Pilgrim's Pride shares fall on increased chicken supply outlook
CHICAGO, March 24 (Reuters) - Pilgrim's Pride Corp's stock price sank more than 8 percent on Tuesday on expectations that an increasing U.S. chicken supply will pressure profit margins, analysts said.
Shares of Tyson Foods Inc and Sanderson Farms Inc each slid about 3 percent.
The companies came under pressure from U.S. Department of Agriculture data, issued on Monday, that showed leading chicken breeders in February increased the number of young hens placed for future supply flocks by 9 percent from a year earlier, analysts said. (Reporting by Tom Polansek; Editing by Jonathan Oatis)
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