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Wachovia customers bail before Wells Fargo merger; also: Hormel meals win fan while investment fund sees loss, and General Mills’ winning recipe has fewer pasta shapes

Wells Fargo still has a bumpy trail ahead in its merger with Wachovia. The latest obstacle: Rival banks are aggressively wooing Wachovia customers, many of whom are angry and distrustful after watching their bank nearly fail, Bloomberg reports. One regional bank in the Southeast attracted $1.2 billion in deposits from former Wachovia customers during the third quarter, and it expects more to follow.

One man’s enthusiasm for Hormel Compleats microwave meals has carried over to enthusiasm for the company’s stock. Over the weekend, investment blogger Rafael Grillo wrote about discovering Compleats at the supermarket a few days ago. He did some research and concluded the meals have “great potential to beef up the company’s bottom line.”

More Hormel: This morning, a reminder Compleats can’t do anything to help the health of investments in this turbulent market. Hormel says an investment fund used for paying employee benefits took a hit from the global financial problems. The investment loss is one of the reasons Hormel missed its earnings estimate for the third quarter. It’s also experiencing “greater than expected cost pressures.”

And more food news: the Associated Press reveals General Mills’ “winning recipe for stock gains.” Even the most attentive Hamburger Helper eaters probably haven’t noticed there are now fewer pasta shapes in the mix. But General Mills credits cost-saving measures like that for keep its stock price in good shape this year. Analysts add that having strong brands and product innovation doesn’t hurt either.

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Comments (1)

  1. Submitted by Aaron Petty on 10/20/2008 - 11:51 am.

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