Kraft Heinz forecasts gloomy 2019, writes down value of iconic brands

Kraft Heinz forecasts gloomy 2019, writes down value of iconic brands
(Reuters) – Shares of Kraft Heinz Co slumped 20 percent on Thursday after the food company posted a quarterly loss, 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. FILE PHOTO – Bottles of Heinz tomato ketchup of U.S. food company Kraft... Read More

Kraft Heinz sees ‘step backwards’ in 2019, gets SEC subpoena

Kraft Heinz sees ‘step backwards’ in 2019, gets SEC subpoena
(Reuters) – Kraft Heinz Co reported disappointing quarterly results, including a $15 billion charge related to the value of its marquee Kraft and Oscar Mayer trade marks, and said it had received a subpoena from the U.S. Securities and Exchange Commission about its accounting practices. FILE PHOTO – Bottles of Heinz tomato ketchup of U.S. food company Kraft Heinz are... Read More

Third Point claims 300 percent return on activism since 2011

Third Point claims 300 percent return on activism since 2011
BOSTON (Reuters) – Pushing companies to perform better has earned Third Point a 300 percent return in the last eight years, the hedge fund told investors in a letter on Thursday, praising management at some of its targets for taking the right steps. FILE PHOTO: Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the... Read More

Nestle investing $115 million to expand Purina factory in U.S.

Nestle investing $115 million to expand Purina factory in U.S.
FILE PHOTO: A Nestle logo is pictured on a coffee factory in Orbe, Switzerland May 31, 2018. REUTERS/Denis Balibouse/File Photo ZURICH (Reuters) – Nestle is investing $115 million to expand its Purina factory in Bloomfield, in the U.S. state of Missouri, the Swiss foodmaker said on Thursday, as it seeks to increase production of cat litter. The investment will increase... Read More

Exclusive: Lyft plans to launch its IPO roadshow week of March 18 – sources

Exclusive: Lyft plans to launch its IPO roadshow week of March 18 – sources
(Reuters) – Lyft Inc plans to launch the roadshow for its initial public offering during the week of March 18, making it the first U.S. ride-hailing company to debut in the stock market, people familiar with the matter said on Wednesday. An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. REUTERS/Chris Helgren/File... Read More

Walmart holiday-quarter sales jump, says consumers still spending

Walmart holiday-quarter sales jump, says consumers still spending
(Reuters) – Walmart Inc posted its strongest holiday quarter in at least a decade on Tuesday, boosted by higher grocery and e-commerce sales, and said it saw no signs of weakness in U.S. consumer spending despite recent signs of a slowdown. Shares of the world’s largest retailer rose more than 3 percent on Tuesday in a broadly flat market, putting... Read More

Walmart holiday-quarter sales jump, ‘feel pretty good about consumer’

Walmart holiday-quarter sales jump, ‘feel pretty good about consumer’
(Reuters) – Walmart Inc said on Tuesday it sees no signs of weakness in U.S. consumer spending and posted its strongest holiday-quarter sales growth in a decade, citing robust grocery and e-commerce sales and assuaging concerns about a looming U.S. recession. Shares of the world’s largest retailer rose nearly 4 percent on Tuesday and were up 7 percent so far... Read More

Strong U.S. economy boosts Walmart holiday-quarter sales, shares gain

Strong U.S. economy boosts Walmart holiday-quarter sales, shares gain
(Reuters) – A strong U.S. economy boosted Walmart Inc’s holiday-quarter sales growth to the best in a decade, lifted by consumer spending in key categories like groceries and increased e-commerce purchases. Shares of the world’s larger retailer rose nearly 4 percent on Tuesday and were up 7 percent so far this year. Walmart’s performance and rival Target Corp’s strong holiday... Read More

Kellogg stocks up on Pringles, cereals for fear of ‘hard Brexit’

Kellogg stocks up on Pringles, cereals for fear of ‘hard Brexit’
CHICAGO(Reuters) – As the possibility of a no-deal Brexit looms, Kellogg Co is taking measures to protect Britons from a potential shortage of Pringles, the UK’s second-favorite brand of chips. Cans of Pringles are seen on display in New York April 5, 2011. REUTERS/Shannon Stapleton With Britain at risk of leaving the European Union on March 29 without a divorce... Read More