AgFeed climbs 15% on 2008 guidance affirmation
AgFeed Industries Inc.’s (Nasdaq:FEED) stock got a 15% boost this morning after the commercial hog producer affirmed its 2008 earnings guidance.
The New York-based company also announced before the bell this morning that it plans to acquire four producing commercial hog farms by early September.
Citing a favorable market environment in its business, declining raw materials input costs and greater operating efficiencies from operations, AgFeed affirmed its previously reported 2008 adjusted net earnings per share guidance of between $1.08 and $1.20 per share.
Analysts polled by Thomson First Call are expecting $1 per share.
By mid-morning, shares of AgFeed are at $12.20, up $1.61 from Friday’s close. The stock has traded between $7.11 and $21.31 during the past 52 weeks.
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