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PRE-MARKET MOVERS: Investors lose appetite for Conagra Brands after Pinnacle Foods deal but World Wrestling Entertainment bounces higher

Last updated: 13:05 27 Jun 2018 BST, First published: 08:05 27 Jun 2018 BST

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Wall Street shares are set to fall on Thursday after the higher close yesterday, and  Conagra Brands Inc (NYSE:CAG) was joining the pack.

Shares in the group shed 7.66% to  US$35.30 in pre-market deals as it emerged that the firm was to buy Pinnacle Foods for US$10.9 billion in cash and shares, including debt, to create a consumer goods behemoth with combined revenues of around US$11bn.

Pinnacle is behind Birds Eye frozen produce, while Conagra, based in Chicago, is the maker of  Peter Pann peanut butter.

Conagra also reported today that revenue for its fourth quarter rose 5.9% to US$1.97bn from US$1.86bn last year. Conagra reported adjusted earnings of US$195.9mln or US$0.50 per share for the period.

Sticking to the food group theme, General Mills Inc (NYSE:GIS) saw shares add 1.50% to US$46.75 a share in pre-market New York deals.

It came despite the group reporting fourth-quarter earnings that beat expectations, while sales matched forecasts.

Net income for the three months to May 27 fell to US$354.4mln, or 59 cents a share, from US$408.9mln, or 69 cents a share, a year ago.

Sales increased 2.2% to stand at US$3.89bn for the quarter.

Elsewhere, WWE -  World Wrestling Entertainment Inc (NYSE:WWE) saw shares leap up nearly 10% in pre-market to US$73.16 after it secured the media rights deals with USA Network and with Fox sports.

Finally, also making waves before the bell was Paychex Inc (NASDAQ:PAYX), the payroll and human resource business, whose shares were flat at US$69 having shed 0.98% yesterday.

The group is forecast to report quarterly earnings of US$0.62 per share on revenue of US$868.96 million.

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