Tyson Foods stock drops due to declining beef and pork prices.
Tyson Foods reported anticipated losses in 2023 due to lower profit margins on pork and beef, as prices for both have fallen over the past year due to softer demand. The company's overall sales were little changed compared to last year, and all four of its major protein businesses are experiencing "unusual challenges." Tyson Foods also announced plans to lay off 10% of its corporate workforce and 15% of its senior management positions.