TOP NEWS
* PepsiCo Inc. plans to withdraw its common stock listing from the Chicago Stock Exchange, effective in June, to reduce costs associated with dual listings. The soda giant's common stock will remain listed on the Nasdaq.
* Starbucks Corp. now allows customers to stay at its cafes as long as they "behave properly" as a part of its new policy, the Washington Post reported. The coffee giant's new policy does not require the customers to place an order to use its facilities. This move comes weeks after the arrest of two black men at one of the company's cafes in Philadelphia.
FOOD RETAIL AND DISTRIBUTION
* Walmart Inc.'s proposed purchase of a majority stake in e-commerce company Flipkart Online Services Pvt. Ltd. "does not give rise to competition concerns," the big-box retailer said in its filing seeking approval from an Indian fair trade regulator. In its filing sent to the Competition Commission of India, Walmart pointed out that it is engaged in wholesale business-to-business transactions in India, while Flipkart is involved in wholesale cash and carry of goods, as well as online retail.
* U.K.'s Marks & Spencer Group PLC, or M&S, is rumored to launch a food home delivery service followed by the burgeoning grocery shopping trend, the Daily Mail reported. Previously, there were rumors of M&S partnering with Ocado, the report added. The company has added a postcode search feature to the grocery section to track the availability of service in their area.
BEVERAGES
* PepsiCo Inc. India unit's head Ahmed El Sheikh said the soda company's hydration and juices segments are growing at a faster rate than carbonated soft drinks and will play a major role in the transformation of its portfolio, The Economic Times (India) reported.
PACKAGED FOODS
* Wesfarmers Ltd.-owned Coles Supermarkets Australia Pty. Ltd. extended the initial recall of its Coles-branded mini classics ice cream packs amid potential metal fragments concerns, according to a company release. The supermarket chain, which initially recalled its 360-milliliter six-pack packages of Coles Mini Classics Vanilla Coles Mini Classics Almond has now recalled the ice cream packs with a best-before date of April 17, 2020, which have been on sale since May 16, the report said.
* Campbell Soup Co. trimmed its profit guidance for fiscal 2018 and said its CEO Denise Morrison stepped down, effective May 18. Board member Keith McLoughlin will serve as interim CEO. McLoughlin was CEO of appliance manufacturer Electrolux from 2011 to 2016. The U.S. canned food producer reported a net loss attributable to shareholders of $393 million, or $1.31 per share, in its fiscal third quarter that ended April 29, compared to net earnings of $176 million, or 58 cents per share, in the prior-year period.
RESTAURANTS
* Diner chain TGI Friday's Inc. employees staged a 24-hour walkout at two restaurants in the U.K. over a dispute on wages and tips, CNBC reported. Representatives for TGI Friday's employees have reportedly threatened to walk out on the chain because of a policy that redistributed tips for waiters to include kitchen staff, which effectively increases kitchen staff wages without increasing costs for the company. Union leaders have called TGI Friday's shareholders greedy but said they are willing to talk, while the chain denied accusations that it pays staff unfairly, the report said.
* U.K. online delivery service Deliveroo started a £5 million fund to invest in U.K. restaurants that can expand and develop menus for its app, The Financial Times (London) reported. The company reportedly plans to increase its number of kitchens, where its chefs can cook and arrange deliveries, in the U.K. from 74 to 130 by the end of 2018. It also plans to open kitchens in Madrid, Paris, Sydney and Amsterdam, to add to its kitchens in Singapore, Dubai and Melbourne, the report said.
* U.S.-based smoothie chain operator Jamba Inc. received a notification from Nasdaq for noncompliance of its filing requirements when the juice chain delayed filing its form 10-Q quarterly report ended April 3. The notification will not have an effect on the listing of the company's stock but the delay may serve as an additional basis for delisting from the stock exchange. On May 22, the company can request an extension to file the quarterly report.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng was up 0.60% to 31,234.35. The Nikkei 225 added 0.31% to 23,002.37.
In Europe as of midday, the FTSE 100 rose 0.80% to 7,841.15, and the Euronext 100 advanced 0.64% to 1,088.32.
On the macro front
The Chicago Fed National Activity Index is due out today.
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