer became a Kraft Foods brand in 1989.

Kraft Foods is the largest U.S. food company, with $37.2 billion in sales in 2007. Oscar Mayer is one of seven Kraft Foods brands with more than $1 billion in revenue. The convenience meats category accounted for about 16% of total revenue.

The world's second-largest food company, Kraft Foods (NYSE: KFT), bellied up to the earnings buffet this morning to announce second-quarter results. The parent of such household brand names as Oscar Mayer, Nasbisco, and Post said that its profit rose nearly 4% to $707 million, or 44 cents per share. Excluding items, Kraft banked 50 cents per share, 3 pennies above analysts' expectations.

Quarterly sales rose 6.8% to $9.21 billion, trumping Wall Street's sales target of $8.97 billion. North American sales were 2% higher during the reporting period, with sales in the beverage unit improving by 4.3%.

According to MarketWatch, sales of new products, including new Crystal Light flavors and Nabisco 100-calorie snack packs, helped offset challenges from rising dairy costs and increased marketing expenses.

Dow Jones reports that Kraft officials now expect organic net revenue growth of at least 4% in 2007, a slight improvement from earlier estimates of 3% to 4%. Full-year earnings before items remain estimated in a range between $1.75 and $1.80 per share.

In early-morning trading, Kraft shares have gained about 1%. The stock is attempting to muscle back above its 80-week moving average, which KFT breached yesterday for the first time since April.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.