Smithfield Foods announced the sale of its beef segment to Brazil's JBS S.A. for $565 million in cash. The stock price jumped 5.7% to its highest close since December before falling until March 17, as the news was absorbed by investors.
Smithfield Foods announced a net income of $54.5 million as compared to $24.6 million in the previous year. The profit of the company doubled, which was mainly due to the increase in the sales of beef and pork, and lower loss from the discontinued operations.