Food exchange traded funds were flat Thursday along with HJ Heinz (NYSE: HNZ) shares as the company reported quarterly results and met with analysts and investors.
Heinz reported lower-then-expected profit and said it plans to shutter some factories and cut up to 1,000 jobs.
Global X Food ETF (NYSEArca: EATX) and PowerShares Dynamic Food & Beverage (NYSEArca: PBJ) were both little changed Thursday.
“With food stocks underperforming for the last two years since the market bottomed in March 2009, the group has been appropriately under-owned. Yet despite concerns about inflation and demand elasticity, food stocks have rallied,” Deutsche Bank said in a recent note.