Meat Stocks Fall, Tyson 8%, As Drought Hits Earnings
By:
Investors.com
Posted on August 06, 2012 at 16:52 PM EDT
Meat companies fell in the stock market Monday as a drought affecting feed supplies, including this year's corn crop, threatened to weigh on earnings into 2013. Tyson Foods (TSN) led the drop, down 8%, as it missed estimates in its quarterly report. Meat producer Smithfield Foods (SFD) dropped 2.1%, chicken producer Pilgrim's Pride (PPC) fell 1.1% and pork producer Seaboard Corp. (SEB) lost 1.2%. Analysts expect meat prices in the U.S. to slide
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