Tyson Falls Most Since 2008 After Cutting Sales Outlook
- Top US meat producer hit by record cattle costs, higher feed
- Tyson sold less beef in second quarter than year ago
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Tyson Foods Inc. plunged the most since the 2008 global financial crisis after the biggest US meat company cut its full-year sales forecast amid “challenging” market conditions.
The company said it now sees revenue of $53 billion to $54 billion this year, below the prior forecast of $55 billion to $57 billion. The midpoint of Tyson’s revised range is lower than the lowest of analyst estimates compiled by Bloomberg. Shares fell 16% to $50.94 at 2:15 p.m. in New York for the day’s second-worst performance in the S&P 500 Index.