The nation's largest chicken producer, Pilgrim's Pride Corp., said Thursday that high animal feed costs will force it to post a “significant loss” in its fiscal fourth quarter and that it was trying to negotiate new terms with its lenders.
Its shares, which had already dropped 38 percent a day earlier before being halted, slid nearly 40 percent more to levels not seen since 2002.
The company, which holds about a quarter of the U.S. chicken market, said it is so sagged by debt that it may not meet the terms of its loan agreements, which means it could be forced to repay its debts faster than expected and possibly penalties. -- Associated Press
Research In Motion Ltd. forecast third-quarter profit that missed analysts' estimates after boosting marketing to ward off Apple Inc.'s new iPhone and introduce handsets. The shares fell 16 percent in late trading.
Profit will be 89 cents to 97 cents a share on sales of as much as $3.1 billion, Research In Motion said Thursday in a statement. Analysts predicted 99 cents in profit on average and revenue of $2.96 billion, according to a Bloomberg survey. -- Bloomberg News
Weekly jobless claims surged to the highest level in seven years and durable goods orders took a bigger-than-expected tumble, according to government data released Thursday.
The Labor Department reported that jobless claims jumped by 32,000 to a seasonally adjusted 493,000 last week, the highest level since September 2001.
In a second report, the Commerce Department said that new orders for big-ticket manufactured goods fell by 4.5 percent last month, led by a big drop in demand for airplanes and other goods. -- Associated Press