Hormel Foods cuts annual forecasts on weak China demand, adverse pork prices

News Snapshot:

Hormel Foods on Thursday cut its annual revenue and profit targets after missing quarterly results as the Skippy peanut butter maker wrestled with lower pork and turkey prices and sluggish demand in key market China. After raising prices over the past several quarters to soften the hit from higher costs, Hormel was forced to reduce prices on items like raw bacon to match lower market prices, denting profits in its international and U.S. retail segments. Peer Tyson Foods had also missed third-quarter expectations earlier this month and is exploring a sale of its poultry business in China to cut costs....