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DoorDash may seek $400M credit facility; US FDA bans 44 vape, hookah items

TOP NEWS

* DoorDash Inc. is in talks with banks about arranging a credit facility of about $400 million ahead of a possible IPO, which is likely to be led by JPMorgan Chase & Co., Bloomberg News reported, citing people familiar with the matter. A JPMorgan spokeswoman declined to comment, and a DoorDash representative did not respond to Bloomberg's requests for comment. The food-delivery startup is valued at about $12.6 billion after raising $600 million from a funding round in May.

* The U.S. Food and Drug Administration is banning the sale of 44 flavored e-liquid and hookah tobacco products for not having the required marketing authorization. The move is part of the federal agency's ongoing efforts to look into and take action against illegally marketed tobacco products amid growing e-cigarette use among youths.

BEVERAGES

* Coca-Cola European Partners PLC reaffirmed its full-year guidance as it posted diluted EPS of €1.07 in the first half of 2019, up from 85 euro cents in the same period last year.

* Beverage manufacturer Cott Corp. said its second-quarter diluted EPS decreased year over year to 3 cents from 9 cents.

AGRICULTURAL PRODUCTS

* Archer-Daniels-Midland Co. said its board declared a quarterly cash dividend of 35 cents per share, payable Sept. 12 to shareholders of record as of Aug. 22.

TOBACCO & SMOKING PRODUCTS

* Hemp and cannabis products distributor Agritek Holdings Inc. said it will wholly acquire cannabis retailer Apex Solutions Inc. for an undisclosed sum.

PACKAGED FOODS

* Confectioner Tootsie Roll Industries Inc. posted net income attributable to the company of $11.56 million in the second quarter ended June 30, up from $10.49 million a year ago.

* Meat company Tyson Foods Inc. said it opened a new 26,000-square-foot facility, which will enhance its automation and robotics in food production, in downtown Springdale, Ark.

* U.K.-based Nomad Foods Ltd.'s second-quarter adjusted EPS came in at 27 euro cents, down 4% from 28 cents a year ago but ahead of the S&P Global Market Intelligence mean consensus estimate of 23 cents.

* Canadian dairy processor Saputo Inc. said adjusted diluted EPS for the first quarter of fiscal 2020 came in at 42 Canadian cents, up from 41 cents in the year-ago period and exceeding the S&P Global Market Intelligence mean consensus estimate of 41 cents.

* Food and ingredient company CJ Cheiljedang Corp. posted a 23.8% year-over-year increase in second-quarter sales to 5.515 trillion South Korean won from 4.454 trillion won, citing "robust" sales growth of its parcel business. Operating profit was 175 billion won, down from 185 billion won in the year-ago quarter.

* Chief Judge John Tunheim of the federal court in Minneapolis dismissed 13 price-fixing lawsuits filed against pork producers including Hormel Foods Corp. and Tyson Foods Inc., Reuters reported. The federal judge said the plaintiffs' allegations of illegal conduct were "sparse and conclusory."

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The day ahead

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

In Asia, the Hang Seng was down 0.69% to 25,939.30, and the Nikkei 225 gained 0.44% to 20,684.82.

In Europe, around midday, the FTSE 100 was down 0.20% to 7,272.47, and the Euronext 100 slipped 0.74% to 1,042.14.

On the macro front

The producer price index for final demand and the Baker-Hughes Rig Count 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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