The Campbell Soup Company is changing its name

Transcript:

Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re gazing on TheStreet nowadays.

Stocks ended within the fairway Wednesday because the annual rate of inflation slowed to a Three.5 year low in August. There remains to be, alternatively, some hot pockets of inflation. Housing costs within the Consumer Price Index surged 5.2 %from a year ago. Nonetheless it, Fed watchers have self belief inflation is tame enough for the Federal Reserve to lower rates of interest in September.

Investors get more inflation data on Thursday when the Producer Price Index is released.

• Watch More Videos:
• 2024 election is already shaping how Americans feel about money
• The 10 least dependable cars based on Consumer Reports
• How AI may perchance speed up your online order
• This simple step helps you're making a couple of the most of your time

In other news: Campbell is planning to drop the Soup from its name and desires to be is termed The Campbell’s Company.

The 100 and fifty five-year-old soup maker - famous for warming many a stomach on a cold day from its iconic red and white cans - is making money from more than just soups. The corporate also owns a host of alternative food brands likePepperidge Farm snacks, Swanson frozen dinners, both Prego and Rao’s pasta sauces, V8 juices, Cape Cod potato chips, Pop Secret microwave popcorn, and Noosa yogurt.

CEO Mark Clouse told investors, “We are ready to always love soup, and we’ll never take our eye off of this vitally important business. But nowadays, we’re most more than soup.”

Campbell created the canned soup business each and every of the manner back in 1897 and times have certainly changed since then. Currently, packaged food companies like Campbell are challenged by the recognition of GLP-1 weight-loss drugs and as cash-strapped consumers trade down to more cost effective generic brands.

But Campbell is upbeat on its product mix. It predicts Goldfish crackers will take over as its top brand by 2027. As for soup, an aging population is anticipated to buoy sales into the future.

A shareholder vote on the name change is scheduled for November.

That’ll do it for your Every single day Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.

Related: Iconic Campbell Soup makes a bold decision some may now not like