Worldwide demand for butter fuels jump in price
The cash price for butter jumped 16 cents a pound Thursday on the Chicago Mercantile Exchange, to $2.66, according to the High Ground Dairy brokerage firm.
Cash price is also known as the spot price. The price had been hovering around $2.40 a pound for the past 7 to 10 days.
The price for a pound of butter is now 15 cents shy of its all-time high of $2.81 reached in 1998.
Butter prices this year have soared amid strong worldwide demand. That demand has left stocks of butter in fairly short supply compared with previous years.
Futures prices and prices overseas indicate that the spot or cash price for butter is likely to fall at some point, traders say.
Midtown Manatee hosts Mix 'N Mingle Aug. 21
BRADENTON -- Midtown Manatee is planning what it is billing as the "ultimate networking party."
Mix 'N Mingle, will be held from 5 to 8 p.m. Aug. 21 at the Renaissance on 9th, 1816 Ninth St. W., Bradenton. Admission and parking are free.
The evening will include a D.J. for entertainment, speed networking, free gourmet hors d'oeuvres, cash bar, door prizes and a variety of vendors. For information, call 941-587-5678 or 941-518-4431 or go to MidTownManatee.org.
Narrower second quarter loss for J.C. Penney
PLANO -- J.C. Penney Co. on Thursday reported a narrower loss in its fiscal second quarter, and topped analysts' expectations.
The Plano, Texas-based company reported a loss of $172 million, or 56 cents per share, compared with a loss of $586 million, or $2.66 per share, in the same quarter a year ago.
Losses, adjusted for one-time gains and costs, were 75 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 98 cents per share.
The company said revenue rose 5 percent to $2.8 billion from $2.66 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $2.79 billion, according to Zacks.
J.C. Penney shares added 67 cents, or 6.9 percent, to $10.41 in after-hours trading. The shares have gained 6.5 percent in 2014, but are off 26 percent in the past 12 months.
Mosaic Co. to pay quarterly dividend
The Mosaic Co. has declared a quarterly dividend of 25 cents per share on the company's common stock.
The dividend will be paid to stockholders on Sept. 18. The Mosaic Co. is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients, with huge mining operations in Florida.
Herald staff and wire reports