Given Warren Buffett’s diet, it’s no surprise that he would perhaps value Kraft Heinz Co. and its stable of products more highly than the general public. And given the way things have been going and continue to go with the company, it’s a good thing that the Oracle of Omaha is sitting on so much gosh-darned cash.
Chicago-based Kraft Heinz said on Thursday that it had booked charges reducing the values of its assets by $1.22 billion for the first six months of its fiscal year…. “We’ve been too focused on the present and literally on firefighting,” Chief Executive Miguel Patricio told investors on a call. “We need to work on our competencies for the future.”
On the other hand, it could be worse. Not much worse, but a bit worse.
Uber’s $5.2 billion second-quarter loss is big on its face.... Among S&P 500 companies, only 26 lost money in 2018. The only three to lose more for the year than Uber lost in the second quarter were General Electric ($20.6 billion), Kraft Heinz ($10.2 billion) and Newell Brands ($6.8 billion).
Kraft Heinz Writes Down $1.2 Billion as Brand Wither [WSJ]
Berkshire Hathaway has $122 billion in cash [CNN]
Uber’s Q2 losses were bigger than total 2018 losses for all but three S&P 500 companies [CNBC]