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June 5, 2014
09:16 EDTTSN, HSHTyson Foods should walk away from Hillshire Brands, says Credit Suisse
Credit Suisse believes the winner in acquiring Hillshire Brands (HSH) could actually be the loser and that Tyson Foods' (TSN) best move is to walk away from its $50 per share bid and let Pilgrim take the risk with a $55 per share bid. The analyst believes Tyson would have to issue stock to finance a bid above $50 per share and at $60, any accretion is gone. Shares of Tyson are Neutral rated with a $40 price target.
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July 28, 2014
11:58 EDTHSH, TSNPoultry leaders Tyson, Cal-Maine diverge after quarterly reports
Shares of two leaders in the poultry industry, Tyson Foods (TSN) and Cal-Maine Foods (CALM), are moving in opposite directions following their respective quarterly reports. Tyson, a food production company specializing in chicken and other proteins, were up after the company reported better than expected third quarter revenues, while shares of egg provider Cal-Maine are cracking after the company said it was "cautiously optimistic" about having a good start to full-year 2015. TYSON: Tyson Foods' adjusted Q3 earnings per share was 75c, which fell below analysts' consensus of 78c. The food provider's Q3 revenue was $9.68B, which exceeded analysts' consensus of 9.47B. In terms of guidance, Tyson guided fiscal year 2014 revenue to grow to $38B, compared to analysts' estimates of $36.85B. Tyson expects FY15 EPS growth of at least 10%. Analysts are expecting the company's FY15 EPS to be $3.16. The company sees FY15 revenue of $42B, above the analysts' consensus of $38.75B. Tyson Foods said that it expects fiscal year 2015 domestic protein production to increase 1% and also expects grain supplies to increase during the fiscal year, which should result in lower input costs as well as decreased costs for cattle and hog producers. U.S. chicken production is expected to increase around 2% in FY15 compared to FY14. The company expects lower feed costs for chicken in FY15 and said the Chicken segment's operating margin should be at or above 10% in FY15. Tyson also announced that has reached a definitive agreement with to sell its poultry businesses in Mexico and Brazil to Pilgrim's Pride (PPC), whose majority owner is a wholly owned subsidiary of JBS SA (JBSAY). On its earnings conference call, Tyson backed its FY14 EPS view of "at least" $2.78, versus analysts' estimates of $2.91, and called 2015 earnings guidance "conservative." The company said the Hillshire Brands (HSH) acquisition is on-track to close in Q4 and sees synergies reaching $225M in 2015. CAL-MAINE: Meanwhile, Cal-Maine reported fourth quarter EPS of $1.30, which surpassed the consensus forecast of $1.15 from the two analysts covering the stock, according to First Call. The company's Q4 revenue was $371.6M, which was over $46M higher than the revenue it reported a year ago in the same period. Cal-Maine reported that it produced 195.63M total dozen eggs in Q4 and sold 249.44M total dozen eggs in the quarter. The company said its results reflect strong demand for shell eggs throughout the year from all the major market segments including retail, egg product and exports. Looking ahead to its FY15, Cal-Maine said that it is "cautiously optimistic" about a good start to the upcoming year. The company said current USDA projections for harvested acres and yields for both crops should be favorable for end users and help reduce feed costs in FY15. ANALYST REACTION: Sidoti downgraded Cal-Maine to Neutral from Buy due to valuation. The firm maintained its price target of $87 on the shares. PRICE ACTION: Near midday, shares of Tyson Foods rose $1.70, or 4.3%, to $41.24 and CalMaine foods fell $4.70. or 6%, to $74.59.
09:17 EDTTSNOn The Fly: Pre-market Movers
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09:10 EDTTSNTyson Foods says 2015 earnings guidance 'conservative'
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08:57 EDTTSNPilgrim's Pride to acquire Tyson Foods Mexican poultry business for $400M
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08:31 EDTHSH, TSNTyson Foods raises view of synergies from Hillshire deal to $500M
08:28 EDTTSNTyson Foods to sell Mexico, Brazilian poultry businesses to JBS S.A. for $575M
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08:23 EDTHSH, TSNTyson Foods sees Hillshire Brands synergies reaching $225M in 2015
08:20 EDTTSNTyson Foods backs FY14 EPS view of 'at least' $2.78, consensus $2.91
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08:03 EDTTSNTyson Foods says will not comment on, answer questions on stock, unit offerings
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07:45 EDTTSNTyson Foods files to sell 24M shares of common stock, 30M tangible equity units
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06:08 EDTTSNTyson Foods sees FY15 EPS growth of at least 10%, consensus $3.16
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06:08 EDTTSNTyson Foods sees FY14 revenue $38B, consensus $36.85B
Sees FY14 CapEx $600M-$650M; Sees FY14 net interest expense $130M. The company currently does not plan to repurchase shares other than to fund obligations under equity compensation program.
06:05 EDTHSH, TSNTyson Foods: Hillshire Brands acquisition on track to close in Q4
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06:05 EDTTSNTyson Foods expects FY15 domestic protein production to incresae 1%
Grain supplies are expected to increase in fiscal 2015, which should result in lower input costs as well as decreased costs for cattle and hog producers. U.S. chicken production to increase around 2% in fiscal 2015 compared to fiscal 2014. Expects lower feed costs for chicken in fiscal 2015 compared to fiscal 2014 of approximately $400M. The Chicken segment's operating margin should be at or above 10% in fiscal 2015. Expects to see a reduction of industry fed cattle supplies of 4-5% in fiscal 2015 as compared to fiscal 2014. Sees Beef segment's profitability will be similar to fiscal 2014. Expects industry hog supplies to increase around 2% in fiscal 2015 compared to fiscal 2014. For fiscal 2015, we believe our Pork segment's operating margin will be in its normalized range of 6%-8%.
06:03 EDTTSNTyson Foods reports Q3 adjusted EPS 75c, consensus 78c
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July 25, 2014
16:32 EDTTSNTyson Foods to close three plants to improve prepared foods performance
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14:46 EDTTSNTyson Foods technical commentary before earnings
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July 24, 2014
10:37 EDTHSHOptions with increasing implied volatility: TLM IP HSH
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July 16, 2014
17:23 EDTTSN, HSHTyson Foods commences tender offer for Hillshire Brands for $63 per share cash
Tyson Foods (TSN) announced that it has commenced a cash tender offer for all outstanding shares of common stock of Hillshire Brands (HSH) at a price of $63.00 per share. The tender offer is being made pursuant to the previously announced merger agreement dated July 1, among the two companies and HMB Holdings, a wholly owned subsidiary of Tyson Foods. The tender offer period will expire at 12:00 midnight at the end of the day on August 12, unless the offer is extended. Tyson Foods has filed a tender offer statement on Schedule TO with the United States SEC. HMB Holdings is the acquirer in the tender offer. The Offer to Purchase contained within the Schedule TO sets out the terms and conditions of the tender offer. Hillshire Brands has also filed a Solicitation/Recommendation Statement with the SEC, which includes the recommendation of the Hillshire board of directors that Hillshire Brands stockholders tender their shares in the tender offer. Following successful completion of the tender offer, any shares not acquired in the tender offer will be acquired in a second-step merger at the same $63 per share cash price.
July 15, 2014
10:48 EDTHSHOptions with increasing implied volatility: GLUU KORS RVBD HSH
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