IBP Stock Falls on Prospects for Higher Hog Prices

THE JOURNAL RECORD, December 31, 1994 | Go to article overview

IBP Stock Falls on Prospects for Higher Hog Prices


NEW YORK _ Stock in meat processor IBP Inc. dropped 13.6 percent Friday after a government report suggested IBP may have to pay higher prices for hogs.

The Quarterly Hogs and Pigs Report from the U.S. Department of Agriculture said the swine breeding herd in the current quarter was down 3 percent from a year ago and 6 percent smaller than the previous quarter.

Analysts said that may mean IBP and other meat processors who don't own their own hogs may have to pay more to buy pork. The higher price ultimately could hurt profits. Goldman Sachs Co. and NatWest Securities downgraded their investment ratings on Dakota City, Neb.-based IBP because of the news. IBP stock fell $4.75 to close at $30.25 a share on the New York Stock Exchange. Network Systems to Cut Staff by 10 Percent

MINNEAPOLIS _ Network Systems Corp. said Friday it will cut its workforce by about 10 percent as part of an $8 million cost-cutting plan.

The restructuring is a response to disappointing third-quarter results and an expected earnings and revenue shortfall in the fourth quarter, the company said. The Minneapolis-based computer networking company said the cost-cutting measures will reduce its current fourth-quarter results.

Despite the news, Storage Technology Corp. said Friday it still plans to merge with Network Systems. Storage Technology, a Louisville, Colo.-based maker of information storage and retrieval systems for computers, said it sees the cost-cutting actions as an "aggressive response to the issues of the marketplace." Freeport-McMoRan Sells Power Plants for $100 Million

CHARLOTTE, N.C. _ Freeport-McMoRan Copper Gold Inc. said Friday its Indonesian unit has sold power plants for $100 million to a venture that will sell the power to Freeport's mining operations.

The sale is the first of a three-part transaction to sell the P.T. Freeport Indonesia unit's existing and future power plants to an Indonesian venture, P.T. Puncakjaya Power.

Affiliates of Duke Power Co. of Charlotte, N.C. and Northstar Energy Corp. of Canada each own 30 percent of the venture, as does Freeport. An Indonesian investor owns the remaining 10 percent.

Freeport also will sell $115 million worth of existing and planned power plants by the end of next year. Freeport-McMoran, of Reno, Nev., said it will use the proceeds to reduce debt. Occidental Petroleum Buys Placid Oil

LOS ANGELES _ Occidental Petroleum Corp. said Friday it has completed its acquisition of Placid Oil Co. for about $250 million in preferred and common stock.

Reserves held by Dallas-based Placid include about 17 million barrels of oil and 270 billion cubic feet of natural gas. Daily production this year averaged about 6,000 barrels of oil and 100 million cubic feet of natural gas. Privately held Placid also has a 39 percent interest in a pipeline in the Dutch sector of the North Sea.

About half of Placid's reserves are in the Netherlands, with the other half in North America. Most of its North American holdings are in Louisiana and Texas, where Los Angeles-based Occidental already has significant oil and gas operations. Clark Hopes To Extend Deadline To Buy Refinery

NEW YORK _ Clark USA said Friday it hopes to extend the deadline for its proposed $134 million purchase of a Chevron Corp. oil refinery in Port Arthur, Texas. Clark's purchase of the 185,000-barrels-a-day refinery was scheduled to be completed by Friday.

Chevron agreed earlier this year to sell the plant and its inventory to the unit of Toronto-based refiner Horsham Corp. But the cancellation of Clark's plans to sell stock and bonds to the public earlier this month made it more difficult for Clark to fund the purchase. Clark said talks are still ongoing. Figgie Sells Three Insurance Businesses

WILLOUGHBY, Ohio _ Figgie International Inc. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

IBP Stock Falls on Prospects for Higher Hog Prices
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.