LIVESTOCK HIGHLIGHTS: Top Stories of the Day
US Hog Inventory Rises to Record -- Market Talk
15:15 ET - The national hog and pig herd rose to 73.5M head as of Sept. 1, the USDA says, up 3% from June and 2% from the same time last year. That's a record high for this time of year, coming as cheap feed prices and new slaughter plants encourage farmers to expand their operations. Many analysts were expecting to see a larger increase, however. Herds kept for breeding rose 1% from a year earlier while market hog inventories rose 3%, both within the range of estimates. The market hog herd was also a record for this time of year. (email@example.com; @b_parkyn)
Tyson Plans Cost Cuts In AdvancePierre Integration
Tyson Foods Inc. said Thursday it will cut about 450 jobs as it integrates recently acquired sandwich maker AdvancePierre Foods its fold.
Most of the job reductions, which represent a fraction of the company's roughly 114,000-member workforce, will be at Tyson's corporate offices at the Springdale, Ark.-based headquarters as well in Chicago and Cincinnati.
Conagra Beats As It Continues Company Revamp -- Market Talk
8:28 ET - Conagra Brands beats estimates in its F1Q, posting adjusted EPS of 46c when analysts expected 40c. CEO Sean Connolly says gross margins are expanding despite higher-than-expected inflation and a plan to spend more on shelf space for new products. Net sales decreased 4.8% from a year ago, with 50 basis points of the drop attributable to increased slotting fees. Conagra, whose brands include Slim Jim and Reddi-wip, said last week it will buy Angie's Artisan Treats, the maker of BOOMCHICKAPOP popcorn, as part of its revamp effort centered around smaller, trendier brands. Conagra shares, down 16% this year, are inactive premarket. (firstname.lastname@example.org; @CaraRLombardo)