Chicken is back, and its renewed popularity is boosting the shares of producer Pilgrim’s Pride Corp.
More Americans are buying poultry at the supermarket, and more restaurants are adding chicken sandwiches to their menus. That’s led to the company being “short to tight” on supplies that are ready for the meat cases at grocery stores, Jayson Penn, chief executive officer of Pilgrim’s Pride, told analysts on a call Thursday. The Greeley, Colorado-based company reported earnings that beat the highest estimate after markets closed Wednesday.
The stock rose 7.1% to $28.97 at 11:42 a.m. in New York, and earlier jumped as much as 8.1%, the most since May 2018. The company’s controlling shareholder JBS SA gained as much as 9% in Sao Paulo trading.
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