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Kraft (KFT) Cuts Maxwell House, Yuban Coffee Prices by $0.10/lb

October 22, 2008 12:05 PM EDT
Kraft (NYSE: KFT) today announced that it has lowered prices for its Maxwell House and Yuban coffee brands, effectively immediately. Specifically, Kraft cut prices by $0.10 per pound equivalent for both varieties of its ground, roasted coffee.

As Dow Jones originally reported, a Kraft spokeswoman said the company is responding to "lower, sustained green coffee prices". Kraft may also be adjusting its coffee prices as Procter & Gamble's (NYSE: PG) Folgers, a top competitor to Kraft's brands, recently announced a reduction in its coffee prices.

Shares of Kraft most recently traded at $28.55, down more than 2% from yesterday's close. In addition to the price reduction announcement, Kraft may also be trading down today as traders take profits following a 6% rise in the stock since Warren Buffett published his "Buy American. I Am" article in the NYTimes on Friday. In the article, Buffett pounded the table, saying he has been buying US stocks for his personal account and that if the markets continue to fall, he will be fully invested in US equities.

Kraft Foods, Inc., together with its subsidiaries, engages in the manufacture and marketing of packaged foods and beverages worldwide.

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