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Heard on the Street: Food Stocks Get Cooked as General Mills Disappoints
General Mills was the bearer of bad news for its industry on Wednesday, confirming investor fears that prices are too high and volumes are under pressure. The maker of Cheerios cereal, as well as Yoplait yogurt and Annie’s Mac and Cheese, posted weak results, sending its shares as much as 5% in early trading. Organic sales, which strip out currency and merger impacts, were down 6% from a year earlier last quarter.
The Wall Street Journal•
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