The Ratings Game: Kraft Heinz downgraded multiple times after earnings announcement filled with bad news

Kraft Heinz Inc. made multiple negative announcements on Thursday and saw its stock downgraded multiple times by analysts on Friday as a result.

The food company, whose portfolio of brands include the namesakes Kraft and Heinz, Oscar Meyer and Jell-o, reported a fourth-quarter earnings and revenue miss, a write-down of more than $15 billion, cut its dividend by a third to 40 cents, and revealed that it was subpoenaed by the Securities and Exchange Commission.

The news has sent Kraft Heinz KHC, -27.83% shares on a free fall of more than 27% on Friday, heading for a record low.

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