Tyson Foods Inc.’s stock
TSN,
is on track for a 20% decline on the week, which would be its worst performance since November of 2008, at the height of the financial crisis, according to Dow Jones Market Data. The stock has fallen after meat producer swung to a surprise second-quarter loss and lowered its sales guidance, hurt by charges stemming from plant closures and job cuts, as well as weak demand for meat. On the company’s call with analysts, Chief Executive Donnie King said the market remains challenging and the company is pushing ahead with actions to improve performance and expand capacity in the right areas. “I can’t remember a time when our business faced the highly unusual situation that we’re currently seeing, where all three of our core protein categories, beef, pork and chicken, are experiencing market challenges at the same time,” he said, according to a FactSet transcript. ” This unusual confluence of issues continued in the second quarter and directly impacted our results.” For more, see: Tyson Foods stock slides after meat producer swings to surprise loss
