Food Stocks Fall, Mondelez Misses Sales Estimates

Mondelez International narrowly missed analysts’ third-quarter revenue forecast, reporting $9.97 billion against an expected $9.98 billion, as consumers facing higher living costs turned away from its pricier snacks and chocolates. The company’s shares also fell 1.30% on Monday, their second consecutive daily decline. Other consumer and food-related stocks likewise lost ground during sessions when the broader market rose: General Mills and Archer Daniels Midland fell Monday, Monster Beverage declined Tuesday, and McCormick dropped Wednesday, extending its losing streak to four days.