3/1/2013 6:15 PM ET|
Taco Bell joins Europe's horse meat parade
Tainted beef has been found in the chain's UK meat supplies as continuing discoveries take a toll on overall hamburger meat sales.
First Burger King (BKW) found traces of horse DNA in its British Whoppers. Then Wal-Mart (WMT) subsidiary Asda was forced to pull jars of beef bolognese off its shelves after discovering they contained horse meat. It was also found in Nestlé (NSRGY) pasta products. Then in Ikea's meatballs and sausages.
Now you can add Yum Brands' (YUM) Taco Bell to the mix. Britain's Food Standards agency spotted trace amounts of horse meat in Taco Bell's ground beef used throughout the U.K., according to The BBC. Taco Bell issued a statement saying it's conducting tests on its own, but it has pulled back all its stock of beef from the European plant that supplied the tainted batch.
If other U.K.-based beef-selling chains and supermarkets aren't conducting similar internal testing, now would be a fine time to consider it. Debate about the moral and cultural implications of eating horse aside, the mislabeling of food from fish to donkey meat is costing companies far more than cutting corners likely saved them.
According to market research firm Kantar, frozen hamburger sales in the U.K. have dropped 43% since the horse meat scandal broke. Wal-Mart's sales also took a hit after its stores pulled tainted products.
So how's all this playing in the U.S.? No horse meat has been found here yet, but that could have something to do with Americans eating a whole lot less beef, the soaring price of that beef and the size of the nation's cattle herd dropping to its smallest since 1952.
Meanwhile, the The New York Times reports that the U.S. Department of Agriculture is about to approve a horse-slaughtering plant in New Mexico, despite objections from President Barack Obama's administration and the Humane Society. Once approved, it will be the first time horse meat suitable for human consumption has been produced here since 2007.
Don't worry, Americans: You may get your chance to do a spit take with undeclared horse meat soon enough.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market ended the Wednesday session on a mixed note with small caps displaying relative strength. The Nasdaq Composite (+0.5%) and Russell 2000 (+0.4%) registered modest gains, while the Dow Jones Industrial Average (-0.2%) and S&P 500 (+0.01%) underperformed.
Despite the mixed finish, the key indices traded higher across the board at the start of the session after the advance reading of second quarter GDP surpassed estimates (4.0% versus Briefing.com ... More
More Market News
3 stocks will be in the spotlight Thursday as investors try to make sense of the numbers from the sector.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'