Stock Market News: Tyson Foods Heats Up; Cars.com Crashes
Market benchmarks plunged on Monday after China allowed its currency, the yuan, to fall to the lowest level against the U.S. dollar in over a decade. China's move is widely viewed by analysts as retaliation for President Trump's decision last week to impose new tariffs on $300 billion in imported Chinese goods, spurring fresh concern for a global economic slowdown, as the two countries appear far from resolving their ongoing trade war. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 585 points to 25,900, and the S&P 500 (SNPINDEX: ^GSPC) had shed 64 points to 2,868.
Meanwhile, shares of Tyson Foods (NYSE: TSN) managed to buck today's downward pressure with the help of a solid quarterly report, and Cars.com (NYSE: CARS) fell hard after announcing the end of its strategic review without finding a buyer.
Shares of Tyson Foods gained 7.7% after the protein-centric food leader told investors its fiscal third-quarter 2019 sales grew 8.3% year over year to $10.89 billion, translating into a 2% decline in adjusted net income to $1.47 per share. Though Tyson's revenue was technically below analysts' estimates for closer to $11.05 billion, earnings arrived well above Wall Street's consensus models for $1.41 per share.
Quelle Fool.com
