•Shares of food manufacturer Kraft Heinz fell nearly 20 percent during August following a dip in sales for the 12th straight quarter. As grocery retailers like Walmart, Kroger, and Amazon have increased the production of in-house store brands, the company’s stock has fallen by nearly 40 percent so far this year.
•Financial services and mobile payment company Square broke $1 billion in revenue in the second quarter of 2019, an increase of 44 percent since the same period in 2018. Following the report, Square announced the sale of its meal delivery service to DoorDash for $410 million. Despite the results, higher than projected losses led to a 15 percent dip in share price following the news.
•Luxury department store chain Barneys announced it is filing for bankruptcy and will operate just seven locations moving forward. The closure adds to the more than 7,000 total retail stores that have closed so far in 2019, a number that is projected to reach up to 12,000 by year-end according to Coresight Research.
•Transportation service company Uber reported its largest quarterly losses ever at $5.24 billion in the second quarter of 2019. Stock-based compensation associated with its IPO in May was a key driver for the losses, though its adjusted revenue has grown at the slowest rate so far in the company’s history.Following the report, shares of Uber were down 10 percent.