Kraft Heinz, BRC and SunOpta lead down day for packaged food stocks
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Packaged food stocks fell on Monday with investors showing concern once again over inflation, supply chain risk, and labor availability. There was also some Nielsen data in showing softer volume in Europe than anticipated for a four-week tracking period. The anxiety cropped up just ahead of the earnings season for the sector.
Notable decliners included BRC Inc. (BRCC
-6.3%), BRF. S.A. (BRFS
-5.7%), Calavo Growers (CVGW
-5.2%), SunOpta (STKL
-3.3%), J&J Snack Foods Corp. (JJSF
-1.9%), Bridgford Foods Corporation (BRID
-2.7%), TreeHouse Foods (THS
-3.4%), Pilgrim's Pride (NASDAQ:PPC
-2.3%) and Post Holdings (NYSE:POST
-1.8%).
Kraft Heinz Company (NASDAQ:KHC
-1.9%) also traded weak just ahead of its earnings report due out on April 27 and Kellogg Company (K
-1.5%) was hit with a downgrade from Deutsche Bank early in the day.