cheese,ike kraft mac & oscar meyer, these brands are out of stuck with consumers who are going for more natural organic options. the chickens are coming home to roost. them away anded you are seeing that in this giant stock drop. vonnie: we are waiting for the letter on saturday morning. 3g? he addressed he is backing the brazilian firm, after all. >> i'm not sure it will come up in the letter right away. he has that on iconic consumer brands. he has built businesses through acquisitions. that is the main point we will be looking for in the letter. the investing and the dealmaking. guy: are the stocks suggesting that berkshire is struggling to find a target you can look at the moment? i wanted to go back to this issue, his kraft heinz resenting an opportunity now --presenting an opportunity right now? katherine: i think that is a great point to make. it is a lot more attractive, obviously. it is cheaper. but he has to be careful. he has gotten pushback on 3g cost-cutting targets. i'm not sure to what extent he might want to dig deeper on a company that is struggling and has not been abl

vegan hot dog or vegan mac and cheese the oscar meyer, write down for that and craft amazing to me. neil: vegan hot dog, are you serious? >> that is what people want. the boomer wants. tastes like fabric. neil: tastes just like chicken. >> product kraft-heinz, a lot of them are loaded with sugar. neil: the problem is? >> most people now are seeing sugar something negative for them. neil: sure. >> there is major focus on entire country eating healthy. people are looking for alternatives to kraft-heinz. >> people want ipos from a kraft brewer, not a budweiser. neil: craft brewer, i'm not telling you. thank you, guys, very much. we're finding out a little more about patriots owner robert kraft charged with soliciting prostitution. which don't know much more than that some surprises in new england after this. this is decision tech. it's screening technology that helps you find a stock based on what's trending or an investing goal. it's real-time insights and information, in your own customized view of the market. it's smarter trading technology, for smarter trading decisions. and it's o

the oscar meyer write-down cleary indicates that what they did with hot sauce didn't work.e are outside of the center of the store, shopping on the perimeter, and they want organic. that's not what they have here. it would take massive innovation, and that is not what they are good at. caroline: and from the nation -- i'm from a nation built on heinz baked beans. i ask people to bring them from london. --ig: heinz ketchup is 99% in 99% of u.s. households. if you sell a lot of catch-up, it's a big-time brand, over $1 billion, but where's the growth? unless it's a billion-dollar idea, they don't want to hear about it. mom in herd from a house in boulder, but big food is not set up to take advantage of that. caroline: a terrible day for heinz. craig, thank you. and bmw will invest more than $1.1 billion to take uber and lyft. they want to expand the ridesharing operations. the u.s. ban on the sale of the most flavored e-cigarettes appears to be just a temporary setback for juul. the device isned forecasting revenue of $3.4 billion for 2019. that is almost triple generated last

oscar meyer as well. they missed on etf's. one thing these guys do is keep profits strong.hey cut costs. sales has been elusive, but to miss on profits, costs were higher than expected. there is a subpoena, they got a question about procurement, so this is bad news for kraft heinz. ♪ >> welcome back. traders outperformed while the ceo promised more dividends and share buybacks since you begin -- he began his tenure in 2015. we started talking about the prospects of brexit and how it is affecting the financial sector. >> consumer or small business or corporates, we are actually not seeing yet any sign of stress in terms of credit quality. we have the provision of $150 million in the fourth quarter just to be cautious and to be prudent. actually, what we are seeing is increases in cash levels. our deposit base is growing more than one might expect. right now, the economy itself is not correcting for troubles in the brexit market. people are clearly being increasingly cautious as we come to the final weeks and hopefully not much longer of uncertainty around brexit. right now,

it also reveals his reduces the value of crafton oscar meyer brands. the dow jones is up more than half of a %. 164 points there. the s&p 500 inching up. the nasdaq 7518. it is back up 7400. >>> uc berkeley researchers say soda consumption has dropped sharply since attacks was approved. people in berkeley are drink it about half the number of sugar sweetened drinks as they did before the tax. public health advocates say the results are evident that taxes on sugary drinks encourage healthier habits. this week california democrats proposed a statewide tax on soda. >>> j.p. morgan chase has remodeled their san francisco office. it is a big change for executives. office walls on two floors have been torn down and replaced with what is described as dinner style booths and designated quiet zones and communal tables. j.p. morgan said the open desk layout will cut costs i putting more people on fewer floors. they are also redesigning offices in dallas, phoenix, and columbus, ohio. i used to work as an investment banker and having a big communal area where you

they are writing down $15.4 billion worth of value from the craft and oscar meyer brands and they haveoena related to the investigation into the accounting practices and the kraft stock has plunged by 27% and taking out a number of makers including general mills, kellogg's, hershey, campbell soup and other shares sliding lower because of that. >>> here's trait optimism on the last day of the latest round in the trey talks taking place in washington. today president trump is scheduled to meet with the chinese lead negotiator and the stock market is moving higher on optimism over that. >>> so far on the big board, the dow up 90 points, nasdaq gaining 25 in the s&p up about seven points for the early going. >>> that is kcbs radio financial reporter jason brooks with your financial news. >>> for look at what is coming up later on cbs this morning we have john dickerson from new york. >> good morning, michelle, and happy friday. ahead on cbs this morning pope francis is proposing multiple ways to punish the predator priests to keep the children safe. from the cardinal that help to organize

i loved the oscar meyer, my baloney has a first name, what happened to that? bring that back.ring that back. charles: since they merged the two companies, they reported 15 times. 8 times the stock has gotten slammed. jack, i think you're down in florida. >> pardon me? charles: are you down in florida? >> yeah i am in florida. charles: number one thing here, is french's crunchy toppers jalapenos. that is the number one condiment where you are. >> i'm in. >> i will take ketchup. charles: where are we going from here? does it feel like inevitable that we retest the new high, or old high real soon? >> i would say your year-end target is pretty much here. we have hit our year-end target already. so it is possible we could, you know, end up buying the dips if we get some disappointment between now and year-end. i will, one of the things i want to see is financials. if financials outperform, then the market is going to do well. charles: okay. >> market generally likes to see financials outperform. that means rates have to stablize, even move higher. we'll see if that happens. charles

the company also announcing a $15 billion write down of some of its marquee brands like oscar meyer.buffett's brookshire hat away and cg capital are two of the largest shshls of the stock. a steep drop here. this stock down almost 21% this morning. >> brock hire hathaway and 3g around half of the overall holdings in that particular company. thank you very much, frank holland. >>> pinterest has reportedly confidently filed for an initial public offering. the social media company is looking for a valuation of at least $12 billion. pinterest is one of several tech names expected to go public this year we've also got uber, lyft, post mates. they've all reportedly filed their own paperwork for an initial public offering. >>> switching gears to a big exit in the sea suite. rascof is out. he will be replaced by former ceo rich barton. rascoff has served as zillow's ceo for a decade premarket trading up by 6% >>> we are just getting started here on worldwide exchange coming up next, betting on biotech. the sector seeing some major gains this year, so what could be the next big thing for biot

craft, oscar meyer. shares were down 18%.as european stocks, nestle, unilever, they've been investing in healthier options. it may send reverberations throughout the industry. matt: absolutely, watching that closely. maria tadeo, telecom italia having profit target issues. maria: that's right. the stock has been under pressure for a while. the new ceo says he will drop profit targets for 2019. they key thing is they are seeing pressure in domestic markets. we've seen them get into the earlier telecom space. telecom italia says for the time being, it wants to bring down the debt and boost capital by cooperating with rivals so they don't have to do all the spending. matt? matt: thanks very much for joining us, all of you. stocks can get the latest stories on the equities team by typing first go on the bloomberg terminal or via the mobile app. one of the biggest stories we're following is the possibility of job cuts at socgen. they are planning to cut jobs, possibly hundreds or even thousands of jobs at its investment bank. we'r

subpoena but on top of that, it took a $15 billion write-down on its flagship kraft and oscar-meyer brands which the company admits is suffering as consumers' taste buds shift. we here at "countdown" saw this coming. warren buffett's berkshire hathaway holds much of the company and last year i specifically asked the ceo about the consumers' new demands and trends. >> it's all about understanding consumers, understanding the trends and having the right portfolio offering, and the right positioning. for example, heinz, we have been growing 5% a year, just by adding new categories, just by adding new offers like organic, like flavors. liz: well, maybe they were just a little late on that. other food conglomerates were going organic and healthier. because it's a problem now. that 26% position warren buffett has, more than 300 million shares, berkshire losing about $4.3 billion on it since just last night. not losing out, the bulls. the markets are tracking higher for the week overall. as the markets slip in the final hour, we are still in the green here. the fed heads out in force. i don't kno

can sort of do there. >> perhaps the bigger issue, the $15 billion write-down of the kraft and oscar meyer brands largely due to consumers moving away from packaged foods, higher commodity costs. there's a lot of people that see a lot dog, and they've told their kids that you eat one of those, you basically explode you can't even get -- right? hot dogs are not -- >> there's also organic hot dogs that are really competing. >> okay. they have no nigtrates >> we buy apple gait >> you don't need to defense me. i put skyline chilli and a bunch of cheese. warren buffett's brookshire hathaway and cg capital are two of the biggest shareholders of the stock. it's again down more than 20% right now. you can submit your questions on soeshlg media with the _#ask warren then tune in monday at 6:00 to see his answers live see if you had read that you're not -- you're not going to be here >> i saw something is bernie sanders silent on the whole thing? >> i need to confirm that. i saw that he refuses to -- >> he refuses -- >> to recognize guiado, the guy that's been recognized by government wrv. >> i don'

$50 billion under u.s.that is refrigerated brands, canadian retail, and the value of the craft oscar meyereo cut dividend third. they will look at the stretchers. with this tells me is that this is a company with real balance sheet -- look at the strictures -- vestetures. this is a company with real balance sheet problems. they are looking at practices around procurement. they will increase the cost of goods sold or 25 million. that looks to be a fairly small number, but we will see how that plays out. how do you get this so wro hot dogs? >> saying that we underperformed in our margin expectations won't be the filled, but you don't get these kind of breakdowns because of near-term underperformance. this is a major miscalculation. that gets to the heart of 3g strategy, the major investor in kraft heinz that orchestrated the merger. their underlying strategy was to do big deals to cut costs. the question was, is that at the cost of brand equity? you are seeing it does when you write down the value by $15 billion. david: is it the way that kraft heinz is playing the game or the game itself? g

they have had problems in terms of oscar meyer hot dogs and mac and cheese. sales declined in recent years. what they have had to do is spend more to market. what 3g capital, which bought into kraft heinz in 2015 along with warren buffett, who is still a majority shareholder, known for belt tightening and cutting costs throughout the years but even with cost cutting, you need growth in sales which we haven't been seeing. stuart: buffett takes a hit. the hidden hit right there. thank you, susan. >>> then we have, back to politics, okay? senator kamala harris reacting to the allegation that actor jussie smollett staged an attack he reported as a hate crime. i have the quote for you. like most of you, i have seen the reports about jussie smollett and i'm sad, frustrated and disappointed. back to larry. that was just an excerpt from her statement. there was no apology for rushing to judgment. look, seems to me there was a concerted effort by the media and some politicians to trash president trump and associate him with the hateful violence. >> that's right. not j

meyers. this is "late night." how is everybody doing tonight? [ cheers and applause ] that's great to hear. in that case, let's get to the news. the oscars

meyers. this is "late night." how is everybody doing tonight? [ cheers and applause ] that's great to hear. in that case, let's get to the news. the oscarsere last night and did not have a host. it went so well, nbc asked to see me after work. [ laughter ] the oscars were last night. and "spider-man: into the spider-verse" won the award for best animated feature film while pharrell williams won best animated shorts. [ laughter ] [ applause ] rami malek took home the oscar for best actor last night for his portrayal of freddie mercury in "bohemian rhapsody," while i'm pretty sure lady gaga took home bradley cooper. [ cheers and applause ] what i wouldn't give -- bradley cooper and lady gaga performed the song "shallow" from "a star is born" at the oscars last night. and they managed to get through it even though his beard got stuck in her earring. [ laughter ] i mean, look at these two! i think we're lucky the song is the only thing they performed! [ laughter ] it looks like they fell asleep in the limo on the way back from prom. [ laughter ] [ applause ] according to politico, some republican donors are concerned that president trump doe