Poultry stocks fall on bird-flu death reports

by 5m Editor
26 May 2006, at 12:00am

US - Shares of poultry producers fell on Wednesday, while those of some drug makers rose, after the release of a report of an Asian family's deaths from bird flu. Investors in the poultry industry sold on concerns about possible human-to-human transmission of the deadly virus. Shares of the largest chicken producer, Tyson Foods Inc., fell more than 2 percent. Those of Pilgrim's Pride Corp., Gold Kist Inc. and Sanderson Farms Inc. also slipped. In previous bird-flu scares, U.S. poultry exporters were hit on predictions that overseas consumers would switch from chicken and turkey to other proteins. The resulting glut of chicken in domestic producers' warehouses then depressed prices of other meats. Despite that phenomenon, shares of pork processor Smithfield Foods Inc. rose Wednesday, climbing US$1, or 3.7 percent, to close at US$28.20. Source: The China Post

5m Editor