No surprises this was expected.What is crucial is CC re when new revs will begin to kick in. If 1st qtr of '08 the buying will begin in earnest if not there will be a wait and see attitude.Of course there could also be surprises before then.
The rising costs of ingredients especially in the dairy segment cannot be dismissed. This has hit many food comanies including Campbell's Soup, J&J Snack Foods, Dean etc. I think that these commodity prices will pull back at some point as new sources of supply develop. Long term commmodities tend to be flat unless general inflation is rising. But on the other hand, I do not think the price will be rising until this issue abates. It has hurt the prices of all the other stocks above. So patience - yes, with attention to this issue.