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Tyson Foods stock soars after they raise beef price 32%
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2022-02-08 at 11:04 AM UTC
Stock of Tyson Foods, the world's second largest processor and marketer of chicken, beef, and pork after Brazil's JBS S.A., is soaring 9%, hitting an all time high and is one of the S&P's best companies this morning…
https://www.zerohedge.com/commodities/tyson-foods-soars-record-after-hiking-beef-chicken-and-pork-prices-double-digits
… after the company reported blowout earnings (thanks to passing on surging food prices) and announced that it is raising prices even more as it grapples with a tight labor market and smaller livestock herds. According to the report, beef prices jumped by 32% in the quarter, with chicken up ~20% and pork 13%.
This helped Tyson's operating margin grow to 11.3%, up from 6.7%, a year earlier.
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And speaking of food inflation, brace for more, much more: recent data showed the American cattle herd shrank more than expected
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And, while Friday’s jobs report showed average hourly earnings rose, wages have failed to keep pace with inflation.
