Processed food stocks tumbled on Friday as investors feared a crackdown under President-elect Donald Trump and ally Robert F. Kennedy Jr.dropped more than 3% and 1%, respectively, in late day trading Friday. Cheerio cereal and Betty Crocker cake mix makerKennedy as his nominee for secretary of the Health and Human Services Department, which oversees the Food and Drug Administration and Centers for Disease Control and Prevention, among dozens of federal agencies.
Traders are wary that Kennedy's"Make America Healthy Again" focus will result in increased scrutiny of companies behind some of the best known snack, packaged food and soft drink brands. Kennedy, who ran as an independent candidate for president before throwing his support behind Trump, has pushed for major changes to the FDA, including the
Taco Bell CEO says avoiding this mistake sets successful people apart from most: You have to ask the ‘right questions' "They're not protecting our kids," Kennedy said of current regulators in an interview with NBC News last week."Why do we have Fruit Loops in this country that have 18 or 19 ingredients and you go to Canada and it's got two or three?"Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly