Stock Market News: PacWest, regional bank shares rise, Tyson tumbles, Tesla’s Texas factory

A Tyson food product is seen in Montpelier, Vt., Nov. 18, 2011. Tyson Foods posted a loss in its fiscal second quarter, its first quarterly loss since 2009, and cut its sales forecast as its performance was weighed down by hefty charges related to plant closures and restructuring. Shares slid more than 9% before the market open on Monday, May 8, 2023. (AP Photo/Toby Talbot, File)

Tyson Foods posted a loss in its fiscal second quarter, its first quarterly loss since 2009, and cut its sales forecast as its performance was weighed down by hefty charges related to plant closures and restructuring.

The Springdale, Arkansas-based company, whose brands include Jimmy Dean, Hillshire Farm, Ball Park and its namesake, lost $97 million, or 28 cents per share for the three months ended April 1.

A year earlier it earned $829 million, or $2.28 per share. Taking out plant closure-related charges and restructuring charges, it lost 4 cents per share. Analysts polled by Zacks Investment Research predicting a profit of 81 cents per share.

MARKETS

Bud Light parent Anheuser-Busch to help distributors amid Mulvaney controversy

Anheuser-Busch InBev is planning to help distributors feeling the sting of the controversy involving the beer giant's promotional effort with transgender activist Dylan Mulvaney.

As the Bud Light controversy over Dylan Mulvaney lingers, parent Anheuser-Busch is taking steps to appease distributors.

PacWest shares jumped on Monday after the company made another move to ease investor concerns. The bank cut its dividend to $0.01 in an effort conserve cash.

Paul Taylor, President and CEO, commented, “Given current economic uncertainty, recent volatility in the banking sector and potential changes in regulatory capital requirements, we view reducing the dividend as a prudent step to accelerate our plans to build capital to CET1 of 10%+. Our business remains fundamentally sound, and we will continue with our strategy to focus on our relationship-based community banking model.”

MARKETS

Berkshire Hathaway's Charlie Munger shares AI skepticism, Warren Buffett compares tech to 'atom bomb'

Berkshire Hathaway's Warren Buffett and Charlie Munger shared their thoughts on artificial intelligence at the company's annual shareholder meeting, expressing skepticism and concerns about the technology.

At Berkshire Hathaway's annual meeting over the weekend, Warren Buffett and right hand Charlie Munger expressed skepticism over artificial intelligence.