Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Richard L. Bond, President and CEO of Tyson Foods opened a press release summarizing his company's recent earnings report by saying "The best thing I can say about fiscal 2006 is, it's over." That about sums up Tyson's recent quarter. Tyson missed analyst expectations of posting a 4 cent-per-share loss for the quarter, losing $0.17 instead - compared with EPS of +$0.33 during the same quarter last year. Tyson did predict returning to the black next fiscal year despite a current glut of inventory in the U.S. meat industry. Separately, Reuters is reporting that Tyson is researching turning the hundreds of millions of pounds of fat it produces each year into biodiesel, because the cost per pound of animal fat is less than vegetable oils. No timetable was released on the plan but the company feels it can add value to the company while helping with pressing issues like the environment and U.S. energy independence.
Related links: TSN)+to+Hold/1344172.html" rel="nofollow">S&P Equity Research Downgrades Tyson Foods (TSN) to Hold. Seeking Alpha commentary: The Bull Case for Tyson Foods • Pilgrim's Pride -- "The Sky is Falling!" (NASDAQ:PPC) • Pilgrim's Pride Trying to Pull a Fast One With Proposed Gold Kist Acquisition • Gold Kist Rejects "Inadequate" Buyout Offer From Pilgrim's Pride • Avian Flu Not Likely to Become a Human Virus; Tyson Foods Still Reeling from Its Effects
Potentially impacted stocks and ETFs: Tyson Foods (TSN) • Competitors: Sanderson Farms (NASDAQ:SAFM), Pilgrim's Pride Corp. (PPC), Gold Kist Inc. (GKIS).
Seeking Alpha is not affiliated with Business Week.