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Kraft Heinz tanks after disclosing SEC subpoena over accounting policies

Kraft Heinz tanks after disclosing SEC subpoena over accounting policies

Shares of Kraft Heinz slumped on Thursday after the food company posted a quarterly loss. The company also disclosed an SEC investigation and wrote down the value of its Kraft and Oscar Mayer brands as it highlighted the tough environment for the packaged food industry. A $15.4 billion write-down indicated declining fortunes of the iconic brands and other losses in asset value.

Timothy
Timothy
Virtual Signals
Virtual Signals 1 year

Take over a blue chip brand, check. Slash all budgets, staffing and costs, check. Decimate the organisational culture, check. Don’t invest in any real new products or growth strategies, check. Get confused when company starts to tank...

Darth Quaint
Darth Quaint 1 year

I'm unfamiliar with the term "write-down" as used here. Any business or economics majors that aren't AOC reading?

Experiment Eks
Experiment Eks 1 year

With the economy doing better, people aren't buying their imitation cheeses I guess.

.       .
. . 1 year

This just goes to show how sick capitalism has become due to only caring about stock performance. Anything that's not raw commodities should not be traded on the market, it's irresponsible gambling and not based on actual product performance but instead fooling investors. Everyone just needs to focus on making good products, not riding speculation waves and destroying yourself in the process.

Oliver Biscuit
Oliver Biscuit 1 year

Good. Any self respecting Canadian should be using French's ketchup anyway after the shit Heinz pulled.

Roamer MGTOW
Roamer MGTOW 1 year

good, i cant stand the preservatives they put in their food.

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