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General Mills stock jumps on earnings beat

Yahoo Finance Live checks out General Mills' stock amid its latest earnings beat.

Video Transcript

DAVE BRIGGS: My play is General Mills, GIS, a trending ticker on Yahoo Finance, along with Cheerios, Betty Crocker, and Cinnamon Toast Crunch raising its full year forecast after beating quarterly profits today. General Mills sees costs rising as much as 15% for the fiscal year. Their CEO, Jeff Harmening, saying ahead of the earnings call, significant inflation and reduced consumer spending power has led to an increase in at-home eating and other value seeking behaviors.

Food prices, as you all know, rose 13 and 1/2% in August, the fastest rate in more than 40 years. And look at the stock popping on this news, up about 6%. They've had a strong year, up about 20% this year, almost 40% over the last 12 months. We've had a very heavy day. So, Rachelle, I have to ask you your favorite General Mills cereal. I know the obvious answer is Cinnamon Toast Crunch. Hot take here, it's cinnamon Chex.

RACHELLE AKUFFO: I'm really boring. I like a plain cereal. Like, I'm a corn flakes, Rice Krispies kind of girl. I like a plain cereal. I don't like cinnamon and peanut butter and extra things. Just keep it simple.

DAVE BRIGGS: A little bit of grape nuts?

RACHELLE AKUFFO: A little bit of brown sugar and some agave.

DAVE BRIGGS: Some Cheerio's.

RACHELLE AKUFFO: No.

SEANA SMITH: You're too healthy for us, Rachelle. I think mine might be Lucky Charms. That's General Mills, right?

DAVE BRIGGS: It is.

SEANA SMITH: Yeah, Lucky Charms is a very, very good one.

DAVE BRIGGS: They're solid.