This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

5 Dumbest Things on Wall Street This Week

5. General Mills' Seinfeld Schtick

Shove over Olympic medal winners and Super Bowl champs. There's a more deserving Wheaties box candidate than all you sports superstars.

Comedian Jerry Seinfeld of course.

Seriously, the toothy sit-com star loves cereal and "nothing." What more could you ask for based on General Mills' (GIS - Get Report) blog post late last week?

Must Read: The 5 Dumbest Things on Wall Street This Week: WMT BBRY AVP

"Did we change Cheerios?" asked Tom Forsythe, the food-maker's VP of Global Communications, on the company's Web site. "No. Not really."

Tommy-Boy is not lying folks. There really is nothing happening to your morning munch, or for that matter to General Mills stock which barely budged on the news.

Here's the real deal. In a bid to ease the minds of food additive activists, General Mills says it will not be using genetically modified ingredients in its iconic oat-brand cereal. Not that this was ever an issue with Cheerios anyway. The modified seeds in question are generally used to grow corn and not oats, so like Seinfeld's hit sit-com, General Mills really is making a big show about nothing.

For the record, Cheerios Honey Nut variety will keep its GMOs in the mix, which means nothing is happening there either. A General Mills spokesman said the investment required to eliminate GMOs outside its original Cheerios brand would be prohibitive.

Not that there's anything wrong with that, in General Mills opinion.

"It's not about safety. Biotech seeds, also known as genetically modified seeds, have been approved by global food safety agencies and widely used by farmers in global food crops for almost 20 years," the General Mills blog said.

Sounds like a whole lot of yada, yada, yada to us.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GIS $61.74 0.00%
GT $27.73 0.00%
JCP $9.03 0.00%
JPM $61.57 0.00%
SCSS $24.49 0.00%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs