BizBuzz
Longview News-Journal business editor Mike Elswick, fickle fleeting fingers racing across his keyboard, updates East
Texans on business and consumer issues affecting them and the region in his blog -- BizBuzz. Mike, a self-professed business news junkie, joined the News-Journal staff in March 1984 and has covered a variety of issues, events and personalities in that time. His newspaper career has also included time as circulation director and a community newspaper publisher. He and his wife Nancy raised their three children in Longview and they have two grandchildren.
What's on this page →
The entry titled "Wall Street responds favorably to Pilgrim's cuts," and any of the comments about it.
Categories
Commenting is open from 8 a.m. to 5 p.m. M-F
Recent entries
Mike Elswick's business coverage
Home
>
BizBuzz
>
Archives
>
2008 > July > 16 > Entry
Wall Street responds favorably to Pilgrim’s cuts
By Mike Elswick
| Wednesday, July 16, 2008, 03:47 PM
The Wall Street crowd evidently viewed favorably Tuesday’s announcement by Pittsburg-headquartered Pilgrim’s Pride it was taking more steps to cut costs.
Pilgrim’s Pride stock jumped 7 percent in trading Wednesday and closed at $15.59. That was up by $1.02 per share from Tuesday’s close and represents the first time the company’s stock edged above the $15 a share mark in nearly a month.
Pilgrim’s stock was riding a rapid downward trajectory since May 28 when it closed at $26.85. Shares bottomed out at $11.25 on July 8 and have been inching mainly upward since then.
The company, hard hit by record high prices for chicken feed, announced production cuts of 5 percent in June. On Tuesday, Pilgrim’s announced it was cutting its work force at an El Dorado plant by 600 jobs and closing an El Paso distribution center where another 34 people worked.
Permalink
| Comments (0)
| Post your comment |
Commenting is open from 8 a.m. to 5 p.m. M-F
Comments