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Beef Up Your Position in Smithfield Foods

Smithfield Foods (NYSE:SFD) — This major producer of fresh and packaged meat products has a large operation in the United States, as well as in Poland, Rumania, Western Europe and Mexico.

On Friday, it exceeded FY second-quarter earnings estimates by over 10%, reporting 76 cents per share versus 69 cents. The improvement was driven by strong fresh pork earnings and better-than-expected exports. Credit Suisse has increased its annual earnings target for FY 2012 and FY 2013 to $2.55 and $2.80, respectively. Their price target is $29.

Technically SFD broke from a bullish saucer at $23, and a move above its recent high at $25.12 could result in a quick run to $30. It executed a bullish golden cross in November, which confirms a long-term uptrend. But following the earnings report and market pressures the stock might be bought under $23.

Trade of the Day – Smithfield Foods (NYSE:SFD)
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Trade of the Day Chart Key

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