Opening our summary today is Pilgrim's Pride Corp. who today announced its second-quarter net income fell to $32.92 million from $53.24 million in the year-ago period. The company reported net sales of $1.71 billion for the second quarter ended June 27, 2010 versus $1.78 billion in the previous year. These results include nonrecurring administrative restructuring charges of $16.9 million pre-tax, or $10.5 million after tax, related to the writedown of net book value of two office buildings.

In other news, fifty-five farmers signed a petition and sent it to Maryland Gov. Martin O’Malley on Thursday, asking him to hold large poultry producers responsible for pollution from chicken houses seeping into the Chesapeake Bay.

A disagreement among poultry producers about whether chicken injected with salt, water and other ingredients can be promoted as "natural" has prompted federal officials to consider changing labeling guidelines. The U.S. Department of Agriculture had maintained that if chicken wasn't flavored artificially or preserved with chemicals, it could carry the word "natural" on the package.

In restaurant news, CKE Restaurants, Inc. announced the completion of its acquisition by Columbia Lake Acquisition Holdings, Inc., an affiliate of Apollo Management VII, L.P. ("Apollo").

Discounting isn't letting up much at casual-dining restaurants. DineEquity Chief Executive Julia Stewart says independent and chain restaurants both are still relying on discounts of existing meals to attract customers, crimping the profit on those items.

Ruth's Hospitality Group Inc., the restaurant company that owns the famous chain Ruth's Chris Steak House, said Friday that its second-quarter profit climbed more than 60 percent as revenue rose and it worked to control expenses.

Elsewhere, the Ministry of Economic Affairs (MOEA) said yesterday that big differences still remain in the dispute between Taiwan and the U.S. over U.S. beef imports, but both sides are in discussions on the issue at a technical level.

From Washington, Congresswoman Rosa DeLauro (D-CT), a longtime advocate for more stringent food safety laws, introduced a bill with the "goal of completely eradicating the dangerous Shiga toxin-producing E. coli bacteria."

President Obama has announced progress on his pledge to double U.S. exports over the next five years including the development of a new presidential advisory council on exports. But the National Cattlemen's Beef Association wants to see results instead of more talk. Right now, China is still the only major market that is completely closed to U.S. beef, while they have made deals with Canada and New Zealand.

Lastly, you've heard of cow tipping? It really happens: A community art project that installed 37 fiberglass cows in and around Vermont's biggest city has been plagued by vandalism, leaving four men charged, one injured — the cow he tipped broke his foot — and sponsors beefing up security. In all, six of the 600-pound sculptures have been targeted by vandals since being installed in May.

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