Wall Street is in the thick of earnings season. Here's the story behind Tyson Foods (TSN) and their numbers.
Dylan Ratigan explains Tyson Foods (TSN), the world's largest meat processor, has been struggling to navigate worldwide fears of bird flu and mad cow disease. But recent data suggests the company has turned a corner. On Monday they reported a $68 million dollar profit; a year ago in the same period it was a loss.
Tyson Foods Chief Executive Dick Bond joins the guys on the fast line.
Bond explains that bird flu has never been a key issue for Tyson. And in terms of mad cow, he explains conversations are going on with Japan to get trade more normalized.
Dylan asks how the increased cost of commodities impacts TSN.
Higher corn prices are an issue, replies Bond. And he explains TSN has passed along those increases by raising prices to consumers.
Eric Bolling asks if Tyson might drive the price of corn lower, by lobbying against ethanol, which Eric doesn’t think is a solution to the gas crisis.
Bond says he’d like to see tax benefits for using chicken and beef fat in lieu of corn for making fuel. He adds Tyson is partnering with ConocoPhillips (COP) to produce 175 million gallons of diesel in this manner.
On APR 27, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Strazzini Owns (NWS-A), (CBS) Bolling Owns (NMX), (SZE), (VE), (XOM),Gold, Silver, (TSO 120 puts -- May), Bolling is short Nasdaq Futures, and is short S&P Futures