Packaged Foods Broadly Lower On Weak Results From Kraft, Kellogg

Packaged foods shares were broadly off Thursday after two major players posted sharp second-quarter profit declines. Kellogg Co.

profits sank 16 percent on slowing cereal sales while Kraft Foods Group Inc.'s

revenue was nearly flat while its weak earnings growth missed expectations. "There's no question that economic and consumer trends are creating top-line growth challenges for the food and beverage industry," Kraft CEO Anthony Vernon said in a statement that accompanied its earnings report. http://www.benzinga.com/news/earnings/14/07/4743312/kraft-foods-misses-q2-views-revenue-grows-just-0-7 Kraft was down 4.2 percent to $54.82 while Kellog dropped 4 percent to $61.16. Tyson Foods, Inc.

fell 2 percent to $37.45; Former Kraft snack unit Mondelez International Inc.

was off a more modest 1 percent at $36.63 but Inventure Foods

sank 3.5 percent to $11.79. Diamond Foods Inc.

dropped 2.25 percent to $27.12 and Post Holdings Inc.

settled down 1.25 percent to $45.12 a share.