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Morning Brief: Kraft Heinz shares plummet toward record low

Friday, February 22, 2019

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WHAT TO WATCH

On the heels of the Federal Open Market Committee’s (FOMC) release of its January meeting minutes on Wednesday, seven Federal Reserve officials will be speaking today.

Atlanta Fed President Bostic will kick things off by speaking in New York at 8:15 am ET. Then at 10:15 am ET, New York Fed President Williams and San Francisco Fed President Daly are scheduled to speak in New York on “Prospects for inflation in a high-pressure economy.”

Fed Vice Chairman Rich Clarida will be speaking at the 2019 U.S. Monetary Policy Forum in New York on Friday. He will be addressing the Federal Reserve's review of monetary policy strategies, tools and communications at 12 p.m. ET.

Following Clarida’s speech, St. Louis Fed President Bullard, Fed Vice Chairman for Supervision Quarles and Philadelphia Fed President Harker will be speaking in New York on “The Future of the Federal Reserve’s Balance Sheet” at 1:30 pm ET.

Finally, Williams is scheduled to speak at the end of the First Annual Joint Research Day on Quantitative Tools for Monitoring Macroeconomic and Financial Conditions organized by the Atlanta and New York Fed districts at 5:30 pm ET.

Read more

TOP NEWS

FILE- This Feb. 21, 2018, file photo shows a display of Heinz Ketchup on display in a market in Pittsburgh. The Kraft Heinz Co. reports earnings Thursday, Feb. 21, 2019. (AP Photo/Gene J. Puskar, File)

Kraft Heinz falls near record low: Kraft Heinz Co. wrote down the value of some of its best-known brands by $15.4 billion, an acknowledgment that changing consumer tastes have destroyed the value of some of the company’s most iconic products. [Bloomberg]

Also: Berkshire suffers $2.8 billion hit on Kraft's subpoena news [Bloomberg]

Trump to meet with China's trade chief Liu He on Friday: President Donald Trump will meet with China’s top trade negotiator Friday afternoon in Washington as the U.S. tries to forge a preliminary deal with its biggest economic rival before tariffs on some Chinese imports more than double next month. [Bloomberg]

5 things to watch for in Warren Buffett's annual letter: Warren Buffett will release his highly-anticipated annual letter to shareholders on Saturday and his Berkshire Hathaway (BRK-ABRK-B) will report its financial results for Q4 2018. [Yahoo Finance]

Pinterest files confidentially for U.S. IPO: Pinterest Inc. has filed confidentially for a U.S. initial public offering and is expected to seek a valuation for the company of at least $12 billion, according to a person familiar with the matter. [Bloomberg]

Ford probing fuel economy, emissions tests: Ford Motor (F) said on Thursday it has hired outside experts to investigate its vehicle fuel economy and testing procedures after employees raised concerns, and did not know whether it would have to correct data provided to regulators or consumers. [Reuters]

Apple, Ant Financial and banks offer interest-free iPhone financing in China: Apple Inc has teamed up with Chinese payments giant Ant Financial Services Group and several local banks to offer interest-free financing, its first such move in the country as it looks to boost waning smartphone sales. [Reuters]

Also: Apple, Goldman working on iPhone-linked credit card [CNBC]

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Editor’s note: A special edition of Morning Brief featuring Yahoo Finance’s Black History Month coverage will be published by 9 a.m. ET tomorrow, Saturday, February 23, 2019.

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