Leonard Teitelbaum Quotations

We are maintaining our neutral opinion on PPC (No. 2 U.S. poultry producer Pilgrim's Pride Inc.) following the company's comments this morning that it no longer expects to meet its previously announced earnings expectations for either F2006 (ends Sept) or the F2Q. We are reducing our F2006 estimate to $1.20 from $2.20 and are also now estimating a fiscal 2Q loss of $0.30 per share, down from earnings of $0.30 per share.

History indicates that less than 10 percent of the meat recalled over a time period such as this is actually returned,

I think we saw a chastened Dwayne Andreas, one who took full responsibility for what happened,

To see his name smacked through the mud, so to speak, was a tremendous blow to him. He's very vulnerable.

We had thought that much lower corn prices and the opening of the border to Japan would aid poultry and beef, respectively. It would appear this is aggressive.

Even though we feel confident that the shipment did not originate from Tyson, there is no question that every participant in the industry is going to suffer from guilt from association.

It would appear that the board has concluded it would be easier to teach an energy executive the agricultural side of the business, than an agricultural executive the energy side.

Despite its birth as a basic agricultural company, ADM has sent a message that its future lies in products surrounding energy, based on agricultural technology.

I don't think that was a play to the crowd. I think he absolutely meant it.

I don't think there's any rabbit to pull out of a hat here. I think at this particular point in time we're looking at this as a real dose of reality. I think there's only so much he can do with what he's got unless he comes up with something spectacular.