Shares of several companies behind popular soda and snack brands pulled back sharply Friday.
Processed food stocks tumbled on Friday as investors feared a crackdown under President-elect Donald Trump and ally Robert F. Kennedy Jr.
Snack-and-soda titans PepsiCo and Coca-Cola dropped more than 3% and 1%, respectively, in late day trading Friday. Cheerio cereal and Betty Crocker cake mix maker General Mills fell about 3%, as did Conagra Brands, maker of Reddi-wip.
Campbell Soup, which makes Goldfish crackers and Pepperidge Farm cookies, also retreated by more than 3%. Kraft Heinz, known for macaroni-and-cheese and Oscar Mayer hot dogs, eased more than 1%.
Frozen potato supplier Lamb Weston, whose French fries are sold in chains including McDonald’s and Chick-fil-A, dropped more than 5%.
