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☆ Meet the billionaire family behind Tyson Foods, the beef, pork, and chicken juggernaut whose heir apparent has battled legal troubles
▼ + stars: | 2023-05-10 | by ( Dominick Reuter | Katie Warren | ) www.businessinsider.com time to read: +1 min

Tyson Foods owns brands including Jimmy Dean and Hillshire Farm, producing roughly 20% of America's beef, chicken, and pork. The Arkansas-based company made $53.6 billion in sales last year and has been family-run for generations. Chairman John H. Tyson and his family are worth $2.3 billion, making the Tysons one of the country's wealthiest families. The company has been family-run ever since it was founded in 1931, with chairman John H. Tyson — grandson of founder John W. Tyson — and his relatives controlling a majority of the company's stock. Here's a look at the massive beef, pork, and poultry company and the billionaire family behind it.

☆ 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.

☆ Quiet quitting hits the housing market: Tight inventory and still-high mortgage rates keep would-be buyers sidelined
▼ + stars: | 2023-05-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Today we're talking housing — but before we get to that, the big thing to watch today is President Joe Biden's meeting with congressional leaders. Joe Raedle/Getty ImagesThe housing market seems to be taking a page from the labor market's playbook right now. Daryl Fairweather, Redfin's chief economist took to Twitter last week to describe the sluggish sector:"Homeowners are quiet quitting the housing market." In effect, more and more homeowners are choosing to stay put with their low mortgage rates locked in, rather than trying to finance a new home at rates that are hovering around 20-year highs. That's due mostly to high rates causing homes to sit on the market longer than usual, which leads to accumulating inventory.

For most of the day, stocks struggled for direction amid disappointing earnings from Tyson Foods and Catalent and a short-lived rebound in regional banks. The struggle for a clearer direction comes after a rally on Friday, when U.S. jobs data pointed to a resilient labor market. Producer prices, weekly jobless claims and consumer sentiment data are all lined up for the week. Shares of regional banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. Warren Buffett's Berkshire Hathaway Inc's Class B shares rose after posting a $35.5 billion first-quarter profit, boosted by gains from stocks such as Apple.

The struggle for a clearer direction comes after a rally on Friday, when U.S. jobs data pointed to a resilient labor market. Producer prices, weekly jobless claims and consumer sentiment data are all lined up for the week. A rally in regional banks' shares proved short-lived, with PacWest Bancorp (PACW.O) rising 5.6% after gaining as much as about 30% earlier in the session after the lender sharply cut its quarterly dividend to boost capital. Shares of regional banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 0.9% after posting a $35.5 billion first-quarter profit, boosted by gains from stocks such as Apple.

Producer prices, weekly jobless claims and consumer sentiment data are all lined up through the week. "The bigger picture is inflation will remain higher for longer and that we are heading into a recession. The KBW Regional Banking index (.KRX) fell 2.2% after posting its best single-day performance in seven weeks on Friday. Shares of regional banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. The S&P index recorded 10 new 52-week highs and four new lows, while the Nasdaq recorded 47 new highs and 53 new lows.

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.

☆ Tyson Foods Reports Loss, Cuts Revenue Outlook for the Year
▼ + stars: | 2023-05-08 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Tyson Foods’ operating income from its chicken business swung to a $258 million loss in its latest quarter. Photo: Tiffany Hagler-Geard/Bloomberg NewsTyson Foods swung to a loss in its latest quarter and cut its sales forecast for the year, as the meat supplier grappled with higher costs across its business. The Springdale, Ark.-based company, which produces about one out of every 5 pounds of chicken, beef and pork sold in the U.S., posted a loss of $97 million, or 28 cents a share, in the period ended April 1, compared with net income of $829 million a year earlier. Analysts polled by Factset had expected Tyson to report 80 cents a share in profit.

☆ Three Stock Lunch: ZScaler, Tyson Foods & ScottsMiracle-Gro
▼ + stars: | 2023-05-08 | by ( ) 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 EmailThree Stock Lunch: ZScaler, Tyson Foods & ScottsMiracle-GroDanielle Shay, Simpler Trading VP of options, joins 'Power Lunch' to discuss three stocks: ZScaler, Tyson Foods and ScottsMiracle-Gro.

On the other end, regional banks' shares stretched gains from a rebound on Friday, with PacWest Bancorp (PACW.O) jumping 19.9% after the lender sharply cut its quarterly dividend to boost capital. Shares of such banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. "We're in an information vacuum right now, waiting for the next inflation data. Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 1.2% after posting a $35.5 billion first-quarter profit, reflecting gains from stocks such as Apple. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 31 new highs and 23 new lows.

☆ Warren Buffett's Berkshire Hathaway just hosted its legendary annual investor weekend. Here's what to know.
▼ + stars: | 2023-05-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Before we get to the news, we've got a dispatch from Theron — our in-house Warren Buffett expert — on the legendary conference. That's how Todd Finkle, the author of a new biography on Buffett, described the investor's yearly bash. There were also investment panels, cocktail parties, steak dinners, fun runs, and shopping events during the weekend. The stock market could become "untouchable" if the bank crisis keeps spiraling. Four of the world's top investors agree on the biggest risks that will cause the next recession.

☆ Stocks making the biggest moves midday: Berkshire Hathaway, Catalent, Tyson Foods, Zscaler and more
▼ + stars: | 2023-05-08 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Berkshire Hathaway — The conglomerate's A shares rose more than 1% as investors cheered a strong earnings report from Warren Buffett's company. Tyson Foods — Shares plummeted 15% after the food production company posted an unexpected loss for the recent quarter and cut its revenue outlook for the year. PacWest - The regional bank stock held on to a gain of about 3% on Monday. Six Flags posted a narrower-than-expected loss of 84 cents per share, compared to expectations of a per-share loss of 89 cents, according to FactSet. Six Flags posted revenue of $142.2 million, greater than the expectation of $132.6 million, with CEO Selim Bassoul calling the results "proof points" that its new strategy is working.

☆ Stock Market Today: Dow Edges Down in Midday Trading; Some Regional Bank Stocks Rise
▼ + stars: | 2023-05-08 | by ( ) www.wsj.com time to read: +1 min

Stocks were mixed Monday afternoon after the Federal Reserve’s lending officer survey showed credit conditions tightened in the first quarter. The report kicked off a busy week with more corporate earnings and inflation data on tap. Regional bank stocks jumped at the open but lost much of that ground as trading progressed. The KBW Nasdaq Regional Banking index lost 1.8%. Oil prices rose, pointing to a recovery for Brent crude after finishing Friday with a third straight weekly loss.

☆ Top fighters unwilling to put legacy on the line - Paul
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

Former world heavyweight champion Anthony Joshua also invited Fury to think again about a future fight, though nothing has been finalised. "It's annoying, I think in boxing fighters are not willing to risk their undefeated record and put it all on the line," YouTuber-turned-boxer Paul told Sky Sports on Sunday at Formula One's Miami Grand Prix. "Even though he lost he did what a lot of other fighters aren't doing and making big fights happen," Paul added. Having lost to Tommy Fury in their fight in Saudi Arabia in February, Paul said he is confident of facing the British reality TV star in a rematch. "It's going to happen, it's going to happen for sure," Paul said.

☆ Stocks making the biggest premarket moves: PacWest, Berkshire Hathaway, American Airlines, AMC and more
▼ + stars: | 2023-05-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Pacific Western Bank signage is displayed outside of bank branch in Beverly Hills, California on May 4, 2023. Check out the companies making the biggest moves in premarket trading:PacWest — The regional bank popped 39% in premarket trading, adding to its nearly 82% gain on Friday. American Airlines — Shares gained about 3% in premarket trading Monday after JPMorgan upgraded the stock to overweight from neutral. Viatris — Shares added 2.4% after the health-care stock topped earnings expectations and reaffirmed full-year guidance, despite a shortfall in revenue. Fortinet — The cybersecurity company added 3.3% after being upgraded to buy from neutral by Bank of America.

☆ Lyles wins 150m at Atlanta City Games
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

Lyles, bronze medallist at the Tokyo Games, scorched to victory in 14.56 seconds to become the third-fastest athlete of all time over the distance behind Jamaican Usain Bolt and compatriot Tyson Gay. Teenager Knighton, who took bronze at last year's World Championships, finished second in 14.85 in the inaugural edition of the tournament in Atlanta, Georgia. Third-placed Ferdinand Omanyala of Kenya clocked a time of 14.89 seconds to better Namibian Frankie Fredericks's mark of 14.99 and set a new African record, adding to his African men's 100m record. Earlier on Saturday, United States' Olympic silver medallist Kendra Harrison finished second in the women's 100m hurdles behind Tia Jones. This year's world championships are scheduled to take place in Budapest, Hungary from Aug. 19-27.

☆ As earnings season winds down, investors turn to Tuesday's debt ceiling meeting
▼ + stars: | 2023-05-06 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

With only a small fraction of the S & P 500 left to report quarterly earnings, investors are now turning their focus to another major hurdle for the markets and economy: the debt ceiling crisis. Earlier this week, we looked back to debt limit crisis of 2011 for potential lessons. The protracted fight ultimately ended in an agreement in early August of that year, but it was a choppy summertime ride for investors. Within the portfolio, Wynn Resorts will report Tuesday, after the closing bell, and Disney will report on Wednesday, after the closing bell. Estee Lauder (EL) and Emerson Electric (EMR) reported earnings before the opening bell.

☆ Regional bank stocks could be a market afterthought in the week ahead
▼ + stars: | 2023-05-05 | by ( Scott Schnipper | ) www.cnbc.com time to read: +7 min

For the immediate economic and earnings and growth outlook, it almost seems irrelevant whether regional bank stocks rally, steady or sell off more next week. Regional banks were top of mind for investors this past week, as First Republic failed , the SPDR S & P Regional Banking ETF tumbled more than 10% — twice the five-day loss in the S & P 500 Energy Index, the hardest hit S & P sector — and lenders such as PacWest Bancorp and Western Alliance Bancorp lost billions in market value. And, for all that, the S & P 500 only fell about 0.75% this week. Now the conventional wisdom on Wall Street is that regardless of how the regional bank stocks trade, it's a given that bank lending officers are going to pull in their horns and risk management desks will grow more risk averse. But stocks still face a host of issues, none of which are going away next week.

☆ Tyson processing plants accounted for nearly 60% of ammonia-related injuries reported to the EPA between 2012 and 2021, investigation finds
▼ + stars: | 2023-05-04 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

Tyson plants reported ammonia leaks and injuries at higher rates than other companies between 2012 and 2021, CNN reported. Nearly 150 workers were injured in at least 47 different ammonia leaks reported to the EPA. The company told Insider it often reports incidents that don't meet the legal standard for a leak to be reported to the EPA. Nearly 150 workers were injured in at least 47 different ammonia leaks reported to the EPA over that time span, according to an investigation from CNN. Tyson reported about 57% of ammonia-related injuries in the meat industry between 2012 and 2021, while only accounting for about 25% of the ammonia across the industry, according to CNN.

Federal worker safety inspections have alleged poor maintenance or a lack of safety training at some Tyson plants where ammonia leaks injured workers. CNN interviewed eleven current or former Tyson workers across three different plants who experienced ammonia leaks. !”A safety sign hangs on a fence at a Tyson plant in Hope, Arkansas, in March 2023. Still, some Tyson workers who lived through ammonia leaks said they wished more had been done to protect them. That means that the data doesn’t necessarily cover Tyson plants or other meat facilities that hold smaller amounts of ammonia.

☆ 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.

☆ Gordon Lightfoot, Canadian Folk Singer-Songwriter, Dies at 84
▼ + stars: | 2023-05-01 | by ( William Grimes | ) www.nytimes.com time to read: +1 min

Gordon Lightfoot, the Canadian folk singer whose rich, plaintive baritone and gift for melodic songwriting made him one of the most popular recording artists of the 1970s, died on Monday night in Toronto. His death, at Sunnybrook Hospital, was announced on his official Facebook page and website and confirmed by his publicist, Victoria Lord, and B.C. Fiedler, his longtime Canadian concert promoter. Overnight, he joined the ranks of songwriters like Bob Dylan, Phil Ochs and Tom Paxton, all of whom influenced his style. When folk music ebbed in popularity, overwhelmed by the British invasion, Mr. Lightfoot began writing ballads aimed at a broader audience.

☆ Gap will cut 1,800 corporate jobs
▼ + stars: | 2023-04-27 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

New York CNN —Gap said Thursday that it will lay off 1,800 employees as the struggling retailer looks to cut costs. As of January, Gap had around 95,000 employees globally, and 9% of them were corporate staff. In September, Gap slashed roughly 500 corporate jobs. Dozens of major companies have cut jobs in recent months, including Tyson Foods (TSN), 3M (MMM) and Lyft (LYFT) in April. The slew of widely publicized layoffs comes as the job market begins to slow, following months of historic post-pandemic growth.

☆ Tyson Foods to eliminate 10% of corporate jobs - memo
▼ + stars: | 2023-04-26 | by ( Tom Polansek | ) www.reuters.com time to read: +2 min

CHICAGO (Reuters) - Tyson Foods Inc will eliminate about 10% of corporate jobs and 15% of senior leadership roles, Chief Executive Donnie King told employees on Wednesday. FILE PHOTO: The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. The eliminated roles in senior leadership are mostly vice presidents and senior vice presidents, a company spokesperson said. Some corporate employees already left the company after Tyson said in October it was relocating all corporate jobs to its headquarters in Springdale, Arkansas. However, the 10% reduction in corporate roles is not related to the relocation, a Tyson spokesperson said.

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