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Article: High corn prices slam Smithfield Foods stock.(Business)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- June 21, 2008
CopyrightCOPYRIGHT 2008 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Philip Walzer
The Virginian-Pilot
Smithfield Foods Inc.AEs stock plummeted to a 4' -year low this week, the victim of soaring corn prices and rising floodwaters in the Midwest.
By weekAEs end, the shares had stabilized, but analysts said the stockAEs fate remains intertwined with that of the primary ingredient used to feed SmithfieldAEs hogs.
SmithfieldAEs shares sank to $23.13 at the end of trading Wednesday on the New York Stock Exchange. That was down more than 27 percent from its $31.78 close on May 29, less than a month before. The stock hadnAEt sunk so low since January 2004 . It picked up on Thursday and closed at $23.97 ...