NEW YORK: Tyson Foods Inc disclosed on Monday it had received a subpoena from U.S. authorities that it said likely stemmed from allegations the company conspired for years with rivals to fix chicken prices.Last year, U.S. poultry buyers sued Tyson, the nation's biggest chicken processor, and other companies, claiming they had colluded since 2008 to reduce production in violation of antitrust laws. The company has said it will fight the accusations.Tyson's stock was last down 2 percent at $64.06 after earlier falling more than 3 percent. Shares of Pilgrim's Pride, which is mostly owned by meat packer JBS SA, were down 1.7 percent at $19.08.Shares of Sanderson Farms Inc, which was also named in the price-fixing lawsuit, fell 1.7 percent to $89.65. Tyson has denied those allegations. Sales were $9.18 billion, up from $9.15 billion a year ago.Analysts on average expected earnings of $1.26 per share and revenue of $9.05 billion, according to Thomson Reuters I/B/E/S.Tyson raised its forecast for full-year profit to $4.90 to$5.05 per share, up from its earlier forecast of $4.70 to $4.85.- Reuters

Source: The Star February 06, 2017 22:50 UTC