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☆ Don't rate Tesla's Full Self Driving too highly, tech investor says: 'By no means autonomous driving'
▼ + stars: | 2024-05-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

News of electric car giant Tesla's progress toward rolling out its advanced driver-assistance feature in China isn't as groundbreaking as investors are treating it, according to a top tech investor. Mark Hawtin, GAM Investment Management's investment director focused on investing in disruptive growth and technology stocks, told CNBC' "Squawk Box Europe" Thursday that such expectations were misleading — not least because Tesla's Full Self Driving service doesn't offer full autonomous driving. "We should say what they're doing — everyone's talking about this full self-driving capability," Hawtin told CNBC. On Monday, shares of Tesla rose sharply, notching their best day since March 2021, after it passed a significant milestone toward the launch of FSD in China. This raised expectations that Tesla's FSD would soon be available in China.

Persons: Mark Hawtin, Hawtin, Tesla, Elon Musk Organizations: Investment, CNBC Locations: China, U.S, China . Local, FSD

Britain’s Conservative Party suffered striking early setbacks on Friday in local elections that are viewed as a barometer for how the party will perform in a coming general election and a key test for the embattled prime minister, Rishi Sunak. Only a minority of the results had been announced by early Friday, but already the signs were ominous, if not unexpected, for Mr. Sunak’s Conservatives, who have trailed the opposition Labour Party by double digits in national polls for 18 months. The Conservatives have lost more than 120 seats so far, including six in Hartlepool, in northeast England, where the Conservatives had made inroads after Brexit but have more recently lost ground to the resurgent Labour Party. Labour also won a special election for a parliamentary seat in Blackpool South, a seaside district, in a huge swing of votes away from the Conservatives, who had held the seat but narrowly missed finishing third, behind Reform U.K., a small right-wing party. The previous Tory member of Parliament, Scott Benton, resigned in March after becoming embroiled in a lobbying scandal.

Persons: Rishi Sunak, Scott Benton Organizations: Britain’s Conservative Party, Sunak’s Conservatives, Labour Party, Conservatives, Labour, Blackpool, Reform Locations: Hartlepool, England

☆ China's automakers must adapt quickly or lose out on the EV boom in the face of regulatory scrutiny abroad and competition at home
▼ + stars: | 2024-05-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

The automaker is the joint venture partner of Honda and Toyota in China, and has an electric car brand called Aion. Expanding outside ChinaLike other automakers in China, GAC is also turning overseas. China's overseas car sales surged last year, putting the country on par with Japan as the world's largest exporter of cars. Dyer expects that to drive overseas demand for Chinese electric cars. Chinese consumers placed almost twice as much importance on tech features compared with U.S. consumers, Dyer said, citing AlixPartners' survey.

Persons: Evelyn Cheng, Tesla, Feng Xingya, Feng, Wei Haigang, Wei, Stephen Dyer AlixPartners, There's, Stephen Dyer, AlixPartners, Dyer, BYD, Nio, CATL, Zhong Shi Organizations: CNBC, GAC, Labor, Huawei, Honda, Toyota, China Passenger Car Association, EU, U.S, Factories, Greater China Business U.S, Ministry of Commerce, Tech, Volkswagen, SAIC Motor, Battery, China Automobile Dealers Association, Automotive, Robotics, Lotus Technology, Geely Locations: Beijing, Evelyn Cheng BEIJING, China, East, Mexico, Japan, Malaysia, Thailand, Egypt, Brazil, Turkey, Amsterdam, Greater China, Asia, U.S, Europe

☆ I taught in a public school for 2 decades. My kids are homeschooled.
▼ + stars: | 2024-05-03 | by ( Amelia Shearer | ) www.businessinsider.com time to read: +4 min

I worked in public schools for over two decades and loved that my kids were in school. Not only did homeschooling seem difficult and intimidating, but as a former teacher, I loved that my kids were in school. For more than two decades, I worked in schools — as a classroom teacher, after-school program teacher, volunteer, tutor, and substitute. There were growing pains, but this new version of school worked for us. During remote learning, for the first time, they had the freedom to focus on learning without the social exhaustion of a seven-hour school day.

Persons: —, we've Organizations: Service, National Parks, inclusivity Locations: —, Spain, Kenya, Costa Rica, United States

☆ European markets head for higher open as earnings remain in focus
▼ + stars: | 2024-05-03 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

European stock markets are set to open in the green on Friday, rounding off a broadly negative week dominated by corporate earnings. The Stoxx 600 index has finished lower for the past three sessions as investors digested a slew of results from the biggest companies in Europe and the U.S.On Friday, those included French banks Société Générale , which reported a smaller-than-forecast decline in first-quarter profit, and Crédit Agricole , which saw a leap in net profit. Data is due on U.K. retail sales, Turkey's inflation rate, French industrial production and Spanish employment.

Organizations: U.S, Crédit Agricole Locations: Europe

☆ A 64-year-old 'peak boomer' worries his savings and Social Security won't be enough to retire: 'My biggest fear is finding myself at 75 standing at the door at Walmart.'
▼ + stars: | 2024-05-03 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Kirsch is hoping to start collecting Social Security checks in a couple of years, just before his 67th birthday. Related storiesFor many, Social Security won't be enough to fill the gaps. As of March 2024, the Social Security Administration said that its average monthly check sent to recipients is $1,774.83. And, if lawmakers don't intervene, the US Social Security fund is set to dry out by the late 2030s. "Start saving and do it as aggressively as you can," he said.

Persons: —, David Kirsch, Kirsch, Hill , New Hampshire —, he's, Kirsch isn't, didn't Organizations: Service, He's, Business, Walmart, Survey, Income, Social, Social Security Administration, US Social Security Locations: Caribbean, South America, Hill , New Hampshire

☆ This 401(k) match change could have 'unintended consequences' at tax time, experts say
▼ + stars: | 2024-05-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you've opted into your employer's Roth 401(k) after-tax matching contributions this year, it could trigger a tax surprise without proper planning, experts say. Enacted in 2022, Secure 2.0 ushered in sweeping changes for retirement savers, including the option for employers to offer 401(k) matches in Roth accounts. Previously Roth 401(k) matches went into pretax accounts. However, those new matching Roth contributions could have "unintended consequences" at tax time, according to Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida. More from Personal Finance:IRS aims to more than double its audit rate on wealthiest taxpayersHere are three ways to lower your credit card annual percentage rate, experts sayWhy your financial advisor may not give you the best Social Security advice

Persons: you've, Roth, Tommy Lucas, Moisand Fitzgerald Tamayo Organizations: of America, Finance Locations: Orlando , Florida

☆ UK local election results deal blows for Prime Minister Rishi Sunak
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK local election results deal blows for Prime Minister Rishi SunakPhilip Rycroft, the former permanent secretary for exiting the European Union, joins Squawk Box to discuss the results from the U.K. local elections.

Persons: Rishi Sunak Philip Rycroft Organizations: European Union

New Labour Party MP for Blackpool South, Chris Webb (C) reacts as his win is announced at the count centre in Blackpool, north-west England on May 3, 2024, during the Blackpool South by-election. The opposition Labour Party won a Blackpool South by-election, taking the seat from the Conservatives. The Reform UK party, founded by Brexit proponent Nigel Farage, came in third. Labour leader Keir Starmer posted on the social media platform X that the "swing towards Labour in Blackpool South is historic." Angela Richardson, deputy chair of the Conservative Party, told the BBC the result "was not unexpected," especially given the circumstances that sparked the by-election.

Persons: Chris Webb, Rishi Sunak's, David Jones, Nigel Farage, Scott Benton's, Keir Starmer, Angela Richardson Organizations: New Labour Party, Blackpool South, Blackpool, LONDON, Rishi Sunak's Conservative Party, Labour Party, Conservatives, New Labour, Conservative, Reform UK, Labour, Conservative Party Locations: Blackpool, England, Britain

☆ Harry Potter: Original cover art for ‘The Philosopher’s Stone’ to go on sale
▼ + stars: | 2024-05-02 | by ( Amarachi Orie | ) edition.cnn.com time to read: +3 min

CNN —J.K. Rowling’s 1997 novel “Harry Potter and the Philosopher’s Stone” was the beginning of what would become a worldwide phenomenon. Now, the original illustration for the first edition of the book is going on sale. Taylor’s cover was used for several translated versions of the book, the auction house said. The first edition of 1997 book "Harry Potter and the Philosopher's Stone" -- which Taylor illustrated. The manuscript is one of six handwritten by the British author that was originally intended as gifts for people closely involved with the publication of “Harry Potter,” according to the release.

Persons: CNN —, Harry Potter, ”, Thomas Taylor, Harry Potter –, Sotheby's, “, “ Harry Potter, Taylor, Shutterstock Taylor Organizations: CNN, Hogwarts Express, Hogwarts School of Witchcraft, Heritage Auctions Locations: Sotheby’s, London, Dallas , Texas, New York, American, British

☆ CNBC's Inside India newsletter: Will AI make or break India?
▼ + stars: | 2024-05-02 | by ( Ganesh Rao | ) www.cnbc.com time to read: +9 min

But one that could foreshadow India's growth story. Can Teleperformance's stock plunge be the canary in the coal mine for what is likely to happen to India because of AI? But it's likely to be a blip for India's growth trajectory, given the macro forces at play. Besides creating jobs that are less likely to be immediately disrupted by AI, India could also be a net beneficiary of artificial intelligence. The Indian stock market indexes, Sensex and Nifty 50 , are heading for a positive week again — up by 1% and 1.2%, respectively.

Persons: Findlay Kember, Klarna, ChatGPT, K Krithivasan, Krithivasan, Narendra Modi, It's, Shilan Shah, Goldman Sachs, Vinay Dwivedi, Ashok Gulati, Nomura, League Pickleball, Karine Jean, Pierre, Jerome Powell, Raghuram Rajan, Ashish Jain, CNBC's Ayushi Jindal Organizations: AFP, Getty, India's Tata Consultancy Services, Financial Times, TCS, World Bank, International Monetary Fund, University of Oxford, Capital Economics, Investment, Nomura, Qualcomm, Powerchip Semiconductor Manufacturing, UPI, India, Commission, Agricultural, United Pickleball Association, Global Sports, PPA, League, Washington Post, White, U.S ., Federal, CNBC, Reserve Bank of India, University of Chicago Booth School of Business Locations: Swedish, Paris, India, Chennai, U.S, Europe, China, Singapore, South Korea, Canada, United States

☆ Opinion | The Biden Campaign’s High-Powered Effort to Define R.F.K. Jr.
▼ + stars: | 2024-05-02 | by ( Michelle Cottle | ) www.nytimes.com time to read: +2 min

Jr. took from both candidates but slightly more from President Biden. But our strong feeling is that the more that Democratic-leaning voters are exposed to R.F.K. Whereas the Biden campaign is focused on making a positive for case for President Biden, our focus really is just highlighting the negatives and vulnerabilities of the third-party, independent candidates, most notably R.F.K. Jr. voters, I would say they tend to be younger, women, voters of color and lower propensity voters, right? Cottle: What about younger voters?

Persons: Smith, R.F.K, Jr, Biden, Kennedy, R.F.K ., Cottle, You’re, They’re, ’, MAGA Organizations: Democratic, New York Times, MSNBC Locations: Gaza

☆ U.K. Conservatives Hold Their Breath: How Bad Will Local Elections Be?
▼ + stars: | 2024-05-02 | by ( Mark Landler | More About Mark Landler | ) www.nytimes.com time to read: +1 min

When voters in England and Wales go to the polls on Thursday to elect mayors and local council members, the outcome will inevitably be seen as a barometer for Britain’s coming general election. Given the sour public mood and the Conservative Party’s dire poll ratings, the storm clouds are already forming. The big question is not whether the governing Conservatives will lose seats — that is a foregone conclusion among pollsters — but whether the losses will exceed or fall short of expectations after 18 months in which the Tories have consistently trailed the opposition Labour Party by yawning margins. “If a party has been 20 points behind the opposition for 18 months, how much worse can it get?” said Tony Travers, a professor of politics at the London School of Economics. “The losses would have to be very, very bad for it to be viewed as a negative result for the Conservatives, and they are unlikely to be good enough for Labour for it to be viewed as a success.”

Persons: pollsters, ”, Tony Travers Organizations: Wales, Conservative, Conservatives, Tories, Labour Party, London School of Economics, Labour Locations: England

☆ Citi just added these global stocks with over 30% upside to its ‘highest conviction ideas’ list
▼ + stars: | 2024-05-02 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

U.S. bank Citi refreshed its list of "highest conviction ideas" for Europe and recommended a specific trading strategy that investors can adopt right now. "The focus is on bottom-up ideas," Citi's analysts wrote in an Apr. The list also "highlights liquid names in which investors can build positions," the Citi analysts added. Citi's focus list delivered returns of 3.4% over the last 12 months and 5.4% in the past three months. Citi has a target price of £200 on the LSE-listed stock, giving it 34% potential upside.

Persons: —, Leonardo Citi, Leonardo, — CNBC's Michael Bloom Organizations: Citi, U.K . Ministry of Defence, Revenue, London Stock Exchange, New York Stock Exchange, LSE Locations: Europe, U.S, Ireland, Australia, Italy

☆ A Trump SEC would aim to reverse climate disclosure rule, ratchet up ESG fights, sources say
▼ + stars: | 2024-05-02 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

An initial target of the SEC under a second Trump administration would be to roll back the new climate disclosure rules, these people explained. Gensler and the SEC adopted a rule in March requiring large publicly traded companies to disclose their levels of greenhouse gas emissions. Gensler argues greenhouse gas emission levels and other climate related data have a material impact on businesses, and investors deserve to know this information. But an SEC chaired by a Trump appointed Republican would likely remove these Biden-era disclosure requirements, these people said. The prospect of a Trump pullback on the SEC's climate disclosure rules is also tied to the former president's dislike of environmental, social and governance investment standards, some of these people explained.

Persons: Donald Trump, Gary Gensler, Trump, Joe Biden, Gensler, Biden Organizations: The Securities, Exchange Commission, SEC, Trump, Republican, CNBC Locations: Freeland , Michigan, U.S

☆ A California Gen Xer who made over $1 million secretly working 2 remote jobs said it allowed him to travel the world, max out his 401(k), and send his kids to private school
▼ + stars: | 2024-05-02 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

A California-based Gen Xer began secretly working two remote tech jobs in 2020. He made over $1 million in 2022, which allowed him to travel and send his kids to private school. In 2022, Dave earned over $1 million across his two remote jobs, including sales commissions, according to documents viewed by Business Insider. Last, he said people shouldn't feel bad about secretly working multiple jobs. AdvertisementAre you working multiple remote jobs at the same time and willing to provide details about your pay and schedule?

Persons: Xer, —, Dave, he's, who've, he'd, hasn't, jugglers, didn't Organizations: Service, Business Locations: California, America, Europe

☆ UK to suffer slowest growth of all rich nations next year, OECD says
▼ + stars: | 2024-05-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The U.K.'s "sluggish" growth prospects have put it on course to be the worst-performing economy of all advanced nations next year, according to new forecasts from the Organisation for Economic Cooperation and Development. The downbeat prediction comes as the global economy shows signs of recovery, with growth forecast to remain steady at 3.1% in 2024, before rising modestly to 3.2% in 2025. "We start seeing some recovery in many parts of the world," Alvaro Pereira, director of the OECD's policy studies branch, told CNBC's Silvia Amaro Thursday. Growth among advanced nations next year is set to be led by North America, which Pereira said follows "strong growth" forecasts of 2.6% in the U.S. in 2024. Growth in Europe, meanwhile, is expected to pick up next year after a sluggish 2024.

Persons: Alvaro Pereira, CNBC's Silvia Amaro Thursday, Pereira Organizations: Organisation for Economic Cooperation, Development, North Locations: Germany, Paris, Canada, France, Japan, U.S, North America, Europe

☆ We're raising our price target on Apple after its big earnings beat and raise
▼ + stars: | 2024-05-02 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Earnings per share rose 1% to $1.53, a March quarter record, and exceeded the LSEG consensus estimate of $1.50. This resulted in stronger-than-expected free cash flow, which is more important than operating cash flow because it is cash Apple can ultimately return to shareholders via buybacks and dividends. During the reported quarter, Apple paid over $27 billion to shareholders, including $3.7 billion in dividends and equivalents and another $23.5 billion via the repurchase of 130 million shares. Quarterly results Apple's services sales notched another record, which offset a slight miss in product sales and led to beats on gross and operating income. iPad sales are expected to gain double digits year over year, much better than the 5.9% expected on Wall Street.

Persons: Tim Cook, Cook, we're, Apple, Luca Maestri, Maestri, Jim Cramer's, Jim Cramer, Jim Organizations: Apple, Management, MacBook, MacBook Air, Apple Watch, Fortune, Apple Vision, KLM Airlines, CNBC, Apple Inc, Visual China, Getty Locations: China, Greater China, America, East, Canada, India, Spain, Turkey, Indonesia, WWDC, U.S, Australia, France, Germany, Japan, Shanghai

☆ India election 2024: The indelible ink behind the world’s biggest election
▼ + stars: | 2024-05-02 | by ( Dhruv Tikekar | ) edition.cnn.com time to read: +7 min

The Election Commission uses indelible ink, or “voter ink”, to prevent fraud or duplicate votes. Sujit Jaiswal/AFP/Getty ImagesMore than 960 million people are eligible to vote in India’s election, the world’s biggest. “Indelible ink serves no other purpose,” said Irfan. The company now supplies indelible ink to more than 35 countries, including to Ghana beginning in the late 1970s. However, Ghana’s election commission recently announced it would phase out the use of indelible ink, opting for biometric verification methods instead.

Persons: CNN CNN —, ”, K Mohammed Irfan, Manish Swarup, Deepika Padukone, Sujit Jaiswal, Irfan, “, Ornit Shani, Shani, ” Shani, Prakash Singh, MVPL, Krishna Raja Wadiyar IV, Mukulika Banerjee, Rakesh Nair, Banerjee, haven’t, ‘ I’ve Organizations: CNN CNN, CNN, Getty, Universal, Bloomberg, London School of Economics, Reuters “ Locations: Neemrana, India, Mumbai, AFP, Mysuru, Karnataka, Chennai, Muzaffarnagar district, Uttar Pradesh, Mysore, Ghana, West Bengal

☆ A judge has ordered the owners of get-rich-on-Amazon startup Wealth Assistants to have their assets frozen
▼ + stars: | 2024-05-02 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Clients paid upfront fees ranging from $35,000 to more than $100,000 to have their stores run by Wealth Assistants. AdvertisementThe complaint also alleges that Carroll — who was Wealth Assistants' founder and CEO — and the Days violated securities laws because the business opportunity they sold through Wealth Assistants could be considered unregistered securities. Related stories"Plaintiffs' evidence shows that each of the Individual Defendants made intentional misrepresentations in connection with Wealth Assistants' services," the order reads. It follows another lawsuit that was brought against Wealth Assistants in California Superior Court in San Bernardino County in January. Wealth Assistants claimed that the digital bank froze its accounts without warning or explanation in October and is still withholding its funds.

Persons: —, — Ryan Carroll, Max K, Michael Day —, Max O, Carroll —, Judge Wesley Hsu, Carroll, Nico Banks Organizations: Service, Court, Central, Central District of, Wealth, Business, Washington, Banks Law Office, Bank Locations: Central District, Central District of California, DC, California, San Bernardino County, Tennessee, mstone@insider.com

☆ Daniel Radcliffe ‘really sad’ about J.K. Rowling’s anti-trans rhetoric
▼ + stars: | 2024-05-01 | by ( Lisa Respers France | ) edition.cnn.com time to read: +3 min

CNN —Don’t look for Daniel Radcliffe and J.K. Rowling to reunite any time soon. Radcliffe found fame as a child actor starring as Harry Potter in the film franchise based on Rowling’s wildly successful book series. In a recently published interview with The Atlantic, Radcliffe talked about Rowling’s past comments that have been perceived by many as anti-trans. Radcliffe released a statement via The Trevor Project shortly after Rowling’s posts in 2020. “Transgender women are women,” he wrote in his statement.

Persons: Daniel Radcliffe, J.K, Rowling, Radcliffe, Harry Potter, ”, menstruate ”, Trevor, ” Radcliffe, Harry Potter ”, Emma Watson, Rupert Grint, “, ” Rowling, Dan, Emma, “ celebs, ” “ Organizations: CNN, Atlantic Locations: British

☆ ‘Where Is the Palestinian Gandhi?’
▼ + stars: | 2024-05-01 | by ( Nicholas Casey | ) www.nytimes.com time to read: +2 min

Since Israel conquered the region in 1967, its military has forbidden nearly every form of protest, even things as small as gathering more than 10 people for a political conversation or simply waving the Palestinian flag. The simplest acts of defiance can be seen as a threat: Amro once organized and videotaped an effort by a Palestinian man to pass through an Israeli checkpoint while balancing on his shoulder a large watermelon — a longtime symbol of Palestinian nationalism because its colors are those of the Palestinian flag. In the video, soldiers confiscate the watermelon and, as the camera zooms in, eye it warily as though it might explode. He has repeatedly filmed Israeli soldiers at close range and been beaten and grabbed by the throat when he refused to stop. Amro himself lives in one such home, surrounded by some of the West Bank’s most violent settlers.

Persons: —, Mohandas K, Gandhi, Martin Luther King Jr, “ He’s, ” Yehuda Shaul, ” Organizations: Amro, United Nations, West Bank Locations: Palestinian, Israel

☆ Who's winning the Drake vs. Kendrick Lamar showdown? Here's what critics are saying
▼ + stars: | 2024-05-01 | by ( Callie Ahlgrim | ) www.businessinsider.com time to read: +9 min

Read previewDrake and Kendrick Lamar were once considered collaborators, perhaps even friends. Over the years, however, Drake and Lamar came to represent very different versions of hip-hop greatness: the former is a commercial juggernaut, racking up No. Today, their separation is more apparent than ever: Drake and Lamar have become all-out foes. AdvertisementIn the former, Drake mocks Lamar's height with a reference to his latest Grammy-winning album, "Mr. Morale & the Big Steppers." "I hate the way that you walk, the way that you talk, I hate the way that you dress."

Persons: —, Drake, Kendrick Lamar, Lamar, who's, it's, Lamar's, Cole's, Aubrey, Cole, Aubrey Graham, Taylor, Tupac Shakur, Angel Diaz, Sowmya Krishnamurthy, Krishnamurthy, Alphonse Pierre, Pierre, Pusha, Drake teardowns, DMX, Hunter Harris, Lamar's catty, Zoe Guy, Guy, Andre Gee, Lamar didn't, Gee, Kendrick doesn't, DJ Marseel, Shamira Ibrahim, I'm, Kendrick, bec, Tay Organizations: Service, Beatles, Business, Metro, Morale, objectifying, Billboard, Pitchfork, Stone Locations: Lamar

☆ AI is ushering edtech into a new era. Three investors share what they're most excited about in the space.
▼ + stars: | 2024-05-01 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +7 min

The past few years have been tough for edtech companies. In recent months, multiple edtech startups have raised fresh funding rounds while specifically touting AI as a core part of their business model. These deals could signal that AI is ushering in a new era for edtech companies, and VCs who invest in the space are excited about the renaissance. And Ednition, also one of Donnelly's portfolio companies, provides an infrastructure-as-a-service platform for other edtech companies to improve the data that goes into their AI models. That's why it's so important to invest in ed-tech AI startups that help people rethink how they interact with technology and learn new skills necessary to successfully enter the workforce, he said.

Persons: PitchBook, VCs, Brian Dixon, Dixon, we've, Numerade, Kapoor, Katelyn Donnelly, she's, I've, you'll, Donnelly, Avalance, OpenAI, we're, ChatGPT, Ryan Craig, Craig, edtech Organizations: Business, Labs, Kapor, Partners, Chingona Ventures, TechCrunch, Kapoor Capital, Lirvana Labs, Odyssey Education, University Ventures, ACT Locations: VCs, edtech

☆ Long-predicted consumer pullback finally hits restaurants like Starbucks, KFC and McDonald's
▼ + stars: | 2024-05-01 | by ( Amelia Lucas | ) www.cnbc.com time to read: +5 min

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

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