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Chicken wing suppliers have nearly doubled their prices, the owner of a Duff's Famous Wings in Buffalo, New York, told Fox. This is because chicken farms are struggling to find workers during the US labor shortage, he said. Chicken wings are getting much more expensive because farms are struggling to hire staff during a national labor shortage, a Buffalo, New York, restaurant owner told Fox Business Monday. Read more: How Starbucks is defying the labor shortage crisis with transformative perks, not cash teasers like McDonald'sThe labor shortage is hitting industries from hospitality to ride-hailing apps. As well as the labor shortage, soaring demand and the unprecedented winter storms in Texas have caused chicken prices to skyrocket.
Persons: Fox, Fryer, Greg Duell, they're, Neil Cavuto, Duell, I've, WIVB, It's, fryer, Louis Ribs, Insider's Ayelet Sheffey, Kevin Burke, Chipotle Organizations: Wings, Fox Business, Roosters, Dayton Daily News, Costco, US Chamber of Commerce, Citizens Capital Markets, Federal Reserve, of America Locations: Buffalo , New York, America, Texas, Ohio, Virginia, New Hampshire
With Jordan ErbDonald Trump during an event for NBC's "The Apprentice" at Trump Tower in New York City. The Trump Organization's CFO, Allen Weisselberg, took measures as far back as 2018 to keep documents out of the hands of prosecutors, Jennifer Weisselberg, his former daughter-in-law, told Insider. The deal allowed Allen Weisselberg to act as a guarantor on an Upper West Side apartment without showing any proof of income. McConnell pegs the chances of an infrastructure deal at "maybe 50-50": Senate Minority Leader Mitch McConnell told the conservative radio host Hugh Hewitt that both sides still wanted a deal. McConnell told Hewitt that leaving the seat open was "the single most consequential thing I've done in my time as majority leader of the Senate."
Persons: Chris Wray, Jordan Erb Donald Trump, Daniel J, Barry, WireImage, Donald Trump's, Allen Weisselberg, Jennifer Weisselberg, Weisselberg, Weisselberg's, Jeff McConney, McConney's, Justin, McConnell, Mitch McConnell, Hugh Hewitt, Nancy Pelosi, Alexandria Ocasio, Cortez, SAUL LOEB, Adam Schiff of, Insider's, Joe Biden, China —, Biden, Trump, Jamie Dimon, Dimon, General Merrick Garland, Garland, Marjorie Taylor Greene, Greene, Steve Cohen, Ben Jacobs, Barack Obama's, Hewitt, Ketanji Brown Jackson, Judge Ketanji Brown Jackson, Chipotle Organizations: Trump, Weisselberg, Manhattan, Attorney's, Trump Organization, ABC, Twitter, Politico, Democratic, Getty, Hill, Democrats, Capitol Hill, ICYMI, Capitol, NATO, The Washington Post, GOP, Republican, Justice Department, Holocaust, Museum, Hitler's National Socialist, CNN, Biden, Republicans, Senate, Court, District of Columbia, Disney Locations: New York City, Alexandria, Cortez of New York, Adam Schiff of California, China, Beijing, The, Russia, Trump, Washington, Tennessee, Florida, St, George , Utah, Myrtle Beach , South Carolina, Austin , Texas, Coeur d'Alene , Idaho
Raymond James upgrades Chipotle to strong buy after menu price hikes
  + stars: | 2021-06-14 | by ( Jesse Pound | ) www.cnbc.com + 0.77   time to read: 1 min
Customers order from a Chipotle restaurant at the King of Prussia Mall in King of Prussia, Pennsylvania. Chipotle Mexican Grill's higher menu prices won't scare away customers and will lead to better results in the quarters ahead, according to Raymond James. The company announced last week that it had hiked menu prices 4% to cover rising wages. Chipotle has also said it will raise its average hourly wage to $15 per hour by the end of June. Raymond James analyst Brian Vaccaro upgraded the restaurant stock to strong buy from outperform, saying that the company has room to raise prices and the move will boost its financial results.
Persons: King, King of Prussia, Raymond James, Chipotle, Brian Vaccaro Locations: Prussia, King, King of Prussia , Pennsylvania
Check out the companies making headlines before the bell:Novavax (NVAX) – The drugmaker said its Covid-19 vaccine proved 90% effective overall in a late-stage trial, and 93% effective against the most predominant variants of the virus. Phillips (PHG) – Phillips shares slid 4.3% in premarket action after saying it would recall up to 4 million CPAP machines due to potential toxicity risks. Chipotle shares gained 1.4% in the premarket. Shares gained 2% in premarket trading. NextGen shares gained 1.9% in the premarket.
Persons: Steve Burns, Julio Rodriguez, Lordstown, Burns, Rodriguez, Phillips, – Phillips, – Raymond James, Ferrari, – Goldman Sachs, Marco Cavaleri, Oatly, Oppenheimer, Morgan Stanley, Piper Sandler, Jefferies, JPMorgan Chase, Cristiano Amon, Equinix, – Equinix, Sir Richard Branson's Virgin, Sky, NextGen Organizations: Lordstown Motors, Grill, GlaxoSmithKline, GSK, iTeos Therapeutics, AstraZeneca, European Medicines, Royal, Shell, Reuters, Credit Suisse, Guggenheim, JPMorgan, RBC, Qualcomm, Nvidia, Sir Richard Branson's Virgin Orbit, Sky News, Virgin Locations: Texas
Jim Cramer on Raymond James upgrading Chipotle amid inflation fears
  + stars: | 2021-06-14 | by ( ) www.cnbc.com sentiment -0.54   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer on Raymond James upgrading Chipotle amid inflation fearsRaymond James upgraded Chipotle, saying it had a “strong value proposition." CNBC's Jim Cramer and Scott Wapner discuss.
Persons: Jim Cramer, Raymond James, Chipotle, CNBC's Jim Cramer, Scott Wapner
Lordstown Motors — The electric truck maker's stock fell more than 15% midday after announcing CEO Steve Burns and CFO Julio Rodriguez resigned. Oatly — Shares of the oat milk company dipped about 4.8% after a number of Wall Street firms began coverage of the stock. Square — Shares of the payments company rose over 4% after Deutsche Bank reiterated its buy rating on the stock. The Wall Street firm said the company has room to raise prices and the move will boost its financial results. Royal Dutch Shell – The energy stock traded about 2% higher as Royal Dutch Shell is reportedly considering a sale of shale assets in Texas.
Persons: Steve Burns, Julio Rodriguez, Lordstown, Morgan Stanley, Oppenheimer, Piper Sandler, Raymond James, Chipotle, Goldman Sachs, Shell, ContextLogic, , Jesse Pound, Maggie Fitzgerald, Pippa Stevens, Yun Li, Tanaya Macheel Organizations: Lordstown Motors, Wall Street, JPMorgan, Jefferies, Jefferies , Credit Suisse, Deutsche Bank, Philips — Philips, Ferrari —, Royal, Shell, , AMC Entertainment, Clean Energy Fuels, BlackBerry, Bed, GameStop, Clover Health Locations: Brooklyn, New York, U.S, Jefferies ,, Mexican, Texas
Chipotle is a strong buy says Raymond James
  + stars: | 2021-06-14 | by ( ) www.cnbc.com + 0.99   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChipotle is a strong buy says Raymond JamesThe "Halftime Report" traders debate the biggest analyst calls of the day.
Persons: Raymond James The
Raymond James gets bullish on Chipotle, upgrades stock to 'strong buy'
  + stars: | 2021-06-14 | by ( Melissa Lee | ) www.cnbc.com sentiment -0.51   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRaymond James gets bullish on Chipotle, upgrades stock to 'strong buy'Chipotle rises as Raymond James upgrades the stock to 'strong buy.' With CNBC's Brian Sullivan and the Fast Money traders, Guy Adami, Dan Nathan, Tim Seymour and Karen Finerman.
Persons: Raymond James, CNBC's Brian Sullivan, Guy Adami, Dan Nathan, Tim Seymour, Karen Finerman Organizations: Fast Money
Where Chipotle heads next after disappointing first-half stretch
  + stars: | 2021-06-14 | by ( ) www.cnbc.com sentiment -1.00   time to read: 1 min
RELATED VIDEOS04:32 Where Chipotle heads next after disappointing first-half stretch01:31 'It's pretty wild' to see investors prefer bitcoin over oil, investor Rich Bernstein says06:39 Investor Rich Bernstein says bitcoin is a bubble, warns too many investors are in the wrong trades02:49 Trading Nation: Biotech sees a boost in June00:55 Reopening trades will sell-off, David Rosenberg predicts07:24 Economist David Rosenberg warns the bond market is sniffing out a slowing economy, sees pain ahead for the value trade
Persons: Rich Bernstein, bitcoin, David Rosenberg Organizations: Biotech
"In this bull market, investors are going to look for this stock at least for a trading rally from here and, as it stands based on technicals, a trading rally makes sense," Wald told CNBC's " Trading Nation " on Monday. Ari Wald, head of technical analysis at Oppenheimer, said this underperformance gives it "rotation potential." But, the stock has had a disappointing first half of 2021. Analysts at the firm upgraded the stock to a strong buy, expecting the chain to be able to pass off increasing costs to the consumer. Nancy Tengler, chief investment officer at Laffer Tengler Investments, bought into the stock in March 2020 when it fell below $500.
Persons: Wald, CNBC's, Ari Wald, Oppenheimer, it's, Chipotle, Nancy Tengler, Tengler Organizations: Investments, FactSet, Tengler Investments
The 10 highest-raising logistics startups have landed more than $1 billion this year. In the year leading up to the pandemic, logistics startups posted some of the largest rounds the industry had ever seen. But the company remains one of the most high-profile logistics startups. Arrive Logistics CEO Matt PyattMatt Pyatt is the CEO of Arrive Logistics. Like many freight startups, KeepTruckin wavered in 2020 — laying off 349 staffers, 18% of its team.
Persons: Project44, Jett McCandless, they're, McCandless, Jiajun Zhu Nuro, Chipotle Nuro, Baillie Gifford, Jiajun Zhu, Nuro, Ryan Petersen Ryan Petersen, Daniel Reinhardt, SoftBank, Ryan Petersen's, ImportGenius, Flexport, Dan Lewis Lewis, Rowe Price, Baillie Gifford Convoy, Dan Lewis, Lewis, Samantha Lee, Goldman Sachs, Jan Bednar, ShipMonk, Matt Pyatt Matt Pyatt, Matt Pyatt, Tobin Moore Tobin Moore, Optoro, retails, Tobin Moore, Moore, cofounding Optoro, Mikko Kärkkäinen Mikko Kärkkäinen, Forrester, Mikko Kärkkäinen, Shoaib Makani, KeepTruckin, Hunt, Mathew Elenjickal Elenjickal, FourKites, Mathew Elenjickal, Elenjickal Organizations: Walmart, CVS, Partners, Getty, Fund, GV, TechCrunch, Flexport, Convoy, Greylock, Microsoft, Google, cofounding Convoy, Uber, Business, Silicon Valley Bank, Insight Partners, Summit, SJF Ventures, Periphas, Florida Atlantic University, Logistics, Temasek, Lead Edge, Baupost, Command Transportation, Ikea, UPS Ventures, Target, American Eagle Outfitters, Relex, TCV, Albertsons, Index, Institutional Venture Partners, Khosla Ventures, Bain Capital Ventures, Hyde Park Venture Partners, Volvo Group Ventures, Gartner, Solutions Locations: Georgia, Pacific, Silicon, Chicago, Europe, Czech Republic, Texas, Finland, TCV, Oracle's, Walmart Canada
While Chipotle attributes raising menu prices to the growing price of labor, some analysts point to high CEO compensation as another factor. Companies are required to disclose the ratio of CEO pay to the pay of a median employee. A study from California State University San Bernardino found that for a minimum wage increase of 10%, food prices increase by just 0.36%. The distance between worker and CEO pay grew wider than ever during the pandemic of the past year, The New York Times reported. The company says there are no plans to further increase prices right now.
Persons: Chipotle, Brian Niccol, Niccol, Kevin Johnson, Chris Kempczinski, EPI, Jack Hartung Organizations: Newsweek, Companies, Institute for Policy Studies, California State University San Bernardino, New York Times, Economic Policy Institute, Labor, Baird, Consumer, Technology & Services Conference Locations: Illinois
Chipotle customers are complaining about small portions on social media. Some customers says Chipotle's burritos are getting smaller. Some customers says Chipotle's burritos are getting smaller. Some customers says Chipotle's burritos are getting smaller. If its portion sizes are getting smaller, Chipotle wouldn't be the only retailer to do so.
Persons: Chipotle, Jack Hartung, Laurie Schalow, Chipotle's burritos, Mary Meisenzahl, Hartung, wouldn't, Edgar Dworsky Organizations: Twitter, Chipotle, Corporate, Washington Post Locations: Chipotle
Chipotle prices go up to help cover cost of higher wages for employees
  + stars: | 2021-06-09 | by ( Amelia Lucas | ) www.nbcnews.com sentiment -0.99   time to read: +2 min
Chipotle Mexican Grill has hiked menu prices by roughly 4 percent to cover the cost of raising its workers’ wages. Across the restaurant industry, chains such as Chipotle, Starbucks and McDonald’s have been increasing hourly pay for employees of company-owned locations in a bid to attract new workers and retain their current ones. In May, Chipotle said that it would raise hourly wages for its restaurant workers to reach an average of $15 an hour by the end of June. “Otherwise you’ll just lose the staffing gain.”CEO Brian Niccol said the company prefers not to raise its prices but that the move made sense in this scenario. The timing of the price hikes coincides with rising ingredient costs across the restaurant industry as suppliers grapple with the return of demand.
Persons: Chipotle, Jack Hartung, Brian Niccol, ” Hartung Organizations: Starbucks, Department of Labor, ., Baird, Consumer, Technology & Services Conference
Chipotle will increase its menu prices as labor costs rise.
  + stars: | 2021-06-09 | by ( Julie Creswell | ) www.nytimes.com sentiment -1.00   time to read: +1 min
Executives at the fast-food chain Chipotle said on Tuesday that they had raised menu prices by about 4 percent to cover the cost of the increased employee wages. In May, in an effort to hire 20,000 employees in the tight labor market, Chipotle said it was raising wages and would pay workers from $11 to $18 an hour. Those higher labor costs will bring higher food prices. “We really prefer not to” raise prices, Chipotle’s chief executive, Brian Niccol, said Tuesday at the Baird Global Consumer, Technology and Services conference. Employers added hundreds of thousands of jobs in May, but the road to recovery for the labor market is bumpy.
Persons: Chipotle, Brian Niccol Organizations: Baird, Consumer, Technology, Services, Labor Department Locations: United
Applebee's "Apps for Apps" promotion was a huge success and brought in 40,000 applicants. Applebee's says it drew in 40,000 job applicants for 10,000 openings with its free appetizer incentives. On May 17, the chain hosted a national hiring day in the hopes of filling 10,000 open positions. Interviewing candidates received coupons for a free appetizer through the "Apps for Apps" program. Hiring has been difficult for many companies that have reported a lack of candidates for open positions.
Persons: John Cywinski, I've, I'd, Cywinski, Taco Bell, Chipotle Organizations: Retail, New York Times, United
A former In-N-Out employee says he was fired for taking sick time and reporting COVID violations. The employee is seeking payout for each claim of labor law violation through California courts. A former In-N-Out employee filed a lawsuit accusing the chain of violating the state labor code and COVID-19 protocols, National Restaurant News reported. Becerra's representative Rene Potter told Law 360. Other fast-food chains have faced accusations of violating labor law related to sick leave over the last year.
Persons: Luis Becerra's, Becerra, Arnie Wensinger, Travis, Mr, Rene Potter, Chipotle Organizations: Restaurant News, LA Health Department, New York City, Chipotle Locations: California, New York
Restaurants could hike prices or cut jobs in response to higher wages, a former McDonald's CEO said. Ed Rensi told Fox Business that fast-food chains turn to automation as it's cheaper than workers. The push for a $15 federal minimum wage could cause fast-food chains to raise prices or slash jobs by turning to automation instead, a former McDonald's CEO said. Former McDonald's CEO Ed Rensi told Fox Business that the chain would either lift prices, or turn to automation software – and ultimately cut jobs. "You got a choice, you go broke by raising prices or you go broke by losing money because you can't raise prices," he told Fox Business.
Persons: Ed Rensi, McDonald's, Read, Rensi, Chris Kempczinski, Burger, Chipotle Organizations: Fox Business, Big, Texas Locations: Chicago
Chipotle hikes prices to cover the cost of raising wages
  + stars: | 2021-06-08 | by ( Amelia Lucas | ) www.cnbc.com sentiment -0.99   time to read: +1 min
Chipotle Mexican Grill has hiked menu prices by roughly 4% to cover the cost of raising its workers' wages. In May, Chipotle said that it would raise hourly wages for its restaurant workers to reach an average of $15 an hour by the end of June. Company executives said at the Baird Global Consumer, Technology & Services Conference that they would be passing along the price of raising pay to consumers. CEO Brian Niccol said the company prefers not to raise its prices but that the move made sense in this scenario. The timing of the price hikes coincides with rising ingredient costs across the restaurant industry as suppliers grapple with the return of demand.
Persons: Chipotle, Jack Hartung, Brian Niccol, Hartung Organizations: Starbucks, Department of Labor, ., Baird, Consumer, Technology & Services Conference
Chipotle hiked the prices on its menu by about 4% last week. The company said the price increase will help offset its new $15 average hourly wages. Chipotle raised the prices on its menu by about 4% last week. The higher prices mean the average chipotle meal will cost about 30 to 40 cents more. At the time, Chipotle CFO Jack Hartung warned the company would have to increase prices to offset the higher pay.
Persons: Chipotle, Jack Hartung, Hartung, avocados, Insider's Kate Taylor Organizations: Baird, Consumer, Technology & Services Conference, Starbucks, QSR Magazine, US Chamber of Commerce Locations: South Dakota , Nebraska, Vermont, California Jersey, Florida
Chipotle raises menu prices as employee costs increase
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -0.92   time to read: +1 min
Customers order from a Chipotle restaurant as pre-Thanksgiving and Christmas holiday shopping accelerates at the King of Prussia Mall in King of Prussia, Pennsylvania, U.S. November 22, 2019. REUTERS/Mark MakelaChipotle Mexican Grill Inc (CMG.N) said on Tuesday it has increased prices for products across its menu by about 4% owing to rising labor costs. "And then with that, we've taken some pricing to cover that," Niccol added. The burrito chain said in May it plans to hire 20,000 more employees and will raise the average hourly wage to $15 by the end of June. read moreOur Standards: The Thomson Reuters Trust Principles.
Persons: King, King of Prussia, Mark Makela, Brian R, Niccol, we've Organizations: REUTERS, Grill Inc, Walmart, Baird, Consumer, Technology & Services Conference, Thomson Locations: Prussia, King, King of Prussia , Pennsylvania, U.S
Chipotle raises its menu prices
  + stars: | 2021-06-08 | by ( Danielle Wiener-Bronner | Cnn Business | ) edition.cnn.com sentiment -1.00   time to read: +1 min
New York (CNN Business) Chipotle raised its menu prices by about 3.5% to 4% to cover the cost of higher wages for employees, the company's Chief Financial Officer John Hartung said Tuesday. Chipotle CMG "You take about a 4% price increase to cover the dollar cost of the extra labor," he told an analyst during a conference. The company said at the time that it was looking to hire 20,000 new employees ahead of the summer. Chipotle raised menu prices last week. In April, New York City sued Chipotle , alleging that the company violated a law that requires fast food chains to give their employees more predictable, less hectic schedules.
Persons: Chipotle, John Hartung, Laurie Schalow Organizations: CNN, New York City Locations: York, New York
The negativity seemed to submerge Kendra's store manager, who became overwhelmed and less communicative toward her team. On her last shift, Kendra says she could tell her store manager was displeased with something. During the pandemic, Kendra said she felt like she was constantly dealing with passive-aggressive and snide remarks, instead of clear direction. Meanwhile, employers are complaining of a tight labor market, in some cases accusing unemployment benefits of luring potential workers away. "My manager went on the walkie-talkie for everyone to hear, saying, 'Do me a favor and put your phone in your locker," Helena said.
Persons: Kendra wasn't, She'd, Kendra, , it's, she's, Kendra isn't, there's, Crista, Helena, Gypsy Noonan, Noonan, I'm, Quincy Valencia, Valencia, they're, Laurie Ruettimann, we've, Ruettimann Organizations: Dollar, Bureau of Labor Statistics, United, FedEx, Walmart, Quincy, AMS Locations: Maine, Chipotle, PetSmart, COVID, Indianapolis
Guild Education reaches $3.7 billion valuation amid labor shortage
  + stars: | 2021-06-02 | by ( Riley De León | ) www.cnbc.com + 0.97   time to read: +2 min
Guild Education's Headquarters in Denver, Colorado Guild EducationGuild Education has raised a $150 million Series E funding round, bringing the company's valuation to $3.75 billion — more than triple its previous valuation of $1 billion. Chipotle has seen a 3.5 times higher retention rate among students enrolled in Guild programs, according to Carlson, and frontline employees who participate in the Guild programs are 7.5x more likely to move into a management role than peers not enrolled. "For workers, education unlocks economic mobility, giving them a debt-free way to acquire new skills and credentials that are aligned with the future of work," she said. It currently offers three million workers at major employers access to its platform, which helps the companies retain workers and "upskill" them into new roles and responsibilities. Workers receive access to education benefits, including tuition reimbursement and tuition assistance.
Persons: they're, Rachel Carlson, Chipotle, Carlson Organizations: Education's, Education Guild Education, CNBC, Disney, Walmart, Taco Bell, Workers Locations: Denver , Colorado, Denver
The economic costs of an exodusIt makes sense that the economic upheaval is showing up first in leisure and hospitality. David expects those issues to manifest mostly in leisure and hospitality jobs. Why hospitality workers are leavingTo make matters worse, David's analysis might actually understate how much readjustment will be necessary in the years ahead. Heidi Shierholz, chief economist at the Economic Policy Institute, thinks the same pattern may play out today in leisure and hospitality jobs. Just this year, the hourly pay for leisure and hospitality workers in nonsupervisory roles has jumped 7%.
Persons: you've, we're, Jed Kolko, Nicholas Bloom, Daniel Zhao, bartenders, Joe Raedle, Joel David, David, , Palmatier, Britt Martin, bartending, She's, Jon Yagin, he's, I've, bam, Heidi Shierholz, Kitchens, Chipotle, Zhao Organizations: Chicago Fed, Economic Policy Institute, Companies Locations: COVID, Connecticut, New York, Dropbox, San Francisco, California
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