Kraft Heinz lower ahead of night-before-earnings management slidecast
Kraft Heinz shares are lower after the company last night announced that it would release today after the close a management slidecast to update its progress since the 2015 merger of Kraft and Heinz. The company reports Q4 results tomorrow morning. JPMorgan analyst Ken Goldman, in a research note last night, said he cannot recall the last time a company put out a presentation the night before earnings. After speaking to the company, Goldman expects a pre-recorded video and audio presentation that features a number of different managers and/or stakeholders, designed to be "somewhat evergreen" and intended to put the company "in a very positive light." Based on conversations, the analyst believes the majority of investors seem to be interpreting the announcement negatively. Kraft Heinz's earnings "could be weak," and it is possible that the company has already been rejected by other potential takeover targets, Goldman tells investors in a research note. He would not be surprised, however, if the company's renewed public relations effort "were the precursor to a bid, not a reaction to a failed one." Kraft Heinz in early trading is down 99c to $70.94.