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Kraft Heinz stock implodes on gruesome earnings

Kraft and Heinz products.
Kraft and Heinz products. Photo: Scott Olson/Getty Images

Kraft Heinz’s stock plunged Thursday evening, falling nearly 20% in after-hours trade after the food and beverage giant released a dreadful earnings report, reports Bloomberg.

Details: The company revealed an SEC investigation into its procurement practices; wrote its assets down by some $15 billion; cut its dividend by more than 35%; and announced a loss of more than $14 billion in the fourth quarter.