Markets in 60 seconds: 6/2/14

Markets in 60 seconds: 6/2/14

Tyson's hogs: Tyson is purchasing hogs that weigh an average of 295 lb., 10-15% heavier than usual, in order to offset future reductions in hog slaughter due to porcine epidemic diarrhea virus, Reuters reported.

Hormel earnings: Last week, Hormel Foods Corp., maker of Jennie-O Turkey burgers and Spam canned pork, said its fiscal second-quarter earnings rose 12% despite higher pork, beef, turkey and avocado costs, driven by tighter supplies. Higher costs for the staple ingredients led chief executive officer Jeffrey Ettinger to announce that the company will shorten the production week at its Fremont, Neb., pork processing plant from five days to four in June. The bacon-maker noted that sales volumes declined across its businesses in the second quarter.

Bidding war: Tyson Foods and Pilgrim's Pride both submitted proposals last week to acquire Hillshire Brands Co. Tyson announced a bidding proposal of $50.00 per share, while Pilgrim's Pride offered $45.00 per share.

Volume:86 Issue:22

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