Shares of Conagra Brands, Inc. ( CAG ) continue to see considerable weakness in afternoon trading on Wednesday after coming under pressure early in the session. After hitting its lowest intraday level in over a year, Conagra is currently down by 7.1 percent.
The sharp decline by Conagra comes after Bernstein downgraded its rating on the packaged foods company to Underperform from Market Perform.
Bernstein said the positive growth Conagra has seen in the frozen category over the past year seems to be running out of steam.
Layoffs here we come!!