The Campbell Soup Company is getting a rebrand

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and a big change for the Campbell’s Soup Company.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04Stocks ended in the green Wednesday

00:06as the annual rate of inflation slowed to a three and a half

00:09year low in August.

00:11There remains, however, some hot pockets of inflation.

00:14Housing costs and the consumer price index

00:16surged 5.2% from a year ago.

00:19Nevertheless, Fed watchers believe

00:20inflation is tame enough for the Federal Reserve

00:23to lower interest rates in September.

00:26Investors get more inflation data on Thursday

00:29when the producer price index is released.

00:32In other news, Campbell is planning

00:33to drop the soup from its name and wants to be

00:36known as the Campbell's Company.

00:39The 155-year-old soup maker, famous for warming many

00:43a stomach on a cold day from its iconic red and white cans,

00:46is making more money from just soups.

00:49The company also owns a host of other food brands

00:52like Pepperidge Farm Snacks, Swanson Frozen Dinners,

00:55both Prego and Rouse pasta sauces, V8 Juices, Cape Cod

01:00potato chips, Pop Secret Microwave Popcorn,

01:03and Noosa Yogurt.

01:04CEO Mark Klaus told investors, quote,

01:06we will always love soup and we'll never take our eye off

01:10of this critical business.

01:12But today, we're so much more than soup.

01:15Campbell created the canned soup business

01:17all the way back in 1897, and times have certainly

01:21changed since then.

01:22Currently, packaged food companies like Campbell

01:26are challenged by the popularity of GLP-1 weight loss drugs

01:29and as cash strapped consumers trade down

01:32to cheaper generic brands.

01:34But Campbell is upbeat on its product mix.

01:37It predicts Goldfish Crackers will take over

01:40as its top brand by 2027.

01:42As for soup, an aging population is expected

01:45to buoy sales into the future.

01:47A shareholder vote on the name change

01:49is scheduled for November.

01:51That'll do it for your daily briefing

01:53from the New York Stock Exchange.

01:55I'm Conway Gittins with The Street.

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