DIRS.INFO The most relevant business & tech news

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.

☆ 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.

☆ 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.

☆ 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.

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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ Tyson Foods to Cut 10% of Corporate Jobs, Eliminate Some Senior Leadership Roles
▼ + stars: | 2023-04-26 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

A Tyson Foods pork processing plant in Logansport, Ind. Photo: Michael Conroy/Associated PressTyson Foods Inc., the largest U.S. meat supplier by sales, is eliminating 15% of its senior leadership positions and 10% of corporate roles, according to a memo sent to employees. “This is not an easy day,” Tyson Chief Executive Donnie King said Wednesday in a note to employees, which was reviewed by The Wall Street Journal. Discussions with the majority of affected employees will take place this week, Mr. King said.

☆ 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, April 26 (Reuters) - Tyson Foods Inc (TSN.N) will eliminate about 10% of corporate jobs and 15% of senior leadership roles, Chief Executive Donnie King told employees on Wednesday. Discussions with most affected employees are slated to take place this week, King said in a memo to employees seen by Reuters. 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.

April 12 (Reuters) - Motorcycle maker Harley-Davidson Inc (HOG.N) said on Wednesday Chief Financial Officer Gina Goetter was leaving the company at the end of April, and toymaker Hasbro Inc (HAS.O) said she would take over as its finance chief. Harley issued a statement saying that Vice President, Treasurer David Viney will serve as interim CFO after Goetter's departure on April 28. Shares of the company were down 2.8% in extended trading after falling more than 6% on Wednesday. After cutting hundreds of jobs in 2020, Harley has either beaten or met Wall Street earnings forecasts in recent years, while navigating high inflation and supply chain constraints. Hasbro said Goetter will assume the role as CFO on May 18, succeeding Deborah Thomas at the company that makes Transformers action figures.

April 12 (Reuters) - Motorcycle maker Harley-Davidson Inc (HOG.N) said on Wednesday Chief Financial Officer Gina Goetter was leaving the company at the end of April to pursue another job. The Milwaukee-based company said Vice President David Viney will take over as interim CFO after Goetter's departure on April 28. Shares of the company fell 6.3% in extended trading. Before joining Harley, Goetter held top finance roles at meat company Tyson Foods Inc (TSN.N) and cereal maker General Mills Inc. (GIS.N)The company did not respond to a request for additional information. After cutting hundreds of jobs in 2020, Harley has either beaten or met Wall Street earnings forecasts in recent years.

April 12 (Reuters) - A U.S. judge on Tuesday approved a $75 million settlement between Smithfield Foods Inc and a class of consumers who accused the pork producer of conspiring to restrict supply in order to keep prices artificially high. Pork consumers last year settled with Smithfield rival JBS SA for $20 million. The judge in a separate order on Tuesday awarded nearly $25 million in legal fees to the plaintiffs firms representing the consumer class. The consumer class attorneys said in a court filing in January that they'd spent more than 37,000 hours pursuing antitrust claims over four years. The case is In re Pork Antitrust Litigation, U.S. District Court, District of Minnesota, No.

WASHINGTON, April 12 (Reuters) - Meat companies should examine their supply chains for evidence of child labor, the Biden administration said in a letter sent to top meatpacking companies on Wednesday. The letter is part of an effort by several agencies, led by the Department of Labor, to curb the use of illegal child labor across sectors. In February, the Labor Department found that more than 100 children had been illegally employed by Packers Sanitation Services Inc, a company that contracts with meat-packers to clean slaughterhouses. Agriculture Secretary Tom Vilsack asked meat and poultry companies in the letter to determine whether illegal child labor is being used in their supply chains and to adopt stronger child labor standards for subcontractors. The Department of Agriculture is exploring enforcement mechanisms that would allow stronger oversight of child labor use in food supply chains and plans to take future steps on the issue, an agency spokesperson said.

☆ Tyson Foods Heir Looks to Help Right the Family Business After His Arrest
▼ + stars: | 2023-04-10 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Tyson Foods’ John R. Tyson speaking at the WSJ Global Food Forum in Chicago last year. John R. Tyson began Nov. 5 running 7 miles in a weighted vest. In the wee hours of the next morning, he was arrested by four police officers and taken to jail in his underwear. Since his arrest, the family-controlled Tyson Foods Inc. has stood by its chief financial officer, who is also the great-grandson of the company’s founder and son of its current chairman, as Mr. Tyson’s case played out in court and the media.

Search resuls for: "Tyson Foods"

25 mentions found