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Stock Market & Financial Investment News

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March 31, 2014
11:24 EDTCALM, SAFM, PPCCal-Maine Foods hits 52-week high after quarter tops estimates
Shares of egg producer Cal-Maine Foods (CALM) are rallying after the company's third quarter results topped expectations. WHAT'S NEW: This morning, Cal-Maine Foods reported third quarter earnings per share of $1.77 and revenue of $395.5M, compared to expectations of $1.41 and $360.4M, respectively. The company reported Q3 specialty eggs sales increased 9% and that specialty eggs accounted for 17.4% of dozen eggs sold. Cal-Maine CEO Dolph Baker said the company's higher sales reflect both improved volumes through the holiday season and higher average selling prices compared with the third quarter of last year, noting that the egg products segment of the industry has continued to experience strong demand due to the introduction of breakfast items at many quick serve restaurants, as well as increased exports. "We believe the performance of specialty eggs will continue to be a key driver of our growth as we capitalize on favorable consumer demand trends. We remain focused on identifying additional opportunities to market and sell specialty eggs and enhance our product mix,Ē Baker added. PRICE ACTION: In late morning trading, Cal-Maine Foods rose $4.19, or 7.3%, to $61.70 on nearly twice its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week high of $62.21. The stock is up approximately 45% over the past twelve months. OTHERS TO WATCH: Other companies in the chicken products space include Sanderson Farms (SAFM) and Pilgrim's Pride (PPC).
News For CALM;SAFM;PPC From The Last 14 Days
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July 25, 2014
16:01 EDTCALMCal-Maine Foods announces new JV for specialty egg sales in Arizona
Cal-Maine Foods announced the company has entered into a new joint venture for specialty egg sales with Hickmanís Egg Ranch. Based in Buckeye, Arizona, a suburb of Phoenix in western Maricopa County, Hickmanís Egg Ranch has been family-owned and operated since 1944. With processing operations located in Arizona, Colorado and California, and capacity for approximately 6M laying hens, Hickmanís Egg Ranch ranks among the top twenty family egg farms in the United States. Pursuant to this transaction, the new joint venture, known as Southwest Specialty Eggs, will acquire the Egg-Landís Best, franchise for the state of Arizona with exclusive licensing agreements for the sale of Egg-Landís Best and Land Oí Lakes branded specialty eggs and other premium brands. Sales of Egg-Landís Best specialty eggs accounted for approximately 14.3% of Cal-Maineís total shell egg sales in fiscal 2013.

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