Smithfield (SFD), Tyson (TSN) Poised to Benefit from New Government Proposal
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Price: $22.25 -0.13%
Rating Summary:
11 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
11 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Shares of Smithfield Foods Inc. (NYSE: SFD) are trading up 2.6 percent, to $20.50 today, following Cowen Group initiating coverage on the company this morning with an Outperform rating.
In addition, there were reports from Bloomberg that companies like Smithfield and Tyson Foods (NYSE: TSN) have the potential to benefit due to a plan under the Obama administration, which aims to ease approval procedures for product labels. Tyson is also seeing upside this afternoon, gaining about 1 percent to $18.49.
The new proposal asks the U.S. Department of Agriculture’s Food Safety and Inspection Service to lower its requirements for approval on meat, poultry, and egg product labels before they may be used.
The plan was announced today as part of a government-wide effort to reduce reporting requirements and save businesses and individuals billions of dollars in compliance costs.
In addition, there were reports from Bloomberg that companies like Smithfield and Tyson Foods (NYSE: TSN) have the potential to benefit due to a plan under the Obama administration, which aims to ease approval procedures for product labels. Tyson is also seeing upside this afternoon, gaining about 1 percent to $18.49.
The new proposal asks the U.S. Department of Agriculture’s Food Safety and Inspection Service to lower its requirements for approval on meat, poultry, and egg product labels before they may be used.
The plan was announced today as part of a government-wide effort to reduce reporting requirements and save businesses and individuals billions of dollars in compliance costs.
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