Poultry stocks fall on bird-flu death reports

by 5m Editor
26 May 2006, at 12:00am

US - Shares of poultry producers fell on Wednesday, while those of some drug makers rose, after the release of a report of an Asian family&#39;s deaths from bird flu. Investors in the poultry industry sold on concerns about possible human-to-human transmission of the deadly virus. Shares of the largest chicken producer, Tyson Foods Inc., fell more than 2 percent. Those of Pilgrim&#39;s Pride Corp., Gold Kist Inc. and Sanderson Farms Inc. also slipped. In previous bird-flu scares, U.S. poultry exporters were hit on predictions that overseas consumers would switch from chicken and turkey to other proteins. The resulting glut of chicken in domestic producers&#39; warehouses then depressed prices of other meats. Despite that phenomenon, shares of pork processor Smithfield Foods Inc. rose Wednesday, climbing US$1, or 3.7 percent, to close at US$28.20. <i>Source: The China Post</i>

5m Editor