{"id":6114,"date":"2023-05-09T04:38:06","date_gmt":"2023-05-09T08:38:06","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/tyson-foods-stock-is-tumbling-a-surprise-loss-is-only-one-reason\/"},"modified":"2023-05-09T04:38:07","modified_gmt":"2023-05-09T08:38:07","slug":"tyson-foods-stock-is-tumbling-a-surprise-loss-is-only-one-reason","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6114","title":{"rendered":"Tyson Foods Stock Is Tumbling. A Surprise Loss Is Only One Reason."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000639222\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>\n        Tyson Foods<br \/>\n       stock was falling sharply after the meat company posted a surprise loss in its fiscal second quarter\u2014the result of trouble in its chicken business\u2014and lowered its forecast for annual revenue.<\/p>\n<p>\n        Tyson<br \/>\n       (ticker: TSN) posted a second-quarter adjusted loss of 4 cents a share, much worse than earnings of 79 cents a share analysts had penciled in. Earnings a year earlier were $2.29 a share.<\/p>\n<div class=\"paywall\">\n<p>Sales for the quarter were $13.1 billion, about flat from the year-ago period. <\/p>\n<p>The chicken segment posted an $166 million adjusted loss for the quarter, compared with a profit of $203 million in the year-earlier quarter. <\/p>\n<p>\u201cCommodity prices for most fresh chicken cuts are much lower than last year,\u201d President and CEO Donnie King said on a call to discuss the results, explaining that the commodity markets dynamics \u201cwork through on a lag.\u201d<\/p>\n<p>\u00a0\u201cAs chicken commodity prices declined in Q1, the impact continued into our Q2, while price increases we saw during the quarter are expected to affect Q3,\u201d he added. The cost of ingredients for feed rose from a year ago, he said, while concerns over avian influenza meant \u201ckey export markets remain closed.\u201d<\/p>\n<p>Tyson lowered its forecast for fiscal 2023 revenue to a range of $53 billion to $54 billion from the $55 billion to $57 billion it had predicted earlier. <\/p>\n<p>In a research note Monday, CFRA Research analyst Arun Sundaram maintained his Hold rating on the stock but cut his price target to $59 from $65, writing that \u201cthe quarter was disappointing as it\u2019s clear the macro environment is not in favor of protein processors.\u201d<\/p>\n<p>Tyson stock fell 16% to $51.08 on Monday. That put it on pace for its largest percentage decrease since November 2008, when it fell 24%, according to Dow Jones Market Data. It is also the second-worst performer in the S&amp;P 500. <\/p>\n<p>\u201cWhile the current protein market is challenging, we have a strong growth strategy in place and are bullish on our long-term outlook,\u201d said King in the earnings release. \u201cWe saw strong performance in our branded foods business and continue to be laser-focused on meeting customer needs and planning the future with them.\u201d<\/p>\n<p>The earnings report isn\u2019t the only hint of the company\u2019s recent struggles. In late April, The Wall Street Journal reported that Tyson was slashing 15% of its senior leadership positions and 10% of corporate roles, citing a memo sent to employees. <\/p>\n<p>Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/tyson-foods-stock-earnings-935b5fd?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tyson Foods stock was falling sharply after the meat company posted a surprise loss in its fiscal second quarter\u2014the result of trouble in its chicken business\u2014and lowered its forecast for annual revenue. Tyson (ticker: TSN) posted a second-quarter adjusted loss of 4 cents a share, much worse than earnings of 79 cents a share analysts [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-6114","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tyson Foods Stock Is Tumbling. A Surprise Loss Is Only One Reason. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Tyson Foods stock was falling sharply after the meat company posted a surprise loss in its fiscal second quarter\u2014the result of trouble in its chicken\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=6114\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tyson Foods Stock Is Tumbling. 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