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Tyson Foods

Tyson Foods, Inc is one of the world's largest producers of chicken, beef, pork and prepared foods that include leading brands such as Tyson, Jimmy Dean, Hillshire Farm, Sara Lee frozen bakery, Ball Park, Wright, Aidells and State Fair. TSN has grown through acquisitions, including The Hillshire Brands Company in 2014 for $8 bn, AdvancePierre Foods in 2017 for $4.2 bn, and Keystone Foods in 2018 for $2.1 bn. TSN's operates across five segments: Chicken, Beef, Pork, Prepared Foods, and Other, which includes Int'l. In F2017 (year ended Oct 2017), Chicken comprised 29% of sales and 36% of operating income. Beef comprised 37% of sales and 27% of operating income. Pork comprised 13% of sales and Prepared Foods comprised 20%. TSN's operating segments are by nature low-margin. In F2015, TSN's beef segment did not generate positive operating income, due to due supply and demand imbalances and greater relative value of other proteins. (14 Oct 2018)

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US Employment: Modest Gains for Jobs & Wages

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IG European Consumer 2019: Known Unknowns

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November 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the forty company recommendation changes made on North American companies during the month of November.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.
Focused

Tyson F4Q18: Looking For Pricing Stability in F19

Earnings Note: 13 Nov 2018, 2:22 PM ET - TSN reported a mostly solid end to F2018 despite pricing weakness in Chicken and Pork caused by domestic supply buildups. The company expects margin compression in these segments in F2019, but the overall margin outlook remains healthy.

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Employment: 3.0% Wage Growth on the Horizon

Strategy Analysis: 05 Oct 2018, 12:24 PM ET - September nonfarm payrolls disappointed on the headline number, but under the surface, the report was solid.  Wages posted another strong gain and are just one tick away from the 3.0% YoY milestone.

US Income & Spending: Consumption Stays On Track

Strategy Analysis: 01 Oct 2018, 6:11 AM ET - The August income & spending report contained another solid reading for consumer spending, continued income growth, and modest inflation. We dig into the pricing environment for a few discretionary spending categories.
Focused

Tyson: CEO Resigns, Citing Personal Reasons

Worth Watching: 17 Sep 2018, 9:29 PM ET - Tyson (Baa2/BBB) announced that Tom Hayes has stepped down as CEO, citing personal reasons. TSN simultaneously announced that its board of directors has appointed Noel White, as President and CEO, effective September 30, 2018. White was formerl ..

US Employment: Finally, A Wage Growth Surprise

Strategy Analysis: 07 Sep 2018, 4:06 PM ET - The August employment report contained the long-awaited breakout in wage growth to a new cycle high. Payroll growth was also solid, and we highlight our outlook for it going forward.

US Income & Spending: Inflation Momentum Fading?

Strategy Analysis: 30 Aug 2018, 2:43 PM ET - July consumer spending and income increased largely as expected, providing a solid start to 3Q spending. The core PCE deflator hit the Fed’s 2.0% target. We highlight that the recent inflation data have cooled some from earlier this year.
Focused

Tyson Foods: "I'll Have the Chicken Nugget Meal"

Worth Watching: 20 Aug 2018, 5:03 AM ET - Tyson Foods (Baa2/BBB) has reportedly agreed to acquire Keystone Foods, which supplies chicken nuggets to McDonald's, for $2.5 bn. It had been reported that TSN was in talks with Keystone's owner, Marfrig, to buy the assets for $3 bn. We have not ..
Focused

Tyson F3Q18: Tar-rifts

Earnings Note: 06 Aug 2018, 9:07 PM ET - Retaliatory actions by U.S. trade partners are crimping protein export market fundamentals and leading to a buildup in domestic supplies that is putting pressure on TSN's margins in Pork and Chicken. 
Focused

Tyson Foods: Tariff Ripple Effects

Worth Watching: 30 Jul 2018, 11:13 AM ET - Tyson Foods (Baa2/BBB) lowered its F2018 EPS guidance on Monday from $6.55-7.00/sh to $5.70-6.00/sh, or $0.92 at the mid-point, due knock-on impacts from tariffs that have resulted in higher domestic protein supply levels and lower prices. The m ..

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