Almost 12 million pounds of Tyson chicken strips have been recalled because they might have metal - CNN

The recall now affects more than 11.8 million pounds of frozen, ready-to-eat chicken strip products that were shipped nationwide, up from more than 69,000 pounds when the recall initially was issued in March, the US Department of Agriculture's Food Safety and Inspection Service said in a statement.

The expansion comes after three of six people who complained about finding pieces of metal in certain Tyson products also said they suffered an injury in their mouth, the agency said.

The products now being recalled were produced from October through March 8, and they have "use by" dates of October 1, 2019, through March 7, 2020.

Each of the recalled products have establishment number "P-7221" on the back of the package.

Products under the recall include:

• Tyson fully cooked crispy chicken strips in 25-ounce and 40-ounce bags;

• Tyson fully cooked Buffalo-style chicken strips in 25-ounce and 40-ounce bags;

• Tyson fully cooked honey BBQ flavored chicken strips in 25-ounce bags;

• Best Choice Buffalo-style chicken strips in 20-ounce bags;

• Great Value fully cooked chicken strips in 25-ounce bags;

• Food Lion crispy chicken strips in 25-ounce bags.

In the previous recall, the products had only one use-by date: November 30, 2019.

The Food Safety and Inspection Service said it initially discovered the problem because of two consumer complaints about extraneous materials in chicken strip products.

But the agency said it "is now aware of six complaints during this time frame involving similar pieces of metal."

Three of the complainants alleged they had an oral injury, it said.

Consumers are urged to throw away or return products that might be affected and not to consume them.

"FSIS is concerned that some product may be in consumers' freezers," the agency said in a news release. "These products should be thrown away or returned to the place of purchase."

Consumers with questions about the recall can call Tyson Foods at 866-886-8456.

In January, Tyson recalled 36,420 pounds of chicken nuggets after a consumer reported finding rubber in the chicken nuggets.

Also in January, Perdue issued a recall after receiving three complaints from consumers who reported finding wood in gluten-free chicken nuggets.

CNN's Madeline Holcombe and Joe Sutton contributed to this report.

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2019-05-04 13:27:00Z
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Berkshire Hathaway Q1 earnings grow, but Kraft Heinz is missing - Yahoo Finance

Berkshire Hathaway (BRK-A, BRK-B) reported Q1 results that appear to be a bit stronger than what was expected by analysts.

Q1 operating earnings increased to $5.55 billion from $5.29 billion a year ago. This was higher than the $5.29 billion expected by analysts. (Note, operating earnings do not include quarterly gains or losses from Berkshire’s investments and derivatives portfolios.)

It’s very important to note that Berkshire’s results do not include the impact of Kraft Heinz’s (KHC) recent woes. Berkshire holds a significant stake in the company.

[Click here for coverage of the 2019 Berkshire Hathaway Shareholders Meeting.]

“As of May 3, 2019, Kraft Heinz has not filed its 2018 Form 10-K with the Securities and Exchange Commission. In addition, Kraft Heinz has not made its financial statements for the first quarter of 2019 available to Berkshire. Accordingly, Berkshire does not have the necessary financial information to determine its share of the earnings of Kraft Heinz for the first quarter of 2019. As a result, Berkshire’s first quarter 2019 other operating earnings excludes such amount.”

Management says they’ll take Kraft Heinz into account as soon as they make available their financial results.

“Other operating earnings in the first quarter of 2018 included $234 million related to Berkshire’s investment in Kraft Heinz,” they noted.

The news comes hours before the 2019 Berkshire Hathaway Shareholders Meeting.

The “meaningless” and “misleading” part of Berkshire’s results

Net earnings, which has become very volatile due to an accounting rule change, came in at $21.7 billion or $13,209 per A share and $8.81 per B share. This compared to a $1.1 billion loss a year ago. During the period, Berkshire benefited from a $15.1 billion unrealized gain on its stock portfolio.

“The amount of investment gains/losses in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules,” Berkshire management noted. Emphasis theirs.

Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., tours the trading floor at the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Sept. 30, 2011. (Scott Eells/Bloomberg via Getty Images)

As mentioned above, Berkshire Hathaway’s bottom line has become a lot more volatile lately, not because its business model changed. Rather, it’s because of accounting.

A recent change to generally accepted accounting principles (GAAP) by the Financial Accounting Standards Board (FASB) requires companies to account for short-term swings of their equity investments in their quarterly earnings. These are known as unrealized gains and losses— unrealized because these are paper losses, not actual losses (or realized gains and losses) that come from the sales of these securities.

“That requirement will produce some truly wild and capricious swings in our GAAP bottom-line,” Buffett said in his 2017 letter to shareholders. “Berkshire owns $170 billion of marketable stocks (not including our shares of Kraft Heinz), and the value of these holdings can easily swing by $10 billion or more within a quarterly reporting period. Including gyrations of that magnitude in reported net income will swamp the truly important numbers that describe our operating performance. For analytical purposes, Berkshire’s ‘bottom-line’ will be useless.”

“[N]either Berkshire’s Vice Chairman, Charlie Munger, nor I believe that rule to be sensible,” Buffett wrote on the first page of his 2018 letter to shareholders. “Rather, both of us have consistently thought that at Berkshire this mark-to-market change would produce what I described as ‘wild and capricious swings in our bottom line.’”

So what are investors to do when they get they peruse the quarterly income statement of a company holding a lot of equity investments?

“Our advice? Focus on operating earnings, paying little attention to gains or losses of any variety.”

2019 Berkshire Hathaway Shareholders Meeting

—

Sam Ro is managing editor at Yahoo Finance. Follow him on Twitter: @SamRo

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2019-05-04 12:23:00Z
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Elon Musk takes girlfriend Grimes on date-night in Malibu - Daily Mail

Big spender! Billionaire Elon Musk takes girlfriend Grimes on date-night in Malibu just hours after announcing plan to buy $25m of Tesla stock

• Elon Musk, 47, and Grimes, 31, went public with their relationship in May 2018
• Pair were spotted walking hand-in-hand after date night at Nobu in Malibu
• Comes as Tesla CEO announced he would buy $25million of stocks in company 

By Dianne Apen-sadler For Mailonline

Published: 11:37 BST, 4 May 2019 | Updated: 11:42 BST, 4 May 2019

Elon Musk and his girlfriend Grimes were spotted enjoying a date night in Malibu - as the CEO announced he would buy $25million of Tesla stock.

The 47-year-old billionaire kept his look casual, opting for a white button down shirt with a blazer and dark navy jeans for their dinner at Nobu.

Grimes, who now goes by the name 'c', went public with her relationship with Musk in May 2018.

They were seen walking hand-in-hand, with the 31-year-old musician covering her mitts with red fingerless gloves.

Elon Musk and his girlfriend Grimes were spotted enjoying a date night in Malibu - as the CEO announced he would buy $25million of Tesla stock

They were seen walking hand-in-hand, with the musician covering her mitts with red fingerless gloves

Grimes, real name Claire Elise Boucher, wore a split khaki jumper with black stripes over a pair of black skinny jeans paired with stylish chunky boots.

Keeping her pink locks covered with a black beret, the songstress was seen carrying a denim jacket covered in a graffiti print. 

Yesterday it was announced that the South Africa-born business tycoon would buy $25million of stocks - more than double his initial commitment.

The electric car maker raised the size of its planned share offering to 3.1 million shares, priced at $243 apiece, on Friday.     

The 47-year-old billionaire kept his look casual, opting for a white button down shirt with a blazer and dark navy jeans for their dinner at Nobu

Tesla had said on Thursday it would raise up to $2.3 billion in new capital through shares and debt, easing Wall Street concerns about the money-losing company's ability to overcome a drop in sales and build new product lines. 

The company plan to issue shares and convertible debt comes after the company repeatedly pushed back forecasts for turning a profit.

The company faces expensive challenges, including launching production in China, overhauling its U.S. retail and service operations and developing new models, including the high-volume Model Y SUV and a Semi commercial truck. 

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2019-05-04 10:37:13Z
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Nearly 12M pounds of Tyson frozen chicken strips recalled because they may contain metal - USA TODAY

Kelly Tyko USA TODAY

Published 4:01 AM EDT May 4, 2019

Tyson Foods Inc. has recalled approximately 11.8 million pounds of frozen chicken strips because the products may be contaminated with metal, the United States Department of Agriculture announced Saturday.

The government agency said this is an expansion of a March 21 recall when 69,093 pounds of strips were identified.

The affected products were produced between Oct. 1, 2018 and March 8, 2019 and have "Use By Dates" of Oct. 1, 2019 through March 7, 2020, the notice says. They have the establishment number "P-7221" printed on the back of the product package.

The problem was discovered after the agency received two consumer complaints of "extraneous material" in the chicken strip products, according to the release. The USDA names "pieces of metal" as the possible contaminant. 

Along with chicken products under the Tyson name, the recall also affects select Publix, Kirkwood, Giant Eagle, Hannaford, Food Lion, Best Choice, Great Value, Meijer and Spare Time products. The products were shipped to retailers nationwide.

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The agency is "now aware of six complaints during this time frame involving similar pieces of metal with three alleging oral injury."

USDA's Food Safety and Inspection Service classified the announcement as a "Class I" recall. Such recalls are considered a high health risk – a "situation where there is a reasonable probability that the use of the product will cause serious, adverse health consequences or death."

The agency says it is concerned that some product may be in consumers' freezers.

"Consumers who have purchased these products are urged not to consume them," the recall notice states. "These products should be thrown away or returned to the place of purchase."

More information about how to identify recalled products is included in a visual guide published by the USDA and a chart with a list of items.

For questions about the recall, consumers should call Tyson Foods Consumer Relations at 1-866-886-8456.

May 4 recalled items

The recalled items were produced have "Use By Dates" of Oct. 1, 2019 through March 7, 2020 and have the establishment number "P-7221" printed on the back of the product package.

• Tyson fully cooked crispy chicken strips, 40-ounce frozen plastic bag
• Tyson fully cooked buffalo style chicken strips, 40-ounce frozen plastic bag
• Tyson fully cooked honey BBQ flavored chicken strips, 25-ounce frozen plastic bag
• Best Choice Buffalo Style Chicken Strips, 20-ounce frozen plastic bag
• Great Value Fully Cooked Chicken Strips Crispy, 25-ounce frozen plastic bag
• Food Lion crispy chicken strips fully cooked, 25-ounce frozen plastic bag
• Tyson fully cooked crispy chicken strips, 25-ounce frozen plastic bag
• Tyson fully cooked buffalo style chicken strips, 25-ounce frozen plastic bag
• Food Lion buffalo-style chicken strips fully cooked, 25-ounce frozen plastic bag
• Meijer crispy chicken strips, 25-ounce frozen plastic bag
• Meijer chicken strips, honey BBQ flavored, 25-ounce frozen plastic bag
• Meijer chicken strips buffalo style, 25-ounce frozen plastic bag
• Giant premium chicken strips, 25-ounce frozen plastic bag
• Giant Eagle crispy fully cooked chicken strips, 25-ounce frozen plastic bag
• Publix fully cooked crispy chicken strip fritters, 25-ounce frozen plastic bag
• Kirkwood Honey BBQ flavored chicken strips, 25-ounce frozen plastic bag
• Kirkwood buffalo style chicken strips, 25-ounce frozen plastic bag
• Hannaford buffalo-style chicken strips fully cooked, 25-ounce frozen plastic bag
• Hannaford crispy chicken strips fully cooked, 25-ounce frozen plastic bag
• Select Spare Time fully cooked strips in a variety of flavors in 20-pound frozen cases

March 21 recalled items

• Tyson fully cooked buffalo style chicken strips, 25-ounce frozen plastic bag
• Tyson fully cooked crispy chicken strips, 25-ounce frozen plastic bag
• Spare Time fully cooked, buffalo style chicken strips, 20-pound frozen case

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E. coli outbreak grows: 177 people reported sick from ground beef

Contributing: Joel Shannon

Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko

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2019-05-04 08:01:00Z
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Tyson Foods, Inc. Recalls Chicken Strip Products Due to Possible Foreign Matter Contamination - USDA.gov

EDITOR’S NOTE: This release is being reissued as an expansion of the March 21, 2019 recall, which consisted of 69,093 pounds of frozen, ready-to-eat chicken strip products. The scope of this recall expansion now includes more information and an additional 11,760,424 pounds of product.

WASHINGTON, May 4, 2019 – Tyson Foods, Inc., a Rogers, Ark. establishment, is recalling approximately 11,829,517 million pounds of frozen, ready-to-eat chicken strip products that may be contaminated with extraneous materials, specifically pieces of metal, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today.

The frozen, ready-to-eat chicken strip items were produced on various dates from Oct. 1, 2018 through March 8, 2019 and have “Use By Dates” of Oct. 1, 2019 through March 7, 2020. The chart contains a list of the products subject to recall.[View Labels (PDF only)]

The products subject to recall bear establishment number “P-7221” on the back of the product package. These items were shipped to retail and Department of Defense locations nationwide, for institutional use nationwide and to the U.S. Virgin Islands.

The problem was discovered when FSIS received two consumer complaints of extraneous material in the chicken strip products. FSIS is now aware of six complaints during this time frame involving similar pieces of metal with three alleging oral injury.

Anyone concerned about an injury or illness should contact a healthcare provider.

FSIS is concerned that some product may be in consumers’ freezers. Consumers who have purchased these products are urged not to consume them. These products should be thrown away or returned to the place of purchase.

FSIS routinely conducts recall effectiveness checks to verify recalling firms notify their customers of the recall and that steps are taken to make certain that the product is no longer available to consumers. When available, the retail distribution list(s) will be posted on the FSIS website at www.fsis.usda.gov/recalls.

Consumers with questions about the recall can contact Tyson Foods Consumer Relations at 1-866-886-8456. Members of the media with questions about the recall can contact Worth Sparkman, Public Relations Manager, Tyson Foods, Inc., at Worth.Sparkman@Tyson.com (479) 290-6358.

Consumers with food safety questions can "Ask Karen," the FSIS virtual representative available 24 hours a day at AskKaren.gov or via smartphone at m.askkaren.gov. The toll-free USDA Meat and Poultry Hotline 1-888-MPHotline (1-888-674-6854) is available in English and Spanish and can be reached from 10 a.m. to 6 p.m. (Eastern Time) Monday through Friday. Recorded food safety messages are available 24 hours a day. The online Electronic Consumer Complaint Monitoring System can be accessed 24 hours a day at: http://www.fsis.usda.gov/reportproblem.

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2019-05-04 05:48:16Z
CBMijgFodHRwczovL3d3dy5mc2lzLnVzZGEuZ292L3dwcy9wb3J0YWwvZnNpcy90b3BpY3MvcmVjYWxscy1hbmQtcHVibGljLWhlYWx0aC1hbGVydHMvcmVjYWxsLWNhc2UtYXJjaGl2ZS9hcmNoaXZlLzIwMTkvcmVjYWxsLTAzNC0yMDE5LWV4cC1yZWxlYXNl0gEA

Soft Wage Growth, Short Hours Mar April Jobs Report; Dow Jones Rises - Investor's Business Daily

The U.S. economy added 263,000 jobs in April as the unemployment rate fell to 3.6%, a half-century low, the Labor Department reported on Friday. The headline jobs numbers looked stellar, but the jobs report looked pretty lousy below the surface. Wage growth came in on the soft side for a second straight month, even as workers clocked fewer hours. So why did the Dow Jones and broader stock market add to modest stock market gains after the April jobs report?

X

Wall Street may have dismissed the bad news as a likely statistical quirk. Or else, investors celebrated the not-too-hot report as welcoming for Goldilocks — and a dovish Fed.

The bottom line for any jobs report is the aggregate change in weekly pay. That factors in net hiring, average hourly wage growth and the change in total hours worked across the economy. In April, aggregate weekly payrolls rose just 0.1%, matching the low since late 2016. But official data suggest this wasn't just a one-month blip: The year-over-year change in weekly payrolls slowed to 4.9%. That matches the weakest growth in a year and is down a half-percentage-point from average growth in the second half of 2018.

Has Job Growth Slowed?

The private sector added 236,000 jobs. That's the number to key in on in coming months as the government ramps up hiring for the decennial census.

Wall Street economists expected 180,000 new jobs, including 178,000 in the private sector. The consensus forecast called for 3.8% unemployment and 3.3% average hourly wage growth.

After a combined 16,000 upward revision to job gains for March and April, the economy averaged a pretty solid 169,000 new jobs per month over the past three months. But the monthly pace of private-sector hiring has slipped to 154,000.

In April, the private sector added 33,000 construction jobs and 202,000 service-sector jobs. But there were two weak spots. Automakers shed 1,500 jobs, while retailers cut 12,000.

The economy is still adding more than enough jobs for new labor market entrants, allowing for more declines in unemployment. But it does look like job growth is slowing. Still, three months is too short of a period to make any conclusions. Recall that the economy added 300,000 jobs during a mild January, which contributed to February's weak print.

Blame Soft Wage Growth On The Calendar?

Ian Shepherdson, chief economist at Pantheon Economics, suggested that the jobs report's soft wage growth shouldn't be taken at face value. He noted that the survey week didn't include the 15th and April had an extra work day. "When both quirks come in the same month, AHE (average hourly earnings) tends to be depressed," Shepherson tweeted.

Yet that doesn't explain the shorter average workweek, which slipped to 34.4 hours from 34.5 hours.

Still, it's best not to make too much of a single month's data.

Dow Jones And Treasury Yield Reaction

In Friday's stock market trading, the Dow Jones rose 0.4%, the S&P 500 0.6% and the Nasdaq composite 1.1%, near session highs. The 10-year Treasury yield, which rose to 2.56% ahead of the report, fell to 2.52% after the data.

The bond market seemed to key in on the soft wage and hours worked data, and stocks took their cue from the bond market. Slowing job growth, if it continues and inflation stays muted, could raise the odds of a Fed rate cut later this year.

Wage Growth, Labor Market Slack Key To Outlook

Wage growth has shown no sign of letting up. After Amazon (AMZN) hiked its minimum wage to $15 an hour starting November, Costco (COST) followed suit in March. Last month, Target (TGT) raised its minimum wage to $13 an hour, up from $12.

Now that the tax-cut boost to consumer incomes has begun to fade, a key question is whether companies will slow hiring. That depends, in part, on whether employers can attract sidelined workers back into the labor market. As an example, McDonald's (MCD) is teaming up with AARP as it turns to seniors to help fill 250,000 summer jobs.

Faster productivity growth also could help sustain higher wage growth, as worker output rises. On Thursday, the Labor Department reported that productivity rose 2.7% from a year ago in the first quarter, the biggest jump since 2010. It's not yet clear whether that's a blip or higher productivity is here to stay.

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2019-05-03 15:22:30Z
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Buffett says Berkshire is sticking with Apple and he's pleased with latest earnings report - CNBC

Berkshire Hathaway is sticking with its sizable Apple stake, Warren Buffett said.

"We haven't changed our [Apple] holdings," Buffett told CNBC's Becky Quick on Thursday, on the eve of the kickoff of Berkshire Hathaway's annual shareholder meeting in Omaha this weekend.

Apple shares are up more than 32% this year, including a boost from the iPhone maker's better-than-expected first-quarter earnings report this week.

"I was pleased with what they reported," Buffett said, while noting he never makes investment decisions based on a single quarterly report. "What they talked about and reported is consistent with the reason we own $50 billion-plus of Apple."

Berkshire owned more than $40 billion worth of the tech giant as of end of last year, according to its 2018 annual letter. The conglomerate decreased its stake in Apple by nearly 3 million shares in the fourth quarter of 2018, but Buffett said at the time that the selling wasn't under his direction.

"Unless — and I have no reason to think this is true — but there's one fellow that owns a little over 1% of our holdings in the office and I don't see what he does every day. I have no reason to think he's bought or sold Apple," Buffett added Thursday.

The "Oracle of Omaha" first announced Berkshire's investment in Apple in February 2017 despite Chairman Buffett's usual aversion to tech stocks. He told CNBC at the time that he clearly likes Apple, and "we buy them to hold."

Buffett also told CNBC on Thursday that Berkshire has been buying shares of Amazon.

Tens of thousands of investors are heading to Omaha for the annual shareholder meeting on Saturday to hear from Buffett about his succession plan, investment strategy and market outlook.

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2019-05-03 14:22:48Z
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