TYSON FOODS SHARES SLIDE 15 PERCENT ON DIM PROFIT FORECAST; CEO TO STEP DOWN
Tyson Foods Inc (TSN.N) shares tumbled almost 15 percent on Monday after the nation's biggest meat processor forecast lower-than-expected 2017 profit and said Chief Executive Officer Donnie Smith would step down at the end of the year. The seller of Jimmy Dean sausage and Ball Park hot dogs also reported disappointing quarterly results due to increased investment spending, the double whammy of spiking chicken feed costs and lower demand, and a prepared foods production hiccup following the closure of a factory that makes pizza toppings.