Opening Bell 7.10.18

New justices; Pepsi profits; Smuckers sells; Dick Hancocks and more!
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Kavanaugh Pick Kicks Off Long-Shot Bid by Democrats to Block Him [Bloomberg]

That doesn’t mean Democrats won’t try. With congressional elections looming in November, they’re framing the fight over Kavanaugh as being about protecting civil rights and access to abortion and preventing the high court from tilting toward corporations over the public.

Democrats would need to forge a united front against Kavanaugh and flip at least one and possibly two Republicans against him, a steep challenge in the face of the jurist’s positions that are solidly conservative.

Kavanaugh’s remarks Monday night at the White House, after Trump announced his nomination, seemed to anticipate lines of attack from Democrats. He spoke of his mother’s work as a teacher in predominantly African-American public schools in Washington, D.C., and his hiring of a diverse collection of law clerks, most of them women.

Deutsche Bank Hires Investor Cerberus for Paid Advisory Work [WSJ]

As a private-equity investor, Cerberus often provides advice for a fee to its portfolio companies. The arrangement with publicly traded Deutsche Bank, which hasn’t previously been reported, makes Cerberus the only Deutsche Bank shareholder in a paid advisory role, formally bringing a firm with skin in the game inside the bank’s operations, according to people familiar with details of the arrangement.

Mr. Zames, 47 years old, left JPMorgan in June 2017 after more than a decade. The longtime bank-operations chief previously oversaw JPMorgan’s fixed-income business and was viewed at one time as a potential CEO successor. He joined Cerberus in April.

He has already met with Mr. Sewing and other Deutsche Bank executives to work on evaluating its expense controls, computer systems and other aspects of its business with a fresh eye, people close to the companies said.

Frito-Lay unit sales power PepsiCo's profit, revenue beat [Reuters]

Net income attributable to the company fell to $1.82 billion, in the second quarter ended June 16, from $2.11 billion, a year ago, mainly due to higher costs for transportation and raw materials.

Excluding one-time items, the company earned $1.61 per share, beating analysts’ average estimate of $1.52 per share.

Total revenue rose 2.4 percent to $16.09 billion, edging past analysts’ average estimate of $16.04 billion, according to Thomson Reuters I/B/E/S.

JM Smucker to sell Pillsbury, other US baking brands for $375 million [CNBC]

The deal includes a manufacturing facility in Toledo, Ohio, but excludes the baking business in Canada, the company said.

"The divestiture reflects our strategy to further focus our portfolio and develop a stronger presence in pet food, coffee, and snacking," Chief Executive Officer Mark Smucker said in a statement.

Smucker in May completed its $1.9 billion acquisition of Rachael Ray Dog food maker Ainsworth Pet Nutrition.

Dick Cheney autographs a waterboard at request of Sacha Baron Cohen [The Province]

Leave it to comedian Sacha Baron Cohen to convince his interview subjects to do just about anything. Take, for example, convincing former Vice President Dick Cheney to sign a waterboard “kit” on camera, with a grin.

Such a moment does indeed actually happen, and can be seen in a 20-second teaser trailer Cohen released on Sunday for his upcoming political satire series on Showtime. It’s reportedly called “Who is America?” and Donald Trump, naturally, will be a main target.

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