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Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday. Pizza Hut and KFC also reported shrinking same-store sales. Starbucks said bad weather dragged its same-store sales lower. Wingstop , Wall Street's favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter. This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald's.
Persons: It's, McDonald's, it's, Taco Bell, January's snowstorms, we've, Ian Borden, Wall, International's Popeyes, Chris Kempczinski, Laxman Narasimhan, Narasimhan, David Gibbs, Taco, Yum, Burger, Organizations: Starbucks Workers, D.C, Starbucks, KFC, Yum Brands, Taco, Bureau of Labor Statistics, Taco Bell, Brands Locations: Dupont Circle, Washington, Pizza, U.S, Australia, Canada, Germany, Japan, Taco
Influencer marketing is booming, and brands spend billions to promote products with a personal touch. But these days, the industry of influencer marketing is completely off the rails. Since 2016, the dollars driving the influencer marketing industry have ballooned from $1.6 billion a year to an estimated $21.1 billion in 2023, according to Influencer Marketing Hub. Marketers, brands, influencers, and platform companies all have opportunities to exploit one another to varying degrees of harm." It's not great for consumersDespite the money flying around, the FTC only provides basic guidelines about disclosure requirements for influencer marketing to protect consumers of their content.
Persons: , Emily Hund, Hund, David Camp, Michael Jordan, George Foreman, Brooke Shields, Calvin Klein, isn't, It's, Kim Kardashian, influencer Chiara Ferragni, Lindsay Lohan, DJ Khaled, Naomi Campbell, Kardashian, Dylan Mulvaney, Bud Light, Ben Shapiro, Donald Trump Jr, Camp Organizations: Service, Business, Social Media, Harvard Business, CBS News, Nike, Salton, FTC, SEC, Consumer, NBC Locations: influencers, California
Jim Walden Courtesy of Jim WaldenA few days later, New York’s highest court overturned the sex crimes conviction of Hollywood movie mogul Harvey Weinstein. And the recent dramatic developments in the Weinstein case demonstrate why the presiding judge in the Trump trial, Judge Juan Merchan, needs to reverse his ruling allowing Trump to be questioned about proven misconduct from other cases. If he doesn’t, Trump could have an easy path to having a conviction in the case tossed out. This is essentially what happened in the Weinstein case. If he does not, Trump could get a conviction overturned while the ink hasn’t yet dried on the jury’s verdict.
Persons: Jim Walden, Deanna Paul, Walden, Donald Trump’s Manhattan, Harvey Weinstein, Weinstein, Trump, Juan Merchan, Deanna Paul Meredith Eves Flynn Trump, , Karen McDougal, Stormy Daniels, David Pecker, Michael Cohen, Cohen, Daniels, Maggie Haberman, Merchan, Letitia James, E, Jean Carroll, Merchan’s, James Burke, Burke’s Organizations: New, CNN, Republican, Hollywood, Trump, Prosecutors, National Enquirer, New York Times, New York, Manhattan, Appeals Locations: New York
Kim hopes that by expanding Baekjeong's reach, he can share Korean barbecue with more people who've never tried it. And he shared some tips to help newcomers and Korean barbecue lovers find restaurants that offer the most authentic experience. But if you want a truly authentic, flavor-driven Korean barbecue meal, don't eat all-you-can-eat." The restaurant feels like a nightclub"There are some restaurants where you walk in, and it just doesn't seem like a barbecue restaurant," Kim said. "Korean barbecue, for me, is going to a place where you can see the people you're eating with," he said.
Persons: , Jean, Georges, Samuel Kim, Kim, Washington —, It's, who've, Sam Kim, We've, we're, that's Organizations: Service, New York, Baekjeong, Business Locations: New, Korean, California, Washington, Los Angeles, Koreatown, Korea
CNBC Pro used its stock screener tool to identify the most overbought and oversold stocks on Wall Street as measured by their 14-day relative strength index, or RSI. Stocks with a 14-day RSI above 70 are said to be overbought, indicating that shares might soon turn lower. On Thursday, the technology giant posted a first-quarter earnings and revenue beat as its Google Cloud and YouTube advertising revenue outpaced expectations. On the other hand, Ulta Beauty , with an RSI of 21, is one of the most oversold stocks on Wall Street. IBM stock slipped this week after the company posted better-than-expected first-quarter earnings but missed on revenue.
Persons: Jefferies, Ashley Helgans, J.B, Fred Imbert Organizations: Microsoft, CNBC Pro, Google, Hasbro, Hunt Transport Services, Tech, International, Machines, IBM
However, first-quarter earnings and revenue both came above analysts' estimates. Honeywell — The industrial stock rose 2.2% in premarket trading after the company posted earnings per share of $2.25, beating LSEG analysts' estimates of $2.17. Revenue for the quarter came in at $9.11 billion, compared to the $9.03 billion analysts were expecting. Analysts surveyed by LSEG forecast $1.88 in earnings per share and $15.20 billion in revenue. ServiceNow — The workflow management company shed 4% after narrowly beating analysts' revenue expectations in the first quarter.
Persons: Merck, LSEG, ServiceNow, , Macheel, Samantha Subin, Jesse Pound, Pia Singh, Alex Harring Organizations: Facebook, Honeywell, Merck, Southwest Airlines, American Airlines, LSEG, StreetAccount, IBM, Caterpillar, Deutsche Bank — U.S, Deutsche Bank, Comcast, Technology, Revenue, CNBC Locations: NBCUniversal
Honeywell posted adjusted earnings per share of $2.25, beating analysts' estimates of $2.17 per share, per LSEG. Revenue for the quarter also came in better-than-expected at $9.11 billion, compared to the $9.03 billion analysts were expecting. ServiceNow — The digital workflow firm slid 5% after it only narrowly beat analysts' revenue expectations in the first quarter. ServiceNow posted revenue of $2.6 billion, slightly higher than the $2.59 billion analysts polled by LSEG had anticipated. Caterpillar — Shares tumbled 6.5% after revenues of $15.8 billion for the most recent quarter missed analysts' estimates of $16.04 billion, according to LSEG.
Persons: Goldman Sachs, Mark Zuckerberg, ServiceNow, LSEG, , Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: Facebook, Meta, Tech, Microsoft, Beverage, JPMorgan, Monster Beverage, Honeywell —, Honeywell, Revenue, Merck, Co, LSEG, — Bank of America, Southwest Airlines —, Management, StreetAccount, Machines, IBM, Bank of America, Caterpillar, Nvidia —, Nvidia, Comcast, Deutsche Bank — U.S, Deutsche Bank, CNBC Locations: NBCUniversal
The Times Square Red Lobster will be offering free all-you-can-eat lobster to a select few customers on March 28. Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned. Red Lobster could secure a buyer, it could declare bankruptcy or its lenders could take control of the company. This year marks the 10-year anniversary of Darden Restaurants' sale of Red Lobster after investors pushed the company to divest. As a result, Red Lobster reported $11 million in losses in the fiscal third quarter and $12.5 million in losses the following quarter.
Persons: it's, Jonathan Tibus, Alvarez, Lobster, Kim Lopdrup, Kelli Valade, Horace Dawson, Red Organizations: Times, CNBC, Bloomberg, Red Lobster, Darden Restaurants, Golden Gate Capital, Thai Union Group, Red, Seafood Alliance Locations: Golden
CNBC's Jim Cramer on Thursday said companies that perpetually generate "self-help" are poised to do well in this market. In other words, they find ways to grow and perform well despite what might be happening in the broader economy. "When we're looking for reasons to buy a stock in this environment, we want companies that generate constant self-help. This kind of "self-help" may be the "antidote" to the big-picture worries weighing on the market, Cramer said. "It takes a special kind of stock to do well when the economy's slowing while inflation just won't quit," he said.
Persons: CNBC's Jim Cramer, that's, Chipotle, Thursday's, Cramer
Chipotle Mexican Grill is abandoning its Farmesa Fresh Eatery spinoff after partner Kitchen United closed its ghost kitchens. A little over a year ago, Chipotle announced the opening of its first Farmesa location at Kitchen United's Santa Monica location. But the Santa Monica ghost kitchen closed in February as its parent company struggled financially. In November, Kitchen United announced plans to close or sell all of its locations as it pivoted into software. But once customers started returning to dining in person and capital grew more expensive, many ghost kitchen startups like Kitchen United found themselves in trouble.
Persons: Chipotle, Curt Garner, Brian Niccol, it's, Chipotle's, Sam Nazarian Organizations: United, CNBC, Kitchen United Locations: Monica, Santa Monica, U.S
Ford Motor — The automobile stock rose 2% after posting a first-quarter adjusted earnings beat and raising its adjusted free cash flow outlook for 2024. On the other hand, Ford's first-quarter revenue came in below expectations. First-quarter revenue of $14.46 billion missed consensus estimates of $14.55 billion, LSEG said. Chipotle earned $13.37 per share, excluding items, outpacing the $11.68 per share LSEG estimate, as traffic to its restaurants was robust. United Rentals — The equipment rental company added 2.4% after posting a first-quarter adjusted earnings and revenue beat.
Persons: LSEG, Ford's, Ethan Allen, Ethan Allen's, Chipotle, Lam, ServiceNow, , Christina Cheddar, Berk, Darla Mercado, Scott Schnipper Organizations: Technology, Facebook, Meta, Ford, Machines, IBM, Whirlpool, Research, Lam Research, Revenue, Churchill, United Rentals
Chipotle Mexican Grill on Wednesday reported quarterly earnings and revenue that beat analysts' expectations, fueled by higher traffic to its restaurants. Excluding a 36-cent hit from increases to its legal reserves, the burrito chain earned $13.37 per share. Chipotle said traffic increased 5.4% from the year-ago period, while the average check was up just 1.6%. Chipotle has become the rare restaurant chain to report rising transactions despite higher menu prices. In March, Chipotle's board approved a 50-for-1 stock split, one of the largest in the New York Stock Exchange's history.
Persons: Chipotle, Jack Hartung, Brian Niccol, Chipotle's Organizations: LSEG, burrito, New York Stock Locations: Manhattan , New York, California
Tesla is set to report earnings after the bell. What history shows: Bespoke data shows Tesla beats earnings estimates 63% of the time. What history shows: Boeing shares have risen in four of the past five earnings days, Bespoke data shows. Meta Platforms is set to report earnings after the closing bell. What history shows: Microsoft earnings have beaten earnings estimates in six straight quarters, Bespoke data shows.
Persons: Michael Wayland, FactSet, Tesla, TSLA, Emmanuel Rosner, Dave Calhoun, Peter Saleh, Saleh, Chipotle, Morgan Stanley's, Ford, Jim Farley's, Ronald Josey, Jordan Novet Organizations: General Motors, CNBC, Tuesday, GM, Wall, Motors, Investment, Deutsche Bank, EV, Boeing, Ford, Management, Ford Motor, Detroit, Investors, Citi, Meta, Bloomberg News, Apple, Microsoft Locations: California
The Nasdaq sank 2% on Friday as Netflix dropped nearly 11% post-earnings and Club stock Nvidia fell 10%, entering bear market territory but still up more than 50% in 2024. Following a much stronger-than-expected March retail sales report last month, fresh economic data and six Club stock earnings will take center stage in the week ahead. While lower rates may help stock multiples, that is not a sustainable path to higher equity prices over time. Earnings : The latest quarterly reporting season is starting to ramp into high gear with six Club names set to report next week. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Dow, Jerome Powell, Jim Cramer, Mark, Meta, Bing, Ford, Vimal, Lockheed Martin, Clark, Philip Morris, Sherwin, Williams, Baker Hughes, Lam, Northrop, Dr Pepper, CARR, Edwards Lifesciences, Jim Cramer's, Jim, Michael M Organizations: Nasdaq, Netflix, Nvidia, Dow Jones, Federal, Fed, Hamas, Gross, Google, Reality Labs, General Motors, Honeywell, Microsoft, Verizon Communications, Albertsons Companies, SAP, Cadence Design Systems, United Parcel Service, General Electric, GE, PepsiCo, Lockheed, Spotify Technology, RTX Corporation, JetBlue Airways, Halliburton, HAL, Philip Morris International, Quest Diagnostics, Texas Instruments, Seagate Technology, Mattel, Veralto Corporation, Boeing, General Dynamics, Boston, Hilton, Fisher, Otis Worldwide, IBM, Grill, Viking Therapeutics, Lam Research, Whirlpool, WM, Honeywell International, Royal Caribbean Cruises, American Airlines, Altria, Newmont, Caterpillar, Southwest Airlines, Myers Squibb, AstraZeneca, Mobileye, Northrop Grumman, CNBC, Comcast, Merck, Dow Inc, Carrier Global, Union Pacific, Intel, Western, Mobile, L3Harris Technologies, Exxon Mobil, Chevron, Colgate, Palmolive, HCA Healthcare, Charter Communications, Newell Brands, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: Israel, Iran, Ukraine, destocking, China, Cleveland, Freeport, McMoRan, Kimberly, Masco, Bristol, New York City
Kreskin J. Torres, a Lyft driver, has traveled across all 50 states, documenting his dining experiences. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementKreskin J. Torres, 35, has eaten his way through all 50 states — including Alaska and Hawaii. Learning the most profitable places and times to driveTorres noticed he would get more profitable rides driving around suburbs, airports, and sports stadiums, locations coveted by drivers as they get more tips and sometimes elevated fares. He learned New Year's will always be profitable, though rides slow down around February before picking up in mid-March.
Persons: Kreskin J, Torres, , Kreskin, Foodie, he's, I've, what's, that's Torres, Uber, huckleberry swirls, Xing Xing, Year's, It's, He's Organizations: Service, Army, Baltimore, Wichita ., Uber, Android, Apple Locations: Alaska, Hawaii, Minneapolis, San Antonio, Austin, tacos, Arizona, Arkansas, Montana, Jackson , Mississippi, Holcomb , Missouri, Wichita
Read previewIf former President Donald Trump keeps his promise to testify at his hush-money trial, cross-examination could get ugly. Prosecutors want to roast him on the stand for violating court orders, as the same fraud trial judge also found, in repeatedly citing Trump for gag-order violations. Related stories"We object to each," defense lawyer Emil Bove had said of all the acts prosecutors want to bring into the case. AdvertisementDuring the nearly two-hour Sandoval hearing, Bove complained of the DA's plans to the trial judge, state Supreme Court Justice Juan Merchan. When defense lawyer Susan Necheles suggested that not knowing the name now might "delay the trial," the judge reacted sternly.
Persons: , Donald Trump, Trump, E, Jean Carroll, what's, Sandoval, — scowling, Emil Bove, Bove, Juan Merchan, Carroll, Matthew Colangelo, Attorney Alvin Bragg, Merchan, Susan Necheles, Necheles Organizations: Service, Trump, Prosecutors, Business, Trump Organization, GOP, Attorney Locations: Manhattan
Alphotographic/Getty ImagesCharcoal chimney starters are the preferred way to start a charcoal grill for most people. To start a charcoal grill using a chimney starter:1. This will take a bit longer than it would with a charcoal chimney but the charcoal should all ignite within about 15 minutes. AdvertisementHow to start a charcoal grill with lighter fluidAccording to the experts, this is the least recommended of the three charcoal grill starting methods. AdvertisementInsider's takeawayThough it may seem intimidating, lighting a charcoal grill is simple.
Persons: , Matt Groark, Liam, Myles Snider, Mother, You'll, Snider, Groark, we've, Joe, Marianne Ayala Organizations: Service, Groark, Walmart
CNN —Friday’s midnight release of “The Tortured Poets Department,” Taylor Swift’s 11th album, means that yet another era has begun — and a record-breaking one at that. I am one of them, and the anticipation — along with the revelry — has been an extended family affair. Swifties dug into Taylor math, which often revolves around the number 13, the date of her December birthday. Check out the erratic capitalization of track 24, “Thank you Aimee” if you doubt that Swift is masterminding it all. Maybe wherever they land, there is a seminar on Taylor Swift.
Persons: Amy Bass, Read, CNN —, ” Taylor, Swifties, Travis Kelce, Rodney Bedsole, Hannah, Sarah, Maggie, Def Leppard, Harry Styles, Olivia Rodrigo, SZA, , Swift, , , Lin, Manuel Miranda’s Alexander Hamilton, Joe Alwyn, Swift’s, Alwyn, Blake Lively, Ryan Reynolds, John ”, Jake Gyllenhaal, Aaron Dessner, Gyllenhaal, Jack Antonoff, Diana, they’re, Dylan Thomas, Matty Healy, TTPD ”, Alwyn —, Aimee ”, ” Swift, Taylor Swift Organizations: Manhattanville University, CNN, Poets Department, Kansas City Chiefs, Taylor, Gillette, Def, Department, Machine, nab, Spotify Locations: New York, , Vancouver, , British, Great Britain, Lexington, Concord, London, Harvard’s Taylor, Los Angeles, New
The Big Tech earnings next week could revive a flagging market, or at least give investors direction into where stocks are going from here. Wall Street is hoping next week's megacap tech results will give investors insight into where the artificial intelligence trade is going from here, as a bounce in tech could lift the indexes. They're also hoping a slew consumer commentary will give investors insight into the state of the economy. However, he said any pullback in the tech names could give investors an opening to start "nibbling away" at additional exposure. Personal Income 10 a.m. Michigan Sentiment NSA final Earnings: T. Rowe Price Group , Colgate-Palmolive , Exxon Mobil , Chevron , AbbVie , Phillips 66
Persons: Tesla, They're, Kim Forrest, Elon Musk, Emily Leveille, Scott Ladner, Ladner, Horizon's Ladner, FactSet, Baker Hughes, Philip Morris, Lockheed Martin, Raymond James Financial, Rowe Price, Phillips Organizations: Big Tech, Google, Microsoft, Bokeh, Nasdaq, Investors, Deutsche Bank, Reuters, Thornburg Investment Management, Meta, Consumer, Visa, Chicago, Verizon Communications, Ameriprise, Truist, PMI, New, Richmond Fed, Enphase, Tesla, NextEra, Philip Morris International, Halliburton, United Parcel Service, PepsiCo, Lockheed, Raytheon Technologies, GE Aerospace, Grill, Business Machines, Lam Research, Ford Motor, Technology, Waste Management, Universal Health Services, Raymond, Boeing, Hilton Worldwide Holdings, . Kansas City Fed Manufacturing, Mobile, Capital, Financial Corp, Intel, Western Digital, Comcast, American Airlines Group, Southwest Airlines, Valero Energy, Caterpillar, Tractor Supply, Royal Caribbean Group, GE, PCE, NSA, Rowe Price Group, Colgate, Palmolive, Exxon Mobil, Chevron Locations: China, Europe, U.S, NextEra Energy, Freeport, McMoRan, . Kansas, Michigan, AbbVie
Former U.S. President Donald Trump appears ahead of the start of jury selection at Manhattan Criminal Court on April 15, 2024 in New York City. The New York criminal hush money trial of Donald Trump is poised to get its final five alternate jurors Friday after a full 12-person panel and one alternate were seated a day earlier. Judge Juan Merchan anticipates opening arguments in the Manhattan Supreme Court trial to begin Monday. Trump has said that he would testify in the hush money trial. The presumptive Republican presidential nominee has fumed that the trial is a "scam" and a "witch hunt" aimed to damage his electoral chances against President Joe Biden.
Persons: Donald Trump, Juan Merchan, Alvin Bragg's, Trump, E, Jean Carroll, defaming, Carroll, Merchan, Sandoval, Joe Biden Organizations: U.S, Manhattan Criminal, New, Manhattan Supreme, Trump, Manhattan Locations: New York City, New York, Manhattan
Chadwick Burnaw, the owner of an event company, hosted the Sazón Latin Food Festival in Austin. This article is part of "Festivals of Flavor," a series celebrating Latin festival cuisines. Festivalgoers danced to music at the Sazón Latin Food Festival in March. Cat Cardenas for BIHe'd scope out San Francisco's nightlife scene, looking for clubs that would play the merengue and bachata music he was familiar with. They served Jamaican-Latin fusion dishes alongside their kids at the Sazón Latin Food Festival.
Persons: Chadwick Burnaw, , he'd, Burnaw, Festivalgoers, Cat Cardenas, Cardenas, Chris Burrell, Yadira, we'd, Burrell, . Cat Cardenas, they've, Tatiana French, Dejean, Mix'T, they'd, pico de gallo, it's, she's, there's Organizations: Service, Washington, Food, San Francisco State University, BI, City, aguas, Honduran, sos pwa Locations: Austin, South Austin, Caribbean, DC, San Francisco, Texas, California, Bay, America, Haiti, Dominican Republic, Samba, Clarendon, Jamaica, Honduras, ., Puerto Rican, Costa Rican, Virginia, French, Haitian, East Austin
After a slow start to the year, several restaurant chains are due to emerge as the winners this earnings season, according to Jefferies. First of all, same-store sales only modestly recovered in March to around flat, while the key metric was down 4.5% in January and 0.6% in February, analyst Andy Barish wrote. He added customer traffic remains challenged as well, although this varies from restaurant brand to restaurant brand, while consumers have simultaneously grown more cautious about their spending. Jefferies believes that the restaurant chain's earnings per share will come in line, while same-store sales are more likely to have some upside. Barish sees first-quarter U.S. same-store sales and earnings per share estimates coming in line with analyst expectations, while EBITDA could surprise to the upside.
Persons: Andy Barish, Barish, BJ's, Jefferies, EBITDA, McDonald, — CNBC's Michael Bloom Organizations: Jefferies, Investors, BJ's Locations: California, CA, remodels, Brazil, McDonald's
TGI Fridays logo is seen on one of their branches. TGI Fridays and Hostmore, the chain's U.K. franchisee, announced plans to merge on Tuesday. If it closes, TGI Fridays, best known for its potato skins, chicken wings and endless appetizers, will be publicly traded on the London Stock Exchange under the ticker "TGIF." In 2022, TGI Fridays' revenue rose 3.6% to $75.2 million, according to U.S. franchise disclosure documents. Earlier this year, TGI Fridays closed 36 underperforming restaurants in the U.S.
Persons: Weldon Spangler, Spangler, Carlson, TriArtisan Organizations: London Stock Exchange, TriArtisan Capital Advisors, U.S Locations: Dallas , Texas, U.S, P.F
Trump’s team is working around the limitations to keep him interacting with voters and donors. As he did during his earlier fraud trial, Trump will seek to ensure he remains front and center. The location was chosen out of convenience, as Trump is expected to stay at Trump Tower during the trial. Some of Trump’s advisers say that his presence in court throughout the trial will continue to benefit him — despite keeping him off the campaign trail. In addition to utilizing his courtroom appearances, Trump will be “driving his message with both in-person and virtual events on court days,” the campaign official said.
Persons: Donald Trump’s, Trump, Trump’s, , galvanize, “ There’s, we’ll, he’s, Joe Biden, Biden, they’ve, Karen Friedman Agnifilo, you’re Trump, you’d, ” Agnifilo, Organizations: CNN, Trump, Republican, Fox News, Garden, Democratic, State, Manhattan Locations: New York, New York City, Pennsylvania, North Carolina, Bronx, Madison, York, Manhattan
On a recent afternoon, the kitchen inside a Denny’s in the Jackson Heights neighborhood of Queens was bustling. Some orders were whisked away to customers sitting in booths, while others were boxed and set aside for pickup. The takeout orders were mostly from the Denny’s menu, but some were from the Burger Den and the Meltdown, two delivery-only brands that the chain owns. The strategy of maximizing kitchen resources blossomed during the Covid pandemic, when restrictions shut down indoor dining and customers ate more meals at home. As their kitchens sat idle, many restaurants across the country, desperate for revenue, switched to delivery mode.
Organizations: Employees, Burger Locations: Jackson, Queens
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