Core Viewpoint - The departure of co-founder Jerry Greenfield from Ben & Jerry's highlights tensions between the brand and its parent company Unilever, particularly regarding social activism and corporate independence [1][2][3] Company Changes - Jerry Greenfield is stepping down after nearly 50 years with Ben & Jerry's, citing a clash with Unilever as the reason for his departure [1] - Unilever is in the process of spinning off its ice cream business into a standalone entity called the Magnum Ice Cream Company [3] Social Activism and Brand Values - Greenfield expressed that the brand's mission has always been about more than just ice cream, emphasizing values of equity, justice, and social activism [2][3] - The company faced significant tensions with Unilever after its 2021 decision to stop sales in the Israeli occupied West Bank, which Greenfield believes has led to a silencing of the brand on global issues [2] Company Perspective - Unilever disagrees with Greenfield's perspective and claims to have sought constructive dialogue with both co-founders to strengthen Ben & Jerry's value-based position [3]

Federal Reserve and Interest Rates - The Federal Reserve is expected to implement its first rate cut of 2025, with traders pricing in a 96% chance of a 25 basis point reduction [2][3] - The Fed's dot plot, which shows officials' predictions about interest rates, will provide insights into future cuts [2] - Current economic conditions include a weak job market and persistent inflation, raising questions about the sustainability of further rate cuts [2][5] China and Nvidia - China's internet regulator has instructed major tech firms to cease purchasing Nvidia's AI chips and to cancel existing orders, aiming to bolster its domestic chip industry [9][10] - This ban extends beyond previous guidance and is part of China's strategy to compete with US technology [9][10] - Nvidia faces additional challenges in China, including an antitrust probe and increasing pressure from local competitors [48][51] UK-US Tech Pact - The UK and US have signed a tech prosperity deal valued at approximately $42 billion during President Trump's state visit, with significant investments from major tech companies [13][16] - Microsoft plans to invest around $30 billion in cloud and AI infrastructure in the UK, while Google has committed nearly $7 billion for a new data center and AI research [13] - British pharmaceutical firm GSK will invest $30 billion in US research and development over five years, indicating reciprocal investment commitments [13][16] IPO Market - Online ticket platform StubHub has priced its IPO at $2.35 billion, valuing the firm at $8.6 billion, marking a rebound in the IPO market after a period of stagnation [11][12] - The IPO market has seen increased activity recently, attributed to a recovery from high inflation and rising interest rates [11][12] General Mills Earnings - General Mills reported adjusted earnings per share of 86 cents, exceeding market expectations of 82 cents, with net sales of $4.52 billion in line with forecasts [41] - The company is facing challenges due to inflation, which is pushing consumers towards cheaper products and healthier options [41] Workday and Figure - Workday's stock rose over 9% following an analyst event where it announced plans to acquire AI startup Sana, receiving positive feedback from activist investor Elliot Management [42] - Blockchain lender Figure's stock increased by more than 3% after a successful IPO that raised approximately $790 million [44]

Core Viewpoint - Irish-based nutrition supplement maker Glanbia has agreed to sell its weight management brand SlimFast US to Heartland Food Products Group for an undisclosed sum [1] Company Summary - Glanbia is divesting its SlimFast brand, indicating a strategic shift in its portfolio [1] - The financial details of the transaction have not been disclosed, leaving the market without specific valuation insights [1] Industry Summary - The sale reflects ongoing trends in the nutrition supplement industry, where companies are reassessing their brand portfolios to focus on core competencies [1] - The acquisition by Heartland Food Products Group may signal a consolidation trend within the weight management segment of the nutrition market [1]

Group 1 - The European Union antitrust regulators have resumed their investigation into Mars' $36 billion acquisition bid for Kellanova, the maker of Pringles [1] - A decision regarding the investigation is set to be made by December 19 [1]

Core Points - Jerry Greenfield, co-founder of Ben & Jerry's, has resigned after 47 years, citing Unilever's failure to uphold commitments regarding social justice made during the acquisition of the brand [2][7] - The resignation highlights ongoing tensions between the founders and Unilever, particularly regarding the independence of Ben & Jerry's to address social issues [3][5] Summary by Sections Resignation Announcement - Jerry Greenfield's resignation is a significant event for Ben & Jerry's, marking the end of a 47-year partnership with the brand [2][7] - Greenfield expressed that the original agreement with Unilever was intended to protect the company's social mission and values, which he believes have been compromised [3] Unilever's Response - Unilever acknowledged Greenfield's contributions and stated that it disagrees with his perspective, emphasizing efforts to engage in constructive dialogue with both co-founders [4][7] - The company remains committed to upholding the legacy of Ben & Jerry's, focusing on its values-based position in the market [4] Historical Context - The relationship between the co-founders and Unilever has been contentious, with previous conflicts arising over social issue statements, including a lawsuit filed by the founders for alleged suppression of their views on the Gaza conflict [5]

Core Points - Jerry Greenfield, co-founder of Ben & Jerry's, announced his resignation from the company, citing a loss of independence in advocating for social and political issues as a primary reason for his departure [2][3][5] - Greenfield expressed disappointment over Unilever's influence on the brand, stating that the original agreement allowing the company to advocate for social causes has been compromised [5][10] - Unilever acquired Ben & Jerry's for $326 million in 2000, with a provision that allowed the brand to maintain its advocacy for social and political causes [4] Company and Industry Summary - Jerry Greenfield's resignation marks a significant change for Ben & Jerry's, a brand known for its commitment to social justice and political activism [2][4] - The relationship between Ben & Jerry's and its parent company, Unilever, has been strained, particularly following the brand's decision in 2021 to stop selling ice cream in Israeli settlements, leading to legal disputes [5][10] - Unilever is currently in the process of spinning off its ice cream business, which may impact the future direction and independence of Ben & Jerry's [9]

Core Insights - General Mills reported fiscal 2026 first-quarter results that exceeded Wall Street expectations, with adjusted earnings per share at 86 cents, surpassing analyst estimates of 81 cents, and revenue of $4.52 billion, slightly above projections of $4.51 billion [1] Financial Performance - Reported net sales decreased by 7% year-over-year, impacted by a 4-point drag from divestitures and acquisitions, while organic sales fell by 3% [2] - Operating profit more than doubled, increasing by 108% to $1.7 billion, primarily due to a $1.05 billion gain from the U.S. yogurt divestiture; however, adjusted operating profit declined by 18% in constant currency to $711 million [3] - Gross margin decreased by 90 basis points to 33.9% of net sales, and adjusted gross margin fell by 120 basis points to 34.2%; adjusted operating profit margin contracted by 210 basis points to 15.7% [4] - Net earnings attributable to General Mills rose by 108% to $1.2 billion [4] Segment Performance - In North America Retail, sales dropped by 13% to $2.6 billion, with an 8-point headwind from yogurt divestitures; organic sales decreased by 5%, and segment operating profit fell by 24% to $564 million [5] - North America Pet revenue increased by 6% to $610 million, aided by an 11-point lift from the Whitebridge Pet Brands acquisition; organic sales were down by 5%, and operating profit declined by 5% to $113 million due to higher input costs and SG&A [6] - North America Foodservice net sales fell by 4% to $517 million, with a 5-point headwind from yogurt divestitures; organic sales rose by 1%, while segment operating profit remained flat at $71 million [6] - International net sales grew by 6% to $760 million, including a 3-point benefit from foreign exchange; organic growth was 4%, driven by regions such as India, North Asia, and Europe; operating profit increased to $66 million from $21 million a year earlier [7] Cash Flow and Liquidity - Cash provided by operating activities was $397 million, down from $624 million the previous year; cash and equivalents at the end of the quarter stood at $953 million, compared to $468 million a year ago [7]

Core Insights - Jerry Greenfield announced his resignation from the ice-cream company he co-founded with Ben Cohen [1] Company Summary - The company is known for its ice-cream products and was co-founded by Jerry Greenfield and Ben Cohen [1]

Core Viewpoint - Jerry Greenfield, co-founder of Ben & Jerry's, has resigned after nearly 50 years, citing a loss of independence and accusing Unilever of silencing the brand's social mission [1][2][3] Company Background - Ben & Jerry's was founded in 1978 with a mission to advance human rights and dignity, and it became one of the largest ice cream brands in the US [11][12] - In 2000, Unilever acquired Ben & Jerry's for $326 million, with an agreement to maintain an independent board to uphold the brand's social values [13] Recent Developments - Greenfield's resignation follows a dispute over Unilever's decision to sell Ben & Jerry's Israel division, which contradicted the brand's social mission [4] - Ben & Jerry's had previously launched legal action against Unilever for threatening to dismantle its board over public statements supporting Palestinians [5] - Cohen and Greenfield have sought investors to buy back the brand, valuing it between $1.5 billion and $2.5 billion, but Unilever has refused to sell [7] Brand's Social Mission - Greenfield expressed disappointment that the independence, which was a basis for the sale to Unilever, has been lost, stating that if the company cannot stand up for its beliefs, it is not worth being a company [3] - An open letter from Cohen and Greenfield called for the brand to be released from Unilever's control, arguing that the dismantling of its social mission has devalued the business [6] Unilever's Position - A spokesperson for TMICC (the new ice cream division of Unilever) stated that they disagreed with Greenfield's perspective and sought constructive dialogue with the co-founders [8]

Core Viewpoint - Jerry Greenfield, co-founder of Ben & Jerry's, has resigned due to growing tensions with parent company Unilever over its stance on the Israel-Hamas conflict in Gaza [1][4]. Group 1: Company Background - Ben & Jerry's was founded in 1978 by Jerry Greenfield and Ben Cohen in a renovated gas station and has maintained a socially conscious mission since its acquisition by Unilever in 2000 [8]. - The company has been involved in a legal dispute with Unilever, alleging efforts to silence its political activism, particularly regarding its stance on the Gaza conflict, which it described as "genocide" [6]. Group 2: Leadership and Values - Greenfield expressed that he could no longer work for a company that he believes has been "silenced" by Unilever, emphasizing the importance of pursuing values and social justice [4][6]. - He highlighted that Unilever had previously guaranteed Ben & Jerry's independence to uphold its values when it acquired the company over 20 years ago [2]. Group 3: Current Developments - The resignation of Greenfield marks a significant moment in the ongoing conflict between Ben & Jerry's and Unilever, which has been escalating since 2021 when the ice cream maker announced it would cease sales in the West Bank [4]. - Unilever's ice cream unit, Magnum, has publicly disagreed with Greenfield's perspective and has sought constructive dialogue with the co-founders to strengthen the brand's values-based position [6].