USA: Hormel warns of profit slump on meat oversupply
Shares in US group Hormel Foods fell swiftly yesterday [Wednesday] when the company warned its second quarter earnings could fall to 29% below earlier predictions. Its shares sank more than 7%, or US$1.97 a share, to close at US$25 on the New York Stock Exchange. The Austin, Minnesota-maker of Spa, Dinty Moore beef stew and Jennie-O turkey products said the month-long Russian ban on US poultry exports had led to a domestic glut of meat products that has sent wholesale prices for pork, beef and poultry spiralling.
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