GIS Falls On Fear Of Pricing Competition

Shares of General Mills GIS declined by about 3% due to worries surrounding pricing competition in cereals. Increased commodity costs, along with expansion in gross margin, also played a role in dragging GIS down. The company has also forecasted its earnings for the fiscal year short of the consensus. According to analyst Terry Bivens of JP Morgan, "The downward gross margin trajectory concerns us, as does the apparently high level of promotional investment." GIS’ shares slipped 3.06% at 2:22 pm. Read more from Benzinga's Company news.