Wall Street’s roller coaster ride Thursday that sent the Dow Jones Industrial Average plunging nearly 1,000 points briefly, damaged shares of beef, pork and poultry companies.
Tyson Foods, Smithfield Foods, Hormel and Sanderson Farms all ended the day Thursday at lower prices than their Wednesday close. Pilgrim's Pride's announcement that it will increase its chicken production by 10 percent added pressure to the protein company shares, says Meatingplace.com.
Rioting in Athens amid international financial fallout from the Greek credit crisis made investors nervous and led to the market’s plunge.
Equity analysts have embraced protein stocks in recent months and have been boosting their earnings expectations. "In our view, the increase appears relatively in line with likely demand," said noted BMO Capital Markets analyst Kenneth Zaslow.