Tyson Foods' shares tumble more than 9% as inflation crimps demand for meat
Tyson Foods(TSN) New York Post·2024-05-07 02:37
Shares of meatpacking giant Tyson plunged more than 9% — the stock’s worst day since August — after the company said persistent inflation weakened consumer appetites for beef, pork and chicken purchases, biting into profits in the second quarter.At grocery stores, shoppers are prioritizing essential kitchen staples over discretionary categories thanks to persistent inflation that’s kept interest rates at their highest level in more than two decades, said Melanie Bouldin, who heads Tyson’s prepared foods bus ...