Fly Intel: Wall Street's top stories for Monday » 16:5704/0604/06/20
DAL, UAL, JBLU, LUV, ALK, BA, EADSY, ZM, MSFT, FB, TSN, IMMU, W, CODX, CCL, LK, SMPL
Stocks jumped to start…
Tyson Foods suspends operations at Columbus Junction, Iowa, pork plant » 12:3604/0604/06/20
The company said,…
The company said, "Out of an abundance of caution, we have suspended operations at our Columbus Junction, Iowa, pork plant this week due to more than two dozen cases of COVID-19 involving team members at the facility. In an effort to minimize the impact on our overall production, we're diverting the livestock supply originally scheduled for delivery to Columbus Junction to some of our other pork plants in the region."
Tyson Foods says plants experiencing varying levels of production impact » 12:3404/0604/06/20
Tyson Foods issued a…
Tyson Foods issued a statement from CEO Noel White about the company's efforts to address the COVID-19 situation in the U.S., as well as the impact of the virus on operations. The company said in part, "We've been taking the temperature of workers at all of our locations before they enter company facilities...In addition, we've stepped up deep cleaning and sanitizing of our facilities, especially in employee breakrooms, locker rooms and other areas, to protect our team members. This additional cleaning sometimes requires suspending at least one day of production...We continue to explore and implement additional ways to promote more social distancing in our plants...Our meat and poultry plants are experiencing varying levels of production impact, due to the planned implementation of additional worker safety precautions and worker absenteeism. For example, out of an abundance of caution, we have suspended operations at our Columbus Junction, Iowa, pork plant this week due to more than two dozen cases of COVID-19 involving team members at the facility. In an effort to minimize the impact on our overall production, we're diverting the livestock supply originally scheduled for delivery to Columbus Junction to some of our other pork plants in the region."
Tyson Foods price target lowered to $70 from $92 at Credit Suisse » 06:3404/0304/03/20
Credit Suisse analyst…
Credit Suisse analyst Robert Moskow lowered the firm's price target on Tyson Foods to $70 from $92 and keeps an Outperform rating on the shares. Moskow tells investors in a research note that the spike in demand for chicken from the grocery channel over the past two weeks is starting to fade now that consumers and grocers have filled their freezers with inventory and is no longer sufficient to offset the 50% decline in demand in the restaurant sector.
|Over a week ago|
Stephens food analysts to hold an analyst/industry conference call » 17:4304/0104/01/20
TSN, SAFM, PPC, CALM
Analysts, along with…
Analysts, along with Urner Barry, an American business publisher that provides market information on the food industry, provides an update and outlook on the industry on an Analyst/Industry conference call to be held on April 9 at 2 pm.
Tyson Foods put volume heavy and directionally bearish » 12:3504/0104/01/20
Bearish flow noted in…
Bearish flow noted in Tyson Foods with 2,842 puts trading, or 1.2x expected. Most active are 4/3 weekly 56 puts and May-20 60 calls, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 2.87, while ATM IV is up over 6 points on the day. Earnings are expected on May 4th.
Tyson Foods enacts changes to protect, support workers » 15:3803/3103/31/20
The company is…
The company is restricting visitor access to its facilities and relaxed its attendance policy to reinforce the importance of staying home when sick or to meet childcare needs. It has implemented the use of temporal thermometers to check the temperature of team members before they enter company facilities and expects delivery of infrared temperature scanners following a successful trial. In addition, the company is offering protective face coverings for production workers who request them and is working with the CDC on additional guidance on the use of personal protective equipment. Tyson Foods, which has mandatory health care coverage, is waiving the 5 consecutive day waiting period for short term disability benefits, so workers can receive pay while they're sick with the flu or COVID-19. In addition, it is: Waiving the co-pay, co-insurance and deductible for doctor visits for COVID-19 testing as well as eliminating pre-approval or preauthorization steps. Waiving co-pays for the use of telemedicine. Relaxing refill limits for 30-day prescriptions of maintenance medication. The company recently announced it has committed $13M to support critical needs in local communities where the company operates in response to the pandemic. This includes $2M in grants that will be allocated to non-profit organizations to help support Tyson team members and the local community. Investments will be focused on non-profit partners providing emergency response efforts such as rent and utility assistance, food distribution, health care, childcare, small business support and other economic recovery services. In an effort to help cattle feeders weather the impact of the pandemic, Tyson Fresh Meats also provided a one-time premium for cattle harvested the week of March 23rd.
Tyson Foods to pay $60M in bonuses for frontline workers, truckers » 15:3503/3103/31/20
Tyson Foods announced it…
Tyson Foods announced it will pay approximately $60M in "thank you" bonuses to 116,000 frontline workers and Tyson truckers in the U.S. who support the company's operations every day to provide food during the COVID-19 pandemic. Eligible team members will receive a $500 bonus, payable during the first week of July. The bonuses are in addition to other company-announced efforts to support workers, plant communities and livestock producers during the global pandemic.
Beyond Meat price target lowered to $100 from $130 at Barclays » 07:4003/3103/31/20
BYND, TSN, PPC
Barclays analyst Benjamin…
Barclays analyst Benjamin Theurer lowered the firm's price target on Beyond Meat (BYND) to $100 from $130 and keeps an Overweight rating on the shares. As the impact of COVID-19 outbreak grows and restaurants and food service operators have closed in most jurisdictions, protein sales in retail outlets have surged, Theurer tells investors in a research note. The analyst. Within the protein space, the analyst continues to see most upside potential for Top Pick Tyson Foods (TSN), Pilgrim's Pride (PPC) and Beyond Meat, yet he believes higher leverage for the latter two and potential logistic issues for Beyond Meat could limit upside in the coming weeks.
Tyson Foods call volume above normal and directionally bullish » 14:4503/2503/25/20
Bullish option flow…
Bullish option flow detected in Tyson Foods with 4,457 calls trading, 1.3x expected, and implied vol increasing almost 10 points to 81.53%. 3/27 weekly 67.5 calls and 3/27 weekly 47 puts are the most active options, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 0.61. Earnings are expected on May 4th.