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Walmart to stop selling certain ammunition; Tyson Foods cuts FY'19 EPS outlook

TOP NEWS

* Walmart Inc. said it will stop selling certain short-barrel rifle and handgun ammunition. The big-box retailer expects these restrictions to reduce its ammunition market share to about 6% to 9% from 20%. Separately, Kroger Co. asked its shoppers to stop openly carrying guns and other firearms within its stores, group vice president of corporate affairs Jessica Adelman told S&P Global Market Intelligence in an emailed statement.

* Meat processor Tyson Foods Inc. cut its full-year 2019 EPS outlook over short-term operational and market challenges. The company now expects adjusted EPS for fiscal 2019 in the range of $5.30 to $5.70. Tyson Foods had previously forecast it to be between $5.75 and $6.10. Its shares were down 5.1% in premarket trading.

FOOD RETAIL & DISTRIBUTION

* Maryland-based food distributor Verus International Inc. has agreed to acquire the french fry operations of an unnamed company in the Middle East for 2 million United Arab Emirates dirhams, plus the assumption of certain liabilities.

* The Paris commercial court imposed a €4 million fine on Amazon.com Inc. for introducing "abusive" clauses in its contracts with third-party sellers, Reuters reported, citing French language website Nextinpact. The company did not immediately respond to S&P Global Market Intelligence's request for comment.

* Amazon.com is developing a biometric sensors system to scan and store information on the size and shape of customers' hands for enabling touchless payments, the New York Post reported, citing unnamed sources. The Seattle-based retailer reportedly plans to roll out the technology across a handful of Whole Foods Market Inc. outlets starting early 2020. An Amazon spokesperson reportedly said the company does not comment on rumors or speculation.

* Russian food retailer VkusVill OOO is preparing for an IPO on New York's Nasdaq stock exchange as it aims to expand in the European and Chinese markets, Reuters reported, citing founder Andrey Krivenko. The IPO may happen in early 2021, a source close to private equity fund Baring Vostok, which owns 12% of VkusVill, reportedly said. Krivenko told Reuters that plans were still being developed and a potential Moscow listing is also under consideration.

* Amazon.com's India unit aims to replace all of its single-use plastic packaging with recyclable paper by June 2020, Reuters reported, citing Akhil Saxena, Amazon India's vice president of customer fulfillment. The local arm reportedly will use paper packing material by 2019-end.

* Just Eat PLC shareholder Cat Rock Capital Management LP said voting against the British food delivery business's planned merger with Dutch peer Takeaway.com NV "benefits no one but Just Eat's competitors." Cat Rock, which owns about a 3% stake in Just Eat, also recommended that shareholders vote for the merger unless a "more compelling and credible" offer emerges.

BEVERAGES

* Luckin Coffee Inc. spun off its Luckin Tea brand to expand its presence across the freshly brewed tea market in China. The coffee chain also plans to increase the store count of the independent tea brand nationwide, starting with an initial rollout in tier 2 to tier 4 Chinese cities.

* About 500 Diageo PLC workers affiliated with Scottish workers' union Unite are expected to hold a strike on Sept. 18-27 at some of the company's distilleries after talks to increase wages fell through Aug. 30.

AGRICULTURAL PRODUCTS

* French grain group Vivescia, which has a long-term contract with Heineken NV, will build its first malt production facility in Mexico and plans to open it in the second half of 2021, Reuters reported, citing a company statement. The factory is expected to have an annual capacity of 120,000 tonnes and will source barley and other raw materials locally, the report said.

PACKAGED FOODS

* Canadian organic foods producer SunOpta Inc. appointed Scott Huckins as its CFO, effective immediately. Huckins succeeds Robert McKeracher.

* Australian food processor The Food Revolution Group Ltd. said it will acquire the Original Juice Co. Black Label brand and brand assets from local fruit juices producer Golden Circle Ltd. for A$1.25 million.

* Dairy-products maker Fonterra Co-operative Group Ltd. said six of its manufacturing sites in New Zealand's water-constrained regions will reduce their water use by 30% by 2030. Separately, the company said it maintained the fiscal 2019-20 outlook for its farmgate milk price, or the price it pays farmers, at NZ$6.25 to NZ$7.25 per kgMS, or kilogram milk solid.

* Norwegian packaged foods producer Orkla ASA acquired Dutch bakery ingredients company Vamo produkten voor de Bakkerij BV for an undisclosed sum in a bid to enhance its position as an ingredients supplier in the European bakery market.

RESTAURANTS

* Restaurant Brands International Inc.'s Burger King partnered with Brazilian meat processor Marfrig Global Foods SA to roll out a plant-based version of its Whopper burger in Brazil, Reuters reported. The Rebel Whopper will be available in São Paulo beginning Sept. 10 before expanding to the São Paulo and Rio de Janeiro states in October and nationwide in November.

* North Carolina-based restaurant chain Bojangles' Inc. appointed Reese Stewart as its CFO.

* U.K.-based Restaurant Group PLC plans to close about half of its 352 outlets, including those under its Frankie & Benny's and Chiquito brands, in the next six years amid mounting losses. The company also intends to convert six of its sites to its Wagamama brand by the end of 2019, with another seven planned in 2020. Restaurant Group posted an operating loss of £79.3 million in the first half ended June 30, primarily due to a £115.7 million write-down related to the value of property assets.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng surged 3.90% to 26,523.23, and the Nikkei 225 ticked 0.12% higher to 20,649.14.

In Europe, around midday, the FTSE 100 gained 0.30% to 7,290.21, and the Euronext 100 was up 0.86% to 1,071.42.

On the macro front

The international trade report, the Redbook and the Beige Book are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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