Investing.com - An upgrade by Morgan Stanley (NYSE:MS) helped lift Kraft Heinz (NASDAQ:KHC) in midday trading, even as consumer staples fell.
Morgan Stanley upgraded the food company to equal-weight from underweight, saying the bearish long-term outlook for the company was now reflected in its stock price. The news was a welcome respite for Kraft Heinz after it guided for a fall in profit last month.
Kraft Heinz was up 3% while the S&P 500 consumer staples index slipped 0.11%.
Elsewhere, Kroger (NYSE:KR) was up 2% and Wal-Mart (NYSE:WMT) inched up 0.01%. Campbell Soup (NYSE:CPB) lost 2.2%, while Kellogg's (NYSE:K) slumped 2.1%.