US Stock Market Move | Berkshire Hathaway reduces its stake in Kraft Heinz Company (KHC.US) by 27.5%, causing the stock to drop over 7% in pre-market trading.

On Wednesday, Kraft Heinz Company (KHC.US) fell over 7% in pre-market trading, to $21.99. In terms of news, Kraft Heinz Company submitted a supplemental registration filing to the SEC to register 325,442,152 shares of common stock that Berkshire Hathaway, a major shareholder, may resell, representing approximately 27.5% of the company's total outstanding shares. This move has sparked concerns in the market about the largest shareholder reducing their holdings. It is worth noting that as consumers gradually shift towards healthier food choices and private label products gain popularity in supermarkets, Kraft Heinz Company has become one of the worst-performing stocks in the US food sector. The company's stock price has fallen by nearly 70% since reaching a high point after restructuring in 2017.