Cranberries Rot, So Does The Stock
NORTHLAND CRANBERRIES HAS learned an expensive lesson about its fragile fruit. The Wisconsin company saw its stock drop nearly 20%, to 123/4, after it disclosed on Nov. 29 that a rotten crop would bog down earnings. The trouble stems from weather--an early frost, then a heat wave--which made the crop vulnerable to spoilage. Instead of processing its berries right away, Northland tried to store them for the high-mar-gin fresh berry market. By Thanksgiving, tons of spoiled berries had to be dumped.
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