SFD: Smithfield Foods, Inc. Message Board

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Non-Tech : SFD: Smithfield Foods, Inc.

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From: 249443	5/18/2002 10:01:09 AM
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"Naked Hogs Aren't Pretty" This is my nomination for best Research Paper Title of the year! "Merrill Lynch & Co . reduced earnings estimates for Smithfield Foods Inc. (SFD) Thursday, citing unhedged hog inventory positions. In a report he titled "Naked Hogs Aren't Pretty," analyst Leonard Teitelbaum cut his estimate for the current fiscal fourth quarter to 22 cents per diluted share from 30 cents, and to $1.78 from $1.86 for the year. His fiscal 2003 range dropped to $2 to $2.10 from $2.15 to $2.20 per diluted share. The Thomson Financial/First Call consensus for the quarter is 25 cents and for the year $1.80. For FY03 it is $1.97 per diluted share. Teitelbaum said pork producer Smithfield hadn't hedged live hog prices recently and that "naked" position left it vulnerable to a profit margin squeeze when selling prices declined more rapidly than wholesale prices. It could be fall before margins increase, the analyst wrote."

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