STOCK MARKET NEWS: Tik Tok CEO testifies, Ford predicts $3B EV loss, Coinbase in SEC crosshairs

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Stocks steady following global rate hikes, TikTok’s CEO to face Congress, Ford’s EV losses mount, new Starbuck’s CEO lays out challenges at coffee maker and SEC eyes Coinbase in crypto probe. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.

General Mills Inc on Thursday raised its fiscal 2023 forecasts for a fourth time after beating estimates for quarterly results, helped by price increases and steady demand for itsGeneral Mills' organic sales in the third quarter rose 16%, helped mainly by higher prices, while volumes remained flat.The companyit now expects organic net sales to rise 10% to 11% in fiscal 2023, compared to its earlier forecast of about 10% growth.

It forecast fiscal 2023 adjusted profit per share to rise between 8% and 9% on a constant-currency basis, compared with its prior range of a 7% to 8% rise. The company's net sales in the third quarter ending Feb. 26 rose 13% to about $5.13 billion, while analysts had expected $4.97 billion, according to Refinitiv data.

Excluding one-off charges, General Mills earned 97 cents per share, compared with estimates of 93 cents.

 

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