Listen: Warren Buffett, Craft Hines And Kraft Heinz discussed on The KDKA Radio Afternoon News with Robert Mangino
"And Heinz and Warren Buffett and the stock value really taken a hit what's going on here. Brutal down by more than a quarter today. Twenty seven and a half percent in one day. Now here is what happened when we got the the earnings from the company from Kraft Heinz, they had a big loss a huge loss, actually. And specifically the Kraft MAC and cheese and Oscar Mayer brands, literally just not doing very well. And also, the the company said not only have these bad results, but the securities and Exchange Commission is investigating. The company for what they're calling quote, accounting policies procedures and internal controls. What does that mean to us, though, what that means is it looks like that Kraft Heinz has maybe finagled some of their numbers and looking at in a way that would make maybe their suppliers and other vendors overstate some of the value of the company. So there's investigation it's going to be a real problem a big increase to the cost of many of its products. And I know that you actually might be interested in this also because you mentioned Warren Buffett Berkshire Hathaway Warren Buffett's company is craft Hines as largest shareholder right now. Weirdly enough tomorrow. Warren Buffett is going to release his annual letter to everyone this out at eight. Eight o'clock tomorrow morning, and I just wonder if he's just busy rewriting it. Right now. To incorporate this because this is a big deal. I mean, it's not all of Berkshire Hathaway the Berkshire Hathaway was down a couple percent during the day. But I mean, this is really a a black eye for a company that really was not sort of out there with the surprising stuff going on. This is bad news. Could we see then a lot of layoffs as a result of this? Well, I mean, what's going to be interesting is that the company has already cut its dividend. They did not say anything about layoffs specifically this minute. But you know, I just got to believe that when you're taking billions of dollars of right down in losses that maybe that could be around the corner. But we don't know just yet. Did redo their reducing their quarterly dividend by thirty six"