Earnings estimates cut for nation''s meat makers
An analyst cut earnings estimates for the nation''s meat makers, saying prices will be kept down due to weak demand and export difficulties due to the expanding credit crisis, according to the Associated Press. The industry has been hit by slumping restaurant demand as consumers look to eat more at home, an oversupply of meat on the market that''s keeping prices down, and high input costs for key ingredients like corn and oil. Though those have tapered off their highs earlier this summer, some companies have lost money on bad hedges, further squeezing profit margins. The industry is facing slumping demand overseas as well because the dollar is gaining strength and foreign companies are having a difficult time getting credit to buy meat imports.