Tyson Foods Stock Brushes Off Dismal 2024 Forecast

Chicken and pork prices are moving lower

Digital Content Manager
Nov 13, 2023 at 11:00 AM
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Tyson Foods Inc (NYSE:TSN) reported a fiscal fourth-quarter revenue miss this morning, and cut its 2024 forecast amid falling demand for beef, as well as lower chicken and pork prices, as consumers cut back on meat purchases due to high inflation. Earnings for the quarter still beat expectations, however, with shares last seen up 2% to trade at $47.88.

Bouncing off support at the $46 level, the equity is today looking to close above its 40-day moving average for the first time since mid-September. Though the $49 region is acting as pressure, the shares are still on pace for a third-straight daily win. So far this year, TSN is down 22.2%.

Options volume is already running at 12 times the intraday average, with 5,707 calls and 3,964 puts traded so far today. Most popular is the November 55 call, followed by the 50 call in that same series. 

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), TSN sports a 50-day put/call volume ratio of 1.52 that sits higher than 78% of readings from the past year. This suggests that puts have been more popular than usual.


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