Coca-Cola FEMSA (KOF) Experiences Worst Stock Market Performance in Five Months
Coca-Cola FEMSA (KOF), the largest Coca-Cola bottler in Latin America, saw its worst stock market performance in five months. The company’s shares, with the ticker ‘KOFUBL’, dropped to 175.12 pesos, their lowest level since June 25.
The 4.41% decline was the most significant for KOF since a 4.8% fall on February 6. Despite the drop, KOF’s stock has gained nearly 8% this year, suggesting profit-taking as the possible cause.
Morgan Stanley was the most active brokerage in selling operations, accounting for 34.7% of total sell-side activity, followed by Citi, Goldman Sachs, and GBM.
CBL Properties Secures $78 Million Loan
CBL Properties announced the formalization of a $78 million unsecured loan, backed by Cross Creek Mall in Fayetteville, North Carolina.
The five-year loan carries an interest rate of approximately 6.9%, according to CBL Properties, and the funds were used to pay off an existing $81.9 million loan with an interest rate of around 8.2% that was set to mature in August.
Grupo Bachoco Expands into New Markets with Pork Export to New Zealand
Grupo Bachoco, one of Mexico’s largest protein producers and the world’s sixth-largest poultry producer, made its first export of fresh pork to New Zealand as part of its growth strategy in new markets.
Although the United States remains Grupo Bachoco’s primary export destination (17% of total sales, as of 2024 end), the company aims to diversify its operations in Asia. In February, Bachoco entered the South Korean market with pork exports.
By the end of 2024, Grupo Bachoco had over 1,000 farms, nine processing plants, nine packaging plants, and more than 100 distribution centers in Mexico and the United States.
Intel to Cut Over 500 Jobs in Oregon
Intel, a US-based company specializing in computer and electronic device manufacturing, plans to lay off approximately 529 employees in Oregon as part of a permanent workforce reduction, according to the company’s WARN (Worker Adjustment and Retraining Notification) filing.
The affected locations include plants in Aloha and Hillsboro, with layoffs scheduled to begin on July 15, as per notices reportedly given to some employees.
Some of the positions Intel intends to cut belong to its Intel Foundry unit, which would reduce approximately 15% to 20% of technical, engineering, and research jobs in Oregon, according to media reports.
Key Questions and Answers
- Q: Why did Coca-Cola FEMSA (KOF) experience its worst stock market performance in five months? The decline of 4.41% was the most significant for KOF since February 6, but the stock has still gained nearly 8% this year, suggesting profit-taking as a possible cause.
- Q: What is the purpose of CBL Properties’ $78 million loan? The funds were used to pay off an existing $81.9 million loan with a higher interest rate, thus securing a more favorable five-year loan for Cross Creek Mall in North Carolina.
- Q: How is Grupo Bachoco expanding its international presence? Grupo Bachoco is diversifying its operations by exporting pork to new markets, such as New Zealand and South Korea, while the United States remains its primary export destination.
- Q: Why is Intel reducing its workforce in Oregon? Intel plans to permanently reduce its workforce by approximately 529 employees in Oregon, primarily affecting technical, engineering, and research positions in the Intel Foundry unit.
