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☆ From Mike Tyson-Jake Paul fight to NFL games, Netflix interest in live sports is rising
▼ + stars: | 2024-05-12 | by ( Julie Coleman | ) www.cnbc.com time to read: +7 min

The company has also leaned into live comedy shows, broadcasting a slew of events including the recent roast of Tom Brady. But on its most recent earnings call in April, co-CEO Ted Sarandos said Netflix isn't "anti-sports, but pro-profitable growth." Conway teaches courses about sports leadership and management, and he spent much of his career as a marketing executive for two Major League Baseball teams. Over the past few years, Apple has bought the rights to air Major League Baseball and Major League Soccer games. CNBC reported last year that Netflix, as well as Amazon, Apple, Comcast's NBCUniversal/Peacock, had expressed potential interest in a contract.

Persons: Rafael Nadal, Tom Brady, Sarandos, Ted Sarandos, Mike Tyson, Jake Paul, Marty Conway, Conway, Needham, Laura Martin, Martin, Brandon Katz, Katz, NBCUniversal, Peacock, William Mao, Octagon, Tyson, Paul, Mao Organizations: Netflix, WWE, Georgetown University, Major League Baseball, Apple, Disney, Warner Bros . Discovery, Fox, Warner Bros, Major League Soccer, National Football League, National Basketball Association, CNBC, NFL, NBA, Comcast

☆ Behind America's divided economy: Booming luxury travel and a jump in 'relief' loans
▼ + stars: | 2024-05-10 | by ( Alex Harring | ) www.cnbc.com time to read: +11 min

First-class travel has exhibited special strength, though management noted that can be tied in part to a resurgence of business trips. People taking these loans are more likely to be lower-income with no more than a high school diploma, Lanier said. Daniel Acker | Bloomberg | Getty ImagesFrozen food maker Tyson Foods has seen consumers shifting more to eating at home than the quick-service restaurants it supplies. It's also important to remember that lower-income Americans were feeling financial pressures before the pandemic, said Tyler Schipper, an associate professor of economics at the University of St. Thomas in Minnesota. Airbnb touted interest in travel to events like the Paris Olympics and the European Cup in Germany this summer.

Persons: there's, It's, Christophe Le Caillec, underscoring, Blair Lanier, Lanier, McDonald's, Tyson, Daniel Acker, Tyson Foods, Stanley Black, Decker, Jane Fraser, CNBC's Sara Eisen, Fraser, Nancy Lazar, Piper Sandler, Tyler Schipper, Thomas, Schipper, Eric Thayer, We've, Cliff Pemble Organizations: TSN, American Express, Federal Reserve, CNBC, People, University of Michigan, San Francisco Federal Reserve, U.S, PepsiCo, Bloomberg, Getty, Tyson, Management, Adobe Analytics, Furniture, Citigroup, University of St, Airlines, Delta Air Lines, JetBlue Airways, Caribbean . Booking Holdings, Paris Olympics, European, Ticketmaster, Cedar Fair, Flags, Wayfair, Garmin Locations: America, U.S, Minnesota, New York, Germany, Valencia , California

☆ Promoters of Mike Tyson-Jake Paul Netflix fight offer $2 million VIP package as ticket, bettor interest spike
▼ + stars: | 2024-05-09 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

In this composite image a comparison between Former Boxer Mike Tyson (L) and Jake Paul (R). Mike Tyson's return to the boxing ring to fight Jake Paul this summer is already seeing soaring ticket prices and strong bettor interest. The two previously achieved the first ever sold out women's headline boxing event at Madison Square Garden. Most Valuable Promotions also has a unique offer for the fight — a $2 million VIP package. The odds show Jake Paul as the current favorite (-145), but 70% of the money is being bet on Tyson.

Persons: Boxer Mike Tyson, Jake Paul, Tyson, Paul, Mike Tyson's, influencer, Katie Taylor, Amanda Serrano, Nakisa Bidarian, Bidarian, BetMGM, Jake Paul haters, Alex Rella, We're Organizations: T, Netflix, Madison Locations: Arlington , Texas, BetMGM, U.S

☆ Tyson Foods drops CVS for upstart pharmacy benefit manager, as industry upheaval over cost concerns spreads
▼ + stars: | 2024-01-24 | by ( Bertha Coombs | ) www.cnbc.com time to read: +1 min

Tyson Foods will become one of the first Fortune 100 companies to stop using the nation's traditional large pharmacy benefits managers, as it looks to cut spending on high-cost drugs. After putting its benefits contract up for bid, Tyson dropped CVS Health 's Caremark and chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting this year, the companies said Wednesday. Tyson made the decision as it saw pharmacy costs soar. "We were going anywhere between 12% to 14% increases for pharmacy — and on a $200 million spend that's quite a bit. And then I wanted to understand what Tyson was paying for that; it was very difficult to get to those numbers," she said.

Persons: Tyson, Renu Chhabra, Chhabra, couldn't Organizations: Fortune, CVS

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsNov 13 (Reuters) - Tyson Foods (TSN.N) on Monday forecast revenue for its next fiscal year below Wall Street estimates after fourth-quarter sales missed expectations due to falling chicken and pork prices and slowing demand for its beef. Tyson is operating more efficiently, however, and demand for protein remains strong, CEO Donnie King told analysts on a call. Chief Financial Officer John R. Tyson said in an interview on Monday that it is "business as usual" in China. Tyson reported operating margins of 1.8% in its chicken business in the quarter ended Sept. 30, after losses during the previous two quarters. Adjusted profits were 37 cents per share versus analysts' expectations for 29 cents.

Persons: Arnd, Tyson, Donnie King, John R, Arun Sundaram, Granth, Tom Polansek, Shailesh Kuber, Jan Harvey, Chizu Nomiyama, Deepa Babington Organizations: Tyson Foods, REUTERS, Wall, Reuters, CFRA Research, Reuters Graphics Reuters, Thomson Locations: Davos, Switzerland, China, U.S, Bengaluru, Chicago

☆ Stocks making the biggest moves midday: Tesla, Warner Bros. Discovery, Boeing, HP and more
▼ + stars: | 2023-11-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Buyers could face possible legal action and Tesla may also refuse to sell future EVs to that individual or entity. Plug Power — Shares of the hydrogen developer added 1% after falling earlier in the session and plunging 40% Friday. On Monday, Wolfe Research downgraded Plug Power to peer perform from outperform, citing execution risk for financing operations. The downgrade came after Plug Power on Friday issued a going concern warning . The firm noted that the company recently topped consensus earnings estimates and expressed optimism over Health Catalyst's strong product portfolio and tech-enabled managed services (TEMS).

Persons: Tesla, Guggenheim, Wolfe, CrowdStrike, Henry Schein —, Henry Schein, Piper Sandler, GitLab, —, Sarah Min, Hakyung Kim, Alex Harring, Jesse Pound, Pia Singh, Tanaya Macheel Organizations: Warner Bros, Discovery, Boeing —, Dubai carrier Emirates, Boeing, Bloomberg, Nvidia —, Wolfe Research, StreetAccount, Tyson, Stifel, CrowdStrike Locations: China

☆ Stocks making the biggest moves premarket: Tyson Foods, Boeing, Monday.com and more
▼ + stars: | 2023-11-13 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell: Monday.com — Shares of the project management company jumped 10% after Monday.com reported a strong quarter and issued a rosy forecast. Monday.com reported third-quarter earnings and revenue of 64 cents per share on revenue of $189.2 million. Tyson Foods — The food products company fell 3.3% in premarket trading after Tyson's fiscal fourth-quarter revenue came in weaker than expected. Boeing — Shares rose 3.25% after Emirates Airlines announced the purchase of 95 Boeing aircraft for a total of $52 billion. TripAdvisor — Shares of the online booking company added 2.3% after Bernstein upgraded TripAdvisor to outperform from market perform.

Persons: Monday.com, FactSet, Matt Gline, Roche, Bernstein, GitLab, Henry Schein, — CNBC's Michelle Fox, Alex Harring, Jesse Pound, Pia Singh Organizations: Tyson, Boeing, Emirates Airlines, Sciences, Roivant Sciences, Revenue, HP Inc, Citi

☆ I don't have a lot of faith in Tyson's managment team, says Jim Cramer
▼ + stars: | 2023-11-10 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI don't have a lot of faith in Tyson's managment team, says Jim Cramer'Mad Money' host Jim Cramer breaks down today's market action, the semiconductor rally, what's ahead for the markets and more.

Persons: Tyson's, Jim Cramer

☆ US reduces beef exports as cattle herd shrinks, squeezing Tyson Foods
▼ + stars: | 2023-11-10 | by ( Tom Polansek | ) www.reuters.com time to read: +5 min

The decline in cattle numbers, after years of drought fried pasture lands used for grazing, led to soaring U.S. beef prices. Higher prices incentivize companies to import cheaper beef and discourage U.S. beef purchases by buyers like China, Japan and Egypt. For Tyson, the loss of U.S. export business compounds margin pressure from higher cattle prices, Goldman Sachs analysts said. U.S. beef exports typically command higher margins than domestic shipments, they said. The USDA on Thursday raised its forecasts for beef imports in 2023 and 2024 in a monthly report.

Persons: Amira Karaoud, world's, Tyson, Cargill, Pete Bonds, Bonds, Goldman Sachs, Donnie King, Katelyn McCullock, McCullock, Derrell, Tom Polansek, Rod Nickel Organizations: Corydon , Indiana U.S, REUTERS, Rights, Tyson, U.S . Department of Agriculture, USDA, U.S ., U.S, Marketing, Center, Oklahoma State University, Thomson Locations: Corydon , Indiana, United States, China, Japan, Egypt, Texas, U.S, Tyson's, Florida, South Carolina, Australia, New Zealand, Paraguay, Paraguayan, Mexico

☆ Tyson plant closures prompt economic soul-searching in the Ozarks
▼ + stars: | 2023-11-06 | by ( J.J. Mccorvey | Brian Cheung | ) www.cnbc.com time to read: +7 min

When Tyson Foods announced in August that it was closing its 1,500-worker chicken plant in Noel, Missouri, residents knew the rural town would be hit hard. Tyson didn't immediately comment on its compensation of former Noel employees. said Corina Chinchilla, 32, who worked for 13 years at the Noel plant, ultimately becoming a production supervisor for packaging chicken breasts and tenders. Other Tyson workers, like Ryan Coulter, 27, declined to move. State and federal officials, wary of economic fallout in the region, have pressed Tyson to sell some of the sites it's vacating.

Persons: Tyson, —, Jimi Lasiter, I'm, Lasiter, hadn't, Tyson didn't, Noel, Joe Biden, Corina Chinchilla, I've, didn't, Chinchilla, David Handy, Handy didn't, Ryan Coulter, Coulter, Terry Lance, Harry S, he'd, Lance, Sen, Josh Hawley, Andrew Bailey, Hawley, Donnie King Organizations: Tyson Foods, Bowling, NBC News, Value Foods, Amazon, Costco, Truman Coordinating Council, Missouri Independent Locations: Noel , Missouri, Danville , Virginia, Bowling Green , Kentucky, Monett , Missouri, Noel, Neosho, Ozark, Rock , Arkansas, Arkansas, Little Rock, Missouri, Texas, Somalia, United States, Dexter

☆ Tyson recalls almost 30,000 pounds of dinosaur-shaped chicken nuggets after consumers found metal pieces in them
▼ + stars: | 2023-11-05 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Tyson recalled almost 30,000 pounds of its Fun Nuggets on Saturday, saying they could contain metal. AdvertisementAdvertisementTyson Foods has recalled almost 30,000 pounds of its frozen dinosaur-shaped chicken nuggets amid fears that they could contain metal pieces, the US Department of Agriculture's Food Safety and Inspection Service (FSIS) announced Saturday. The FSIS said that Tyson had recalled around 29,819 pounds of the dinosaur-shaped nuggets, which is around 16,500 packets. In September, the US Department of Labor announced they were investigating Tyson Foods and Perdue Farms, another major poultry producer, over the reports. The Tyson family has become one of the country's richest families, but Tyson Foods announced earlier this year that it was shutting four of its chicken plants as it sought to cut costs amid falling demand.

Persons: Tyson, —, Tyson Foods, Tyson Fresh Organizations: Nuggets, Service, US Department of Agriculture's, Inspection, US Department of Labor, Tyson Foods, Perdue Farms Locations: Arkansas, Alabama , California , Illinois , Kentucky, Michigan , Ohio , Tennessee, Virginia, Wisconsin, Texas

☆ Tyson Foods workers, activists protest child labor in U.S. meat sector
▼ + stars: | 2023-10-17 | by ( ) www.cnbc.com time to read: +2 min

Tyson Foods workers and activists rallied outside the U.S. meat company's headquarters in Arkansas on Monday to protest child labor and push for improved working conditions in processing plants. Dozens of protesters marched near Tyson's offices in Springdale, Arkansas, with signs saying "Stop child labor" and "Let children be children." Tyson, the biggest U.S. meat company by sales, said it respects people's right to protest peacefully and encourages employees to raise concerns with the company. It did not comment on child labor allegations. The company's code of conduct says suppliers are expected to ensure they do not use child labor.

Persons: Biden, exploitation's, Tyson, Magaly, Licolli, Perdue Organizations: Tyson, Biden Administration, Facebook, U.S . Department of Labor, The Labor Department, Perdue Farms Locations: Arkansas, U.S, Tyson's, Springdale , Arkansas, Guatemala, Tennessee

☆ Tyson Foods workers, activists protest child labor in US meat sector
▼ + stars: | 2023-10-16 | by ( Tom Polansek | ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsOct 16 (Reuters) - Tyson Foods (TSN.N) workers and activists rallied outside the U.S. meat company's headquarters in Arkansas on Monday to protest the industry's use of child labor and push for improved working conditions in processing plants. Dozens of protesters marched near Tyson's offices in Springdale, Arkansas, with signs saying "Stop child labor" and "Let children be children." Tyson, the biggest U.S. meat company by sales, had no immediate comment on the protest. The company's code of conduct says suppliers are expected to ensure they do not use child labor. Asked about child labor in meat plants on Monday, the Labor Department said its Wage and Hour Division has investigations open at Tyson and Perdue Farms.

Persons: Arnd, Tyson, Biden, exploitation's, Magaly, Licolli, Perdue, Tom Polansek, Rod Nickel Organizations: Tyson Foods, REUTERS, Biden Administration, Facebook, U.S . Department of Labor, Labor Department, Tyson, Perdue Farms, Thomson Locations: Davos, Switzerland, Arkansas, U.S, Tyson's, Springdale , Arkansas, Guatemala, Tennessee

☆ Record chicken prices squeeze US shoppers, benefit Tyson Foods
▼ + stars: | 2023-10-05 | by ( Tom Polansek | ) www.reuters.com time to read: +5 min

Higher chicken prices should improve earnings at top producers Tyson (TSN.N) and Pilgrim's Pride (PPC.O), but will pinch consumers' pockets as they try to save money by turning away from higher-end proteins. Arkansas-based Tyson, which sells all three types of meat, had to deal with a glut of chicken after earning massive profits when meat prices soared during the COVID-19 pandemic. The U.S. government last month trimmed its estimate for 2023 chicken production from August due in part to expectations for lower chick placements. "We've seen some recovery in chicken prices and we've seen some consumer prices start to level off," Tyson CFO John R. Tyson told investors last month. Further increases in chicken prices could threaten demand, said Adam Speck, senior commodity analyst for Gro Intelligence.

Persons: Lucas Jackson, Tyson, Bob Brown, Brown, Donnie King, Arun Sundaram, Sundaram, We've, John R, Adam Speck, Bill Densmore, Tom Polansek, Caroline Stauffer, David Gregorio Our Organizations: New York U.S, REUTERS, Rights, Tyson Foods, U.S . Department of Agriculture, Rabobank, Producers, CFRA Research, Gro Intelligence, Fitch, Thomson Locations: Brooklyn, New, Arkansas, U.S, freezers ., Wilkesboro , North Carolina, Great

☆ A huge python built its lair in a trailer park and grew 13ft long eating the neighborhood cats
▼ + stars: | 2023-10-03 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +2 min

A 13-foot snake has been living on a steady diet of cats since moving into a trailer park in Oklahoma. AdvertisementAdvertisementAnimal control is hunting down a 13-foot-long python thought to have eaten half of the neighborhood cats since it showed up in an Oklahoma trailer park. The animal appeared in Oklahoma City's Burntwood Mobile Home Park about five months ago, Oklahoma news channel KFOR reported. Since then it's been eating opossums, rats, and cats in its lair under a mobile home, the channel reported. AdvertisementAdvertisementThe python is believed to have doubled in size on his steady cat diet, according to another Oklahoma City channel, News9.

Persons: Mike Tyson's bicep, —, Trevor Bounds, Shandi Mosley, Shandi, Bounds Organizations: Service, Park, KFOR, Oklahoma City Locations: Oklahoma

Section 2 of the federal law says voting district lines can’t result in discrimination against minority voters, who must be given a chance to elect candidates of their choosing. Jones preliminarily ruled in 2022 that some parts of Georgia’s redistricting plans probably violate federal law, but the trial is needed to flesh out facts for a verdict. “The Voting Rights Act was designed for cases like this one," Lakin said. “If Georgia’s electoral system is not equally open to Black voters, what would have to change?" Tyson also renewed the state's argument that Georgia's maps were drawn to protect incumbents and to prioritize Republican majorities, motives that are legal under federal law.

Persons: Alabama's, Steve Jones, Jones preliminarily, Jones, Sophia Lin Lakin, Lakin, Bryan Tyson, Tyson, Jon Ossoff, Raphael Warnock, Joe Biden's, ” Tyson, William Cooper, Cooper, ”, Abha Khanna, Khanna Organizations: ATLANTA, U.S, Supreme, District, Republican, Assembly, ”, Black, Senate Locations: Georgia, Alabama

☆ Stocks making the biggest moves premarket: Sovos Brands, BioNTech, Tyson Foods and more
▼ + stars: | 2023-08-07 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Tyson Foods — Shares of the food processing company fell more than 7% after Tyson's fiscal third-quarter report missed estimates on the top and bottom lines. Tyson generated 15 cents in adjusted earnings per share on $13.14 billion of revenue. Analysts surveyed by Refinitiv were expecting 26 cents per share on $13.59 billion of revenue. Sovos Brands — Shares of Rao's parent Sovos Brands' popped 25% in premarket trading after food giant Campbell Soup said Monday it would acquire the pasta sauce maker for $2.33 billion. Campbell will pay $23 per share for the company, which is 27.6% higher than the Sovos Brands' last closing price.

Persons: Tyson, Refinitiv, DaVita, Campbell Soup, Campbell, Wells, Warren Buffett's, BioNTech, it's, Nikola —, Viatris, —, Fred Imbert, Samantha Subin, Yun Li, Tanaya Macheel, Jesse Pound Organizations: UBS, Brands, Campbell Soup, Berkshire Hathaway —, KKR —, KKR Locations: Covid

☆ Tyson is closing four plants as chicken sales slump
▼ + stars: | 2023-08-07 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN —Chicken prices are down. The company reported earnings for the quarter ending July 1 that showed chicken revenue fell about 3.5%. Nathan Papes/Springfield News-Leader/ImagnTyson CEO Donnie King pointed to these market conditions when discussing Tyson’s chicken sales decline during an analyst call Monday. “We’ve had a number of fits and starts from the breeder side to demand,” King said. “We’re on the right path.”Plant closuresIn March, the company announced the closure of one chicken processing plant in Glen Allen, Virginia, and another in Van Buren, Arkansas.

Persons: Nathan Papes, Imagn Tyson, Donnie King, ”, It’s, Tyson, “ We’ve, ” King, “ We’re, King, “ I’m, ” Tyson Organizations: New, New York CNN, Tyson Foods, Rabobank, Springfield News, CNN, TSN Locations: New York, United States, Missouri, Indiana, Arkansas, Noel , Missouri, hatchings, Glen Allen , Virginia, Van Buren , Arkansas

☆ Tyson Foods to shut four more US chicken plants
▼ + stars: | 2023-08-07 | by ( Tom Polansek | ) www.reuters.com time to read: +1 min

REUTERS/Adam Shrimplin/File PhotoCHICAGO, Aug 7 (Reuters) - Tyson Foods (TSN.N) said on Monday it is closing four more U.S. chicken plants in its latest effort to cut costs. Tyson said it would move the work performed in the plants to newer facilities that are closer to its customers, but declined to say how many employees were affected. Tyson in May closed two other chicken plants with almost 1,700 employees. In April, Tyson said it would eliminate about 10% of corporate jobs and 15% of senior leadership roles. The company also laid off corporate employees in Chicago and South Dakota who declined to relocate to Tyson's headquarters in Arkansas.

Persons: Adam Shrimplin, Tyson, John R, Tom Polansek, Louise Heavens Organizations: REUTERS, Tyson Foods, Thomson Locations: Finney, Holcomb , Kansas, U.S, North Little Rock , Arkansas, Corydon , Indiana, Dexter , Missouri, Noel , Missouri, Chicago, South Dakota, Arkansas

☆ 'Real' meat maker Cargill may emerge big winner in plant-based food as buzzy startup boom fades
▼ + stars: | 2023-06-17 | by ( Bob Woods | ) www.cnbc.com time to read: +12 min

Additionally, Cargill began marketing several plant-based protein ingredients, made from soy, pea and wheat, to food and beverage manufacturers worldwide. What to expect for plant-based meat in next decade Cargill's calculated approach to plant-based meats coincides with the nascent industry's trajectory. And then there's the consumer's appetite to pay a premium price for plant-based meat. So Cargill's biggest competition will be the established plant-based meat companies, like Beyond and Impossible, he said. The future of plant-based meat might be analogous to the ongoing transition to electric vehicles.

Persons: Florian Schattenmann, Cargill Cargill, Cargill, Schattenmann, it's, John Baumgartner, Baumgartner, Caroline Bushnell, Bushnell, that's, Seth Goldstein, Goldstein, Tyson's Organizations: Cargill, Foods, Tyson Foods, Hormel Foods, Smithfield Foods, Cargill Inc, The, Bloomberg, Getty, Foods Cargill, Mizuho Securities USA, Good Food Institute, Cubiq Foods, FDA, North, Food and Drug Administration, Morningstar Research Services, Nielsen, annualized Nielsen, Nestle, Tesla, tiptoed, Ford, GM, Hyundai, Volkswagen Locations: U.S, Minneapolis, Montreal, Quebec, Canada, Spanish, Berkeley , California, Puris, North American, Netherlands, Bflike, Belgian, North America

☆ The 'brain' behind Ron DeSantis' likely presidential campaign was involved in a major 'ghost candidate' scandal in Florida: 'If it's not illegal, it should be'
▼ + stars: | 2023-05-11 | by ( Katherine Long | ) www.businessinsider.com time to read: +8 min

The Florida pollster Ryan Tyson is expected to be a top advisor in Ron DeSantis' presidential bid. Ron DeSantis' presumptive presidential bid, was deeply enmeshed in a major Florida political-corruption scandal that has resulted in criminal charges for five people, two of whom have been convicted. At the center of the scandal are "ghost candidates" — those drafted to run purely to siphon votes from an opposing party in close races. It's not illegal to run ghost candidates, Miami-Dade State Attorney Katherine Fernandez Rundle, a Democrat, said at a news conference in 2021 after two people were arrested on campaign-finance charges in connection with the scheme. Tyson is "Ron DeSantis' brain," Peter Schorsch, the publisher of Florida Politics, said.

☆ Tyson Foods aims to resume slaughtering pigs in mid May at Nebraska plant
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

CHICAGO, May 9 (Reuters) - Tyson Foods Inc (TSN.N) plans to resume slaughtering pigs in mid-May at a Madison, Nebraska, pork plant damaged by fire two weeks ago, the meatpacker said on Tuesday. The extended halt to slaughtering comes as weak consumer demand for pork and low prices are squeezing margins for meatpackers and hurting hog farmers. The Madison plant is doing limited "further processing" work, she said, after hogs are slaughtered elsewhere. The company previously said it was repairing the plant and expected it to resume production the second week of May. U.S. meatpackers slaughtered an estimated 451,000 hogs on Tuesday, down from 470,000 hogs a week ago and 478,000 hogs a year ago, the U.S. Department of Agriculture said.

May 8 (Reuters) - Tyson Foods Inc (TSN.N) shares plunged 16% to a three-year low on Monday as the U.S. meatpacker posted a surprise second-quarter loss and cut its full-year revenue forecast following a decline in prices for its beef and pork. CEO Donnie King, who is seeking to cut costs, said Tyson remains in an unusual position of facing challenges in its beef, pork and chicken businesses at the same time. The company cut its forecast for fiscal year 2023 sales to $53 billion to $54 billion from $55 billion to $57 billion. Reuters GraphicsSales volumes in Tyson's beef segment also fell 3% in the quarter, putting overall sales down 8.3% at $4.62 billion. The company pegged full-year beef margins at negative 1% to positive 1%, compared with its previous forecast of 2% to 4%.

May 8 (Reuters) - Tyson Foods Inc (TSN.N) posted a surprise second-quarter loss and cut its full-year revenue forecast on Monday as prices for its beef and pork have declined, sending the U.S. meatpacker's shares tumbling 9% before the bell. CEO Donnie King, who is seeking to cut costs, said meat markets are challenging and Tyson is focused on improving profit margins. The company lowered its forecast for fiscal year 2023 sales to $53 billion to $54 billion from $55 billion to $57 billion. Average sales prices of beef and pork fell 5.4% and 10.3%, respectively, in the quarter ending April 1. Sales volumes in Tyson's beef segment also fell 3%, leaving the unit's overall sales down 8.3% at $4.62 billion.

☆ Shrinking US cattle herd squeezes meatpacker profits
▼ + stars: | 2023-05-04 | by ( Tom Polansek | ) www.reuters.com time to read: +5 min

Cargill, the world's largest ground beef producer, expects cattle prices will rise further, but it is still a question whether higher beef prices will ruin consumers' appetites, company executives said. Big profits for meatpackers during the pandemic and soaring beef prices fueled concerns in the Biden administration about consolidation and profiteering in the sector. The companies say supply and demand determine cattle and beef prices. In 2023, "the cattle feeder can negotiate more of the consumer dollar," said Brett Gottsch, managing partner Gottsch Cattle Co, which raises cattle in Nebraska. Gottsch remains concerned about a lack of competition among meatpackers, though others said surging cattle prices show the market works.

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