Packaged Food Shares Fall as Amazon Plans New Round of Whole Foods Price Cuts

JM Smucker, Conagra and Kellogg shares fell Wednesday morning after Amazon announced plans to further cut Whole Foods pricing.

November 15, 2017

The Street

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Packaged food stocks fell in early market trading Wednesday after Amazon.com announced plans to cut prices at Whole Foods during the holiday season.

Shares of Conagra were down 1 percent, shares of Kellogg Co. were down nearly 2 percent, and JM Smucker was down 0.5 percent.

Amazon said that the price discounts are just a preview of what Prime customers can expect on a regular basis when the service becomes the official rewards program of Whole Foods.

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