Word: cereality
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...overall effect on inflation will be balanced out by lower energy prices. "You'll see the biggest price increases in foods consisting mostly of the commodities that are in short supply," says Saporito. "For example, ice cream prices are rising because a major ingredient, milk, has gotten more expensive. Cereal, on the other hand, is only about six percent grain, so even though corn supplies are at record lows, corn flakes are unlikely to cost more." Increasing competition in the food market is also likely to minimize the effect that the higher wholesale costs will have on consumers, says Saporito...
...possible that breakfast-cereal manufacturers are out to eat one another's lunch? That's the impression that Kellogg's gave last week when the company announced price cuts averaging 19% on two-thirds of its product line (not included: best sellers Rice Krispies and Special K). The move came in the wake of sharp gains by the Post Cereal unit of Kraft Foods, owned by Philip Morris. Post lowered prices on its brands 20% on April 15, and quickly stole nearly 4 points of Kellogg's 35.5% share of this $8 billion market. "This is not a price...
Post's strategic victory was aided by retailers such as Wal-Mart, which swiftly marked down its cereals the day after the April announcement. Consumers began switching brands in droves. Don't wait for another round of cuts. True, General Mills--the No. 2 player, ahead of Post--is expected to align itself with the others. But barring growth, the industry could be forgoing about $1 billion in revenues. Any more would seriously hurt the bottom line. "We are still offering the best values in the cereal aisles," boasts Post Cereal boss Mark Leckie, reacting to the Kellogg's announcement...
...predictions of impending devastation in the PC industry, Grove thinks it's unlikely. His basis for that judgment? The same organ that digests his special cereal. "When I first came to this country in the 1950s from Hungary, people were mesmerized by cars. That's the kind of conversation you hear today about computers," he says. "Demand will stay strong." MMX, due this fall, may help...
Grove, who was in New York City last week to meet with analysts (word of another profitable year sent the stock up 5% last Friday), offered a glimpse of Intel's plans during an exclusive breakfast with TechWatch at the swank St. Regis Hotel. (Grove brought his own special cereal in a baggie, part of his diet since a bout with prostate cancer.) While Intel is guarding MMX details closely for fear of eating into Pentium sales, Grove promises enough agility and speed to handle glitzy applications, such as video telephony and 3D gaming...