Updates

** Slim Jim maker Conagra Brands' CAG.N shares rise as much as 2% to $14.44, reversing premarket losses

** CEO John Brase, who joined the company in June this year, says portfolio has been too large and complex; adds CAG will be reviewing its non-core assets

** Co plans additional pricing actions, especially in frozen, even if it pressures volumes in the short term - prepared remarks

** Forecasts annual profit below estimates on higher commodity costs and frugal consumer spending

** Expects FY27 adj. EPS of $1.40-$1.50 vs. estimates of $1.59, per LSEG data

** Expects FY27 organic net sales to drop 1%-3% vs. 0.4% decrease in FY26

** Halves dividend to 70 cents per share

** As of last close, stock down about 18% YTD