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☆ Tyson Foods Profit Declines as Beef Price Drops
▼ + stars: | 2023-02-06 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Tyson Foods said it expects improved results later this year. Tyson Foods Inc. said its profit fell in its fiscal first quarter from a year ago as costs climbed and beef prices fell. The Springdale, Ark.-based company posted a profit of $316 million, or 88 cents a share, in the period ended Dec. 31, compared with $1.12 billion, or $3.07 a share, a year earlier. Analysts polled by FactSet had expected Tyson to report $1.35 a share in profit.

☆ Tyson Foods Profit Tumbles as Costs Rise and Demand Weakens
▼ + stars: | 2023-02-06 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Tyson said consumers are spending more on its less expensive food products. Tyson Foods Inc. reported its biggest percentage drop in quarterly profit in over a decade, signaling how higher costs and slackening demand are squeezing the U.S. meat industry. Executives of the Springdale, Ark., company, the largest U.S. meat processor by sales, said that meat supplies have been growing, while consumers shift their purchasing in response to a softening U.S. economy. Meatpackers meanwhile continue to pay more for transport, animal feed and plant worker wages, cutting into profits.

[1/2] A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. Money market participants see the Fed's terminal rate to settle above 5% by May followed by rate cuts in September. More than 69% of the S&P 500 firms have reported results above expectations, according to Refinitiv. Overall, analysts still expect quarterly earnings of S&P 500 firms declining 2.8%. All of the 11 major S&P 500 indexes were in the red with the real-estate sector (.SPLRCR) slumping 1.5%.

☆ Tyson Foods misses quarterly sales estimates
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Tyson Foods Inc (TSN.N) missed Wall Street estimates for quarterly revenue on Monday, pinched by falling beef prices and lower volumes in its pork segment. While soaring prices of beef, chicken and pork boosted sales at Tyson last year, the company reported an 8.5% drop in average sales price of beef in the reported quarter. The fall in beef prices dragged Tyson's sales at a time demand is already taking a hit from penny-pinched Americans reducing their spending on pricier meat cuts. The U.S. meatpacker's sales rose to $13.26 billion in the first quarter from $12.93 billion a year earlier. Analysts on average had expected sales of $13.52 billion, according to IBES data from Refinitiv.

☆ Futures fall with eyes on earnings
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Companies reporting quarterly results this week include Walt Disney Co (DIS.N) and PepsiCo Inc (PEP.O), while Tyson Foods Inc (TSN.N), Lowe's Cos Inc (LOW.N), Activision Blizzard Inc (ATVI.O) and Cummins Inc (CMI.N) report results later in the day. Halfway through the earnings of the S&P 500 companies, 69.6% have reported results above expectations, according to Refinitiv. Overall, analysts still expect quarterly earnings of S&P 500 firms declining 2.7%. Job growth in the U.S. accelerated sharply in January, with nonfarm payrolls surging by 517,000 jobs, well above an estimate of 185,000. ET, Dow e-minis were down 237 points, or 0.7%, S&P 500 e-minis were down 37 points, or 0.89%, and Nasdaq 100 e-minis were down 144.25 points, or 1.14%.

☆ Disney, Pepsi, Uber Set to Report During Lackluster Earnings Season
▼ + stars: | 2023-02-04 | by ( Dia Gill | ) www.wsj.com time to read: 1 min

PepsiCo Inc., Uber Technologies Inc. and Walt Disney Co. are among the companies slated to report earnings in the coming week, during an earnings season marked by cooling demand and throttled profits. Investors will also hear from the food makers Kellogg Co. and Tyson Foods Inc., the healthcare companies CVS Health Corp. and AbbVie Inc., as well as the private-equity firms KKR & Co. and Apollo Global Management Inc. Other companies reporting earnings include PayPal Holdings Inc., S&P Global Inc. and Chipotle Mexican Grill Inc.

☆ Tyson Foods CFO Pleads Guilty to Public Intoxication, Trespassing Charges
▼ + stars: | 2023-01-24 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Tyson Foods CFO John R. Tyson, great-grandson of the meat giant’s founder, has apologized for the incident. Tyson Foods Inc. Chief Financial Officer John R. Tyson pleaded guilty to charges after being arrested in November for falling asleep in a house that wasn’t his, according to the Fayetteville, Ark. prosecutor’s office and the district court. Mr. Tyson, great-grandson of the meat giant’s founder, agreed to pay a $150 fine each on charges of public intoxication and criminal trespass, admitting guilt, officials said. With fees, he paid $440 total on Tuesday.

But to reach its ultimate destination - supermarket shelves - cultivated meat faces big obstacles, five executives told Reuters. California-based cultivated meat company GOOD Meat already has an application pending with the FDA, which has not been previously reported. Regulatory approval is just the first hurdle for making cultivated meat accessible to a broad swath of consumers, executives at UPSIDE, Mosa Meat, Believer Meats, and GOOD Meat told Reuters. But it will take hundreds of millions of dollars for GOOD Meat, for example, to build bioreactors of the size needed to make its meat at scale, Tetrick said. But cultivated meat companies have the advantage that they can claim their product is real meat, Tetrick said.

☆ Capital One Job Cuts Signal Trouble for IT Labor Market
▼ + stars: | 2023-01-21 | by ( Belle Lin | ) www.wsj.com time to read: +5 min

Technology sector employment overall has remained stable, but job postings for future tech hiring have declined for the second consecutive month, according to IT trade group CompTIA. Companies across industries hired 137,000 tech workers in December, compared with 130,000 the month prior, CompTIA estimates based on an analysis of U.S. Labor Department data. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. News of the job cuts was reported earlier by Bloomberg. Some employers might be shedding the additional technology workers they hired to ramp up remote-work capabilities during the early days of the Covid-19 pandemic, said Mark Muro, a senior fellow at Brookings Institution.

☆ CIOs Nominate Their Favorite Reads of 2022
▼ + stars: | 2022-12-28 | by ( Tom Loftus | ) www.wsj.com time to read: +9 min

Chief information officers, ever alert to any development in a field that only hurtles forward, largely reflected that alacrity in their choice of reading during 2022. PREVIEWChris Bedi, chief digital information officer, ServiceNow Inc. Photo: IBM Corp.Ron Guerrier, chief information officer, HP Inc. Photo: Cisco Systems Inc.Fletcher Previn, chief information officer, Cisco Systems Inc. Photo: Home Depot Inc.Fahim Siddiqui, chief information officer, Home Depot Inc.

As the storm took shape over the Great Lakes on Thursday, a weather phenomenon known as a bomb cyclone was likely to develop from a "rapidly deepening low-pressure" system, the National Weather Service (NWS) said. The cyclone could spawn snowfalls of a half inch (1.25 cm) per hour and howling winds from the Upper Midwest to the interior Northeast, producing near-zero visibility, the weather service said. "It's dangerous and threatening," President Joe Biden said at the White House, urging Americans with travel plans to not delay and to set off on Thursday. Hundreds of Texans died in February 2021 after the state's power grid failed amid wintry storms, leaving millions without electricity. Greg Carbin, chief of forecast operations at the NWS Weather Prediction Center in Maryland, said freezing or below-freezing cold would bisect central Florida, with temperatures about 25 degrees below normal.

☆ Deep freeze grips U.S. as winter 'bomb cyclone' looms ahead of holiday weekend
▼ + stars: | 2022-12-23 | by ( Steve Gorman | ) www.reuters.com time to read: +4 min

Numbing cold intensified by high winds was expected to extend as far south as the U.S.-Mexico border. The NWS map of existing or impending wintry hazards, stretching from border to border and coast to coast, "depicts one of the greatest extents of winter weather warnings and advisories ever," the agency said. The bomb cyclone could unleash snowfalls of a half inch (1.25 cm) per hour driven by gale-force winds, cutting visibility to near zero, the weather service said. Power outages were expected from high winds, heavy snow and ice, as well as the strain of higher-than-usual energy demands. The weather service said relief from the deep freeze was in sight for the northern Rockies and High Plains, where the arctic blast first materialized on Thursday.

☆ Hundreds of Tyson Foods Employees Expected to Depart as Company Closes Offices
▼ + stars: | 2022-12-21 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Tyson Foods announced that it would be closing its Chicago office, among others, as part of an effort to consolidate its corporate staff in Arkansas. Hundreds of Tyson Foods Inc. employees from two of its largest business units plan to leave the company as it consolidates its corporate offices to northwest Arkansas next year, according to people familiar with the matter. The largest U.S. meat supplier by sales said in October that it planned to close its offices in Chicago, Downers Grove, Ill., and Dakota Dunes, S.D., which currently house many of Tyson ‘s corporate employees in its prepared foods, beef and pork divisions. About 1,000 employees total work in those locations, the company has said.

☆ Hundreds of Tyson Foods employees to depart as company closes offices - WSJ
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: 1 min

Dec 21 (Reuters) - Hundreds of Tyson Foods Inc (TSN.N) employees from two of its largest business units plan to leave as the company consolidates its corporate offices to northwest Arkansas next year, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Tyson Foods did not immediately respond to Reuters request for comment. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Tyson Foods stock slips to lowest levels since November 2020 in three-day losing streak
▼ + stars: | 2022-12-16 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

A package of Tyson Foods Inc. chicken is arranged for a photograph in Tiskilwa, Illinois. Tyson Foods hit a 52-week low on Friday in a third-straight down day, a sign that investors are losing confidence in the company amid growing margin pressure and operational issues this year. The food processor's stock declined more than 4% this week to trade around $61 per share, its lowest levels since November 2020 and well under its 52-week high of $100.72, notched in February. Deflating prices of beef and chicken in recent months coupled with rising feeding costs have put broader pressure on the livestock industry. The firm maintains a "hold" rating on the stock with a price target of $68 per share.

☆ Tyson CFO Pleads Not Guilty to Public Intoxication, Trespassing Charges
▼ + stars: | 2022-12-01 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Local police say John R. Tyson was found asleep in the wrong Fayetteville, Ark. house last month. Tyson Foods Inc. Chief Financial Officer John R. Tyson , great-grandson of the meat giant’s founder, pleaded not guilty on Thursday to charges of criminal trespass and public intoxication. Mr. Tyson will have a trial on the charges Feb. 15, according to Fayetteville District Court. A Tyson spokesman declined to comment.

☆ Tyson Foods ends COVID-19 vaccine mandate for employees
▼ + stars: | 2022-11-16 | by ( Tom Polansek | ) www.reuters.com time to read: +2 min

The requirement "generally improved our ability to operate our business effectively in fiscal 2022," the report said. America's largest meatpacking union, the United Food and Commercial Workers International Union, said it negotiated an agreement with Arkansas-based Tyson to end the mandate. He added that Tyson kept other safety protocols like requiring workers to self-screen for COVID-19 symptoms. Some Tyson workers remain worried about catching COVID-19 in chicken plants, said Magaly Licolli, director of Venceremos, an organization that advocates for poultry workers in Arkansas. "There is still the pandemic," said Licolli, who has criticized Tyson for not protecting plant employees.

☆ Tyson Earnings Fall as Beef Demand Sinks
▼ + stars: | 2022-11-14 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Tyson Foods Inc. said earnings fell sharply in its fiscal fourth quarter with profit from its beef business down by nearly two-thirds as demand for premium cuts dried up from elevated levels a year ago. Tyson’s chicken business, however, swung to a profit from a year earlier, with prices up 18.2%, helping to offset higher feed and other costs.

☆ Tyson Foods sees sales above estimates on steady demand
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - U.S. meatpacker Tyson Foods Inc (TSN.N) on Monday forecast full-year sales above Wall Street estimates, signaling steady demand for its higher-priced chicken and beef despite decades-high levels of inflation. Packaged food makers like Tyson Foods have so far witnessed very little pushback from consumers on price increases, which were undertaken due to rising costs. Sales volume at the company's chicken business, the largest after beef, increased 1.1% in the fourth quarter, even as Tyson raised prices by an average 18.2%. The company's sales rose to $13.74 billion, from $12.81 billion, beating analysts' average estimate of $13.50 billion, according to IBES data from Refinitiv. The Springdale, Arkansas-based company also projected full-year 2023 sales between $55 billion and $57 billion, compared with analysts' expectation of $53.60 billion, according to IBES data from Refinitiv.

☆ Tyson Foods CFO Apologizes Again for Behavior as Company Profit Is Pressured
▼ + stars: | 2022-11-14 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Tyson Foods Inc. Chief Financial Officer John R. Tyson on Monday apologized again after his arrest last week, and the company said its board was launching a review of the incident. Mr. Tyson, the 32-year-old son of the meat giant’s chairman, was arrested on Nov. 6 for criminal trespass and public intoxication, according to a Fayetteville Police Department report. He was found asleep in the wrong Fayetteville, Ark., home, according to the police report.

☆ The Lehman Brothers of Crypto: Here's how the fall of Sam Bankman-Fried's FTX compares to the collapse that sparked the Great Financial Crisis
▼ + stars: | 2022-11-14 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

It gives maybe the clearest, most entertaining breakdown of how many, many very bad bets on subprime mortgages kickstarted the 2008 Financial Crisis. The most serious domino to fall 14 years ago was Lehman Brothers, the classic too-big-to-fail behemoth that did in fact go under. All this is a roundabout way of saying the collapse of Sam Bankman-Fried's crypto exchange, FTX, is severe and dramatic enough to warrant its own movie in a few years. Reminisce with me for a moment: In the years leading up to 2008, Lehman Bros loaded up its balance sheet with huge amounts of subprime mortgage debt. Lehman went under, and the world sunk into its worst financial crisis since the Great Depression.

☆ Tyson Foods sees annual sales above estimates on steady demand for meat
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - U.S. meatpacker Tyson Foods Inc (TSN.N) on Monday forecast full-year sales above Wall Street estimates, signaling steady demand for its higher-priced chicken and beef despite decades-high levels of inflation. The Springdale, Arkansas-based company projected full-year 2023 sales between $55 billion and $57 billion, compared with analysts' expectation of $53.60 billion, according to IBES data from Refinitiv. Demand for premium cuts of beef declined in the fourth quarter compared to a year earlier, Tyson said. Sales volume at the company's chicken business, the largest after beef, increased 1.1% in the quarter, even as Tyson raised prices by an average 18.2%. Tyson posted an operating margin of 5.6% in the reported quarter, compared with 14.9% a year earlier.

☆ Tyson Foods CFO Arrest Adds to Governance Challenges for Board
▼ + stars: | 2022-11-08 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +6 min

Photo: Michael Conroy/Associated PressThe Tyson family had nearly 71% of the total voting rights in the meat giant as of December 2021, according to a securities filing. It didn’t immediately respond to a request for comment on whether Mr. Tyson would make his debut to analysts and investors by taking part in the earnings call. As CFO, Mr. Tyson has an annual base salary of $650,000, according to a regulatory filing. Tyson Foods CFO John R. Tyson was arrested on public intoxication and trespassing allegations. Photo: Associated PressThe Fayetteville Police Department’s report said that the woman didn’t know Mr. Tyson and that she thought he came in through an unlocked door.

☆ Tyson Foods CFO Arrested After Authorities Say He Fell Asleep in Wrong Home
▼ + stars: | 2022-11-07 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

John R. Tyson was promoted to chief financial officer for the $24 billion meat company in September. John R. Tyson , Tyson Foods Inc.’s chief financial officer and son of the meat giant’s chairman, was arrested over the weekend after authorities said he fell asleep in the wrong house. Mr. Tyson, 32 years old, was found asleep in a woman’s bed at her home in Fayetteville, Ark., on Sunday morning, according to a preliminary arrest report filed by the Fayetteville Police Department. He was arrested for criminal trespass and public intoxication, according to the report, and booked at the Washington County Detention Center. He was released Sunday evening.

☆ Tyson Foods CFO Arrested After Authorities Say He Fell Asleep in Wrong House
▼ + stars: | 2022-11-07 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

John R. Tyson , Tyson Foods Inc.’s chief financial officer and son of the meat giant’s chairman, was arrested over the weekend after authorities said he fell asleep in the wrong house. Mr. Tyson, 32 years old, was found asleep in a woman’s bed at her home in Fayetteville, Ark., on Sunday morning, according to a preliminary arrest report filed by the Fayetteville Police Department. He was arrested for criminal trespass and public intoxication, according to the report, and booked at the Washington County Detention Center. He was released Sunday evening.

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