Conagra Foods, Inc. (CAG) shares were down slightly in morning trading Monday after the Department of Agriculture announced that its subsidiary Chef Boyardee recalled 700,000 pounds of spaghetti and meatballs products due to misbranding and undeclared allergies.
The product contains milk, a known allergen that is not declared on the product's label. The issue was discovered on June 6 when the company received a notification from an ingredient supplier that the bread crumbs the company used in the product may contain undeclared milk.
ConAgra shares were down $0.05, or 0.14%, to $38.71 in morning trading.
What's Hot on TheStreet
Apple and all of tech remains in focus: European tech shares such as SAP SE (SAP) , Infineon Technologies AG (IFNNY) and ASML NV (ASML) fell sharply on Monday after last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple (AAPL) on Sunday on fears the stock may be too richly valued.
Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT) grocery market share, as the German discount retailer says it will invest $3.4 billion to expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores.
GE's CEO is stepping aside: Industrial conglomerate General Electric (GE) said Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.
TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets.
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