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A huge Burger King franchisee is rushing to cut costs over California's $20 minimum wage for fast-food workers. AdvertisementA major fast-food franchisee in California says he's rushing to roll out digital order kiosks as part of plans to cut costs over the state's new $20 minimum wage for fast-food workers. Ghai said he owns 180 fast-food restaurants in California, including about 140 Burger King locations and numerous Taco Bell and Popeyes restaurants. Ghai says he can't raise prices any moreThe new minimum wage, which applies to limited-service restaurant chains with at least 60 locations nationwide, came into effect on April 1. It's 25% higher than the state's general minimum wage of $16 an hour, though many cities and counties in California have set theirs higher.
Persons: , Harsh Ghai, Ghai, he's, Shack, Burger King, Taco Bell Organizations: Burger King, Service, Taco Bell, BI, Taco Locations: California, West Coast, Burger
New York CNN —California just raised the minimum wage for the state’s fast food sector workers by $4 to $20. And, although many casual observers disagree, higher wages for fast food workers could actually help fast food owners, Dongoski said. The employment level in fast food restaurants still hasn’t reached pre-pandemic levels. This has nothing to do with minimum wage.”However, the minimum wage increase serves as an accelerant, Brown said. The changes are necessary, said Ghai, who employs 3,700 fast food workers in California.
Persons: , Rob Dongoski, Dongoski, hasn’t, ” Dongoski, McDonald’s, Katie Fogerty, , David Paul Morris, Burger, Marbue Brown, we’ve, ” Brown, that’s, Brown, “ It’s, Taco, Ghai, “ Everyone’s, ” Ghai, he’s, Harsh Ghai, Condie, ” Condie Organizations: New, New York CNN, Bloomberg, Getty, Burger, Taco Bell, CNN, California Restaurant Association Locations: New York, California, Kearney, Larkspur , California, New York City
Goldman Sachs sees opportunities in small-cap stocks — even as the Russell 2000 finishes its worst week since early January. "I do think that you have to be very selective in small caps because things can go down with great velocity," he told CNBC's " Fast Money " on Thursday. "Within the Russell 2000, you have a lot of stuff that you probably don't want to own," he said. Even with the losing week, the Russell 2000 is up almost 2% for the year, as of Friday's market close. "Other financial conditions have eased a bit, which is also helpful for small caps.
Persons: Goldman Sachs, Russell, Greg Tuorto, CNBC's, Tuorto Organizations: Core Equity ETF, Federal Signal Corp, SPX Technologies, Federal Reserve, Nvidia, Innovation Locations: Cava, Cava —
Fast-food giants are rapidly deploying more order kiosks in the US. AdvertisementMajor US fast-food chains plan to aggressively add more digital order kiosks to their restaurants – and bring in bigger checks in the process. They make up "well over" half of its in-restaurant orders at these locations, CFO Katie Fogertey told investors in November. As well as labor savings, kiosk orders "tend to skew to dine-in" and thus use less packaging than other digital orders, she said. In the US, digital orders currently make up just 15% of Burger King's sales.
Persons: Patrick Doyle, , Burger, Josh Kobza, Shack, Katie Fogertey, Chris Turner, Turner, Sharon Zackfia, William Blair, Fogertey, Grace Dean, Randy Garutti, cashiers, Fogerty, Andy Barish, Jon Tower, Kobza, Zackfia, Barish, Popeyes, Tim Hortons Organizations: Service, Restaurant Brands, Brands, Taco Bell, KFC, Business, Jefferies, Citi, Burger, Firehouse, North Star Locations: Taco, China, London, millennials
A metal detectorist found what he believes is the largest gold nugget ever found in England. AdvertisementA metal detectorist in England found what might be the biggest gold nugget ever found in the country, worth an estimated £30,000 or around $38,000. Richard Brock unearthed the gold nugget, which weighs 64.8 grams, in England's Shropshire Hills — despite turning up to the search late and using faulty equipment. The most expensive metal detector can cost $15,000, but starter models are available for a few hundred dollars. While Brock celebrates his gold nugget find in England, it pales compared to one of the greatest discoveries with a metal detector.
Persons: , Richard Brock, Brock, I'd, Mullock Jones, Simon Beresford, Cortez Organizations: Service, YouTube, Guardian, Shack Locations: England, England's Shropshire, Mexico
That led Meyer to take a lesson with a golf pro on an indoor simulator, an experience that eventually led him and his investment firm, Enlighted Hospitality Investments, to make a $20 million minority investment in Five Iron Golf, an indoor golf and entertainment company. Five Iron Golf, founded in 2017, has grown as it has looked to appeal to several types of golfers, according to CEO Jared Solomon. "The core of Five Iron Golf is to be the best place for the serious golfer as well as the entertainment-type person," Solomon said. But the amount of people who are only playing golf on courses is decreasing, down 9% from the previous year. In fact, there are more players now playing at golf entertainment venues like Topgolf , standalone driving ranges, and businesses like Five Iron Golf with simulator and screen golf setups than there are players playing on a course, according to the NGF data.
Persons: Danny Meyer, hasn't, Meyer, we've, Jared Solomon, Solomon Organizations: Shake, Enlighted Hospitality Investments, National Golf Foundation Locations: U.S
Victoria's Secret said it anticipates a larger-than-expected decline in revenues for the first quarter and full year. Novo Nordisk — Shares rallied nearly 8.9% to record high level after the company reported positive Phase I trial results for its new experimental weight loss drug amycretin. The company reported adjusted earnings of 61 cents per share on $1.68 billion in revenue for its fiscal fourth quarter. Analysts had estimated earnings of 50 cents per share on $1.67 billion in revenue, according to LSEG. Burlington Stores — The stock rose 7.5% after Burlington posted a fourth-quarter beat on adjusted earnings per share and revenue.
Persons: Victoria's, amycretin, TD Cowen, Shake Shack's, Kroger, LSEG, Iberdrola, Avangrid's, Mizuho, , Samantha Subin Organizations: Novo Nordisk —, American Eagle Outfitters, Burlington Stores, Burlington, New York Community Bancorp, Liberty Strategic, VanEck Semiconductor, Nvidia, Micron Technology, Stifel, Intel, Bloomberg Locations: Spanish
DUBAI, United Arab Emirates (AP) — The Middle East franchisee of Starbucks said Tuesday it has begun firing around 2,000 workers at its coffee shops across the region after the brand found itself targeted by activists during the ongoing Israel-Hamas war in the Gaza Strip. Alshaya runs about 1,900 Starbucks branches in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Turkey and United Arab Emirates. Since the beginning of the war on Oct. 7, Starbucks has found itself alongside other Western brands targeted by pro-Palestinian activists over the war. “We do not use our profits to fund any government or military operations anywhere — and never have.”In October, Starbucks sued Workers United, which has organized workers in at least 370 U.S. Starbucks stores. Starbucks isn't the only brand targeted by activists in the war.
Persons: Alshaya, , Boycotters Organizations: United Arab Emirates, East, Starbucks, Reuters, Workers United, Israel, McDonald's Locations: DUBAI, United Arab, Israel, Gaza, Kuwait, Bahrain, Egypt, Jordan, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Turkey, United Arab Emirates, Seattle, U.S
The Middle East franchisee of Starbucks said Tuesday it has begun firing around 2,000 workers at its coffee shops across the region after the brand found itself targeted by activists during the ongoing Israel-Hamas war in the Gaza Strip. Alshaya runs about 1,900 Starbucks branches in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Turkey and United Arab Emirates. Since the beginning of the war on Oct. 7, Starbucks has found itself alongside other Western brands targeted by pro-Palestinian activists over the war. In October, Starbucks sued Workers United, which has organized workers in at least 370 U.S. Starbucks stores. Starbucks isn't the only brand targeted by activists in the war.
Persons: Alshaya, Boycotters Organizations: East, Starbucks, Reuters, Workers United, Israel, McDonald's Locations: Israel, Gaza, Kuwait, Bahrain, Egypt, Jordan, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Turkey, United Arab Emirates, Seattle, U.S
Let's breakdown the potential breakout in Shake Shack (SHAK) . Shake Shack recently reported exceptional earnings and the stock has jumped on strong trading volume. On the way back we stopped at Shake Shack in the Denver airport and the consensus was 8 out of 10. On Feb 15, SHAK reported earnings and revenue ahead of expectation. Breaking down the chart Turning to the technicals, the breakout through the $80 resistance level on significant volume following those fourth-quarter earnings was very impressive.
Persons: Shake Shack, SHAK, Randy Garutti, Gordon Organizations: Shake, Edge Locations: San Diego, U.S, Breckenridge, Denver, West Coast, East Coast
AdvertisementSkipworth told investors at the company's previous earnings call in November that these customers tend to be Gen Zers or millennials. "A lot of these new guests that are coming in are coming in through the chicken sandwich occasion initially," he said. Wingstop was late to join the so-called chicken sandwich wars, which kicked off when Popeyes launched its spicy chicken sandwich in 2019 to compete with Chick-fil-A. Rivals including McDonald's and Wendy's have also been bolstering up their chicken sandwich offerings in response. AdvertisementChains including McDonald's, Shake Shack, and Taco Bell have told customers to expect modest menu price increases in 2024 as inflation cools.
Persons: Michael Skipworth, Skipworth, Wingstop, Popeyes, Alex Kaleida, Taco Bell Organizations: Rivals, McDonald's, Taco Locations: California
BANGKOK (AP) — Shares advanced in Asia on Friday, with Tokyo's benchmark Nikkei 225 index trading near a record high, 35 years after it peaked and then plunged with the collapse of Japan's financial bubble. U.S. futures were lower after stocks on Wall Street set a fresh record following some mixed reports on the economy. It has been hovering just below the record high of 38,915.87 that it set on Dec. 29, 1989, right before a plunge in share and property prices ushered in an era of slower, faltering growth. Taiwan's Taiex edged 0.2% lower a day after breaching a record high of 18,644.57 as major market mover TSMC, the world's biggest computer chip maker, surged nearly 8%. On Thursday, the S&P 500 rose 0.6% to 5,029.73, squeaking past its all-time high set last week.
Persons: Australia's, Shack, Wells Organizations: , Nikkei, Nvidia, Dow Jones Industrial, Nasdaq, U.S, Treasury, Federal Reserve, Fed, CBRE, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Hong, Seoul, India, Wall
AdvertisementChains like McDonald's, Shake Shack, and Taco Bell say they're only planning small price increases in 2024 as inflation cools. But in the year to January 2024, prices at limited-service restaurants rose just 5.8%, per BLS data. Martin Jennings, a 51-year-old truck driver from Florida, told Business Insider that his family was being deterred by higher prices at fast-food chains. Customers are looking for app deals and choosing value menusCustomers are looking for ways to get cheaper meals at fast-food chains. Chipotle said it's eyeing a price increase in the mid-single digits, depending on consumer sentiment and actions taken by other fast-food chains.
Persons: , Taco Bell, Martin Jennings, Ben Heyworth, Burger King, McDonald's, Ian Borden, Jennings, David Gibbs, Kempczinski, Gunther Plosch, Chipotle, it's, Katie Fogertey Organizations: Service, Bureau of Labor Statistics, Shack, Taco, Brands Locations: Florida, Orlando, Burger, Taco Bell, California, America
With Thursday morning's gains, the stock reached a new 52-week high of $95.80 and is up more than 50% in the last twelve months. Earnings per share increased to a 15-cent profit from a 20-cent loss during the year-ago period. Adjusting for one-time items, Shake Shack reported earnings per share of 2 cents. The burger chain also saw a 20% increase in revenue year-over-year and opened 15 new restaurants during the quarter. "Our leadership teams are energized and excited as we embark on our 2024 Strategic Priorities and target another year of strong growth and margin expansion."
Persons: Shake Shack, Randy Garutti Organizations: Shake, Shack, Shake Shack Locations: LSEG
Twilio -- Shares dropped nearly 11% after the consumer engagement company issued lower-than-expected revenue guidance for the current quarter. Twilio also reporter total active consumers for the fourth-quarter that were below Wall Street estimates. Tripadvisor -- Shares climbed nearly 5% after the online booking company beat Wall Street estimates on the top and bottom line in the fourth-quarter. JFrog -- Stock in the software development company climbed more than 19% after fourth-quarter results surpassed Wall Street estimates. Shake Shack -- Shares of the restaurant stock climbed nearly 17% after the firm beat Wall Street estimates on the top and bottom line.
Persons: Twilio, Bitcoin, Tripadvisor, JFrog, FactSet, Shack, John C, bitcoin, — CNBC's Hakyung Kim, Sarah Min, Pia Singh Organizations: Cisco —, Cisco, JPMorgan, Wall, LSEG, Deere, Bank of America, Nvidia, AMD, Intel, Marathon Digital Holdings, Arm Holdings, Holdings
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Invesco’s Equal Weight Energy ETF, Cardinal Health and Shake ShackToday’s “Halftime Report” Investment Committee, Bryn Talkington, Josh Brown and Jason Snipe, give their top picks to watch for the second half.
Persons: Bryn Talkington, Josh Brown, Jason Snipe Organizations: Energy, Cardinal Health, Investment
Chart of the Day: Shake Shack
  + stars: | 2024-02-15 | 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 EmailChart of the Day: Shake ShackJosh Brown, CEO at Ritholtz Wealth Management, joins 'Halftime Report' to discuss Shake Shack's earnings beat and the stock surging to a new 52-week high.
Persons: Josh Brown Organizations: Ritholtz Wealth Management
Super Micro Computer — The technology name added 8.5% after Bank of America said shares could rise to $1,040, a Wall Street high. For the recent quarter, Applovin reported earnings of 49 cents per share and $953 million in revenue. However, the company beat first-quarter earnings and revenue estimates. JFrog — The software development stock skyrocketed 25% after topping Wall Street's fourth-quarter estimates. That topped FactSet estimates 12 cents per share in earnings on $93 million in revenue.
Persons: Twilio, Applovin, Deere, Tripadvisor, Albemarle —, — Coinbase, , JFrog, Penn, Jesse Pound, Hakyung Kim, Alex Harring, Michelle Fox, Brian Evans, Christina Cheddar Berk Organizations: Cisco Systems, Cisco, LSEG, Bank of America, Wells, Currency, Deere, Albemarle, JPMorgan, Chrysler, Fiat, Penn Entertainment, ESPN Bet Locations: North Carolina
Stock futures were flat on Wednesday evening as Wall Street looked to build on a modest rebound with key economic data on deck. Futures tied to the Dow Jones Industrial Average ticked down one point, or less than 0.1%. S&P 500 futures were little changed, and Nasdaq 100 futures dipped less than 0.1%. Stocks rallied on Wednesday but did not erase all of the losses from Tuesday's sell-off, which came on the heels of a hotter-than-expected inflation report. Fast-food company Shake Shack is scheduled to report earnings before the bell Thursday.
Persons: Stocks, Dylan Kremer, Tripadvisor Organizations: Dow Jones, Nasdaq, Federal Reserve, Investors, Cisco Locations: U.S, America
New Street's Delano Saporu rates Shake Shack a buy, here's why
  + stars: | 2024-02-14 | 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 EmailNew Street's Delano Saporu rates Shake Shack a buy, here's whyDelano Saporu, New Street Advisors founder and CEO, joins 'The Exchange' to discuss how to trade Cisco, Occidental Petroleum, and Shake Shack.
Persons: Delano, Delano Saporu Organizations: New Street Advisors, Cisco, Occidental Petroleum
Al-Shifa, Israeli officials have argued, is an example of Hamas’s willingness to use hospitals as cover and turn civilians into human shields. The portion of the tunnel visible in the Israeli military video is at least 350 feet long. But beyond accusing the Israeli military of planting evidence at hospitals, Hamas and Gazan officials have not directly refuted the evidence presented by Israel. The Israeli military declined to provide additional imagery to support its assertion that this was a tunnel entryway or part of a tunnel complex. Concrete sections of the Al-Shifa tunnel are visible in this still image from the video released by the Israeli military.
Wall Street wrapped up another positive week, with the S & P 500 closing Friday above 5,000 for the first time ever. It was a pretty light week in terms of economic data releases, though we did get a favorable ISM Services number on Monday. Things will pick up next week with several closely watched macroeconomic updates, including two key government inflation reports. While no Club earnings are scheduled to report earnings in the week ahead, 61 companies in the S & P 500 will deliver their latest quarterly results. Consumer inflation: The main event of the week will come on Tuesday when the January consumer price index (CPI) is released.
Persons: Estee Lauder, Eli Lilly, Price, Bausch, Trimble, Krispy Kreme, Topgolf, Kraft Heinz, Martin Marietta, Owens Corning, WEN, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Club, GE Healthcare, DuPont, Linde, Ford, Disney, Wynn Resorts, CPI, PPI, Palo Alto Networks, Nvidia, Bausch Health, Arista Networks, WM, Cadence Design Systems, ZoomInfo Technologies, Avis Budget, Brighthouse, Goodyear Tire &, Vornado Realty, Marriott International, Hasbro, Restaurant Brands, Molson Coors Beverage, Holdings, MGM Resorts, MGM, Akamai Technologies, American International Group, AIG, Topgolf Callaway Brands, CME Group, Sony, SONY, Blackstone Mortgage Trust, Martin Marietta Materials, Ryder, Occidental Petroleum, Cisco Systems, Deere, Penn Entertainment, Southern Company, Coinbase, Trade, Materials, Rand, Texas, Housing, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Albemarle, ALB, Ingersoll, New York City
John Bruton, a former Irish prime minister who led an alliance known as the Rainbow Coalition and played a central role with Britain in an effort to secure peace in Northern Ireland after decades of strife, died on Tuesday in Dublin. His family said his death, in a hospital, followed a long illness; they did not specify the cause. Feted in death across the political spectrum in Britain and Ireland, Mr. Bruton had a long career in the center-right Fine Gael party. He was his country’s prime minister, or Taoiseach (pronounced TEE-shack) in Irish, from 1994 to 1997, a time when Britain was led by Prime Minister John Major of the Conservative Party. The governments in Dublin and London had long acknowledged that they each played a major role in navigating the treacherous sectarian and political divisions of warring Protestants and Catholics in Northern Ireland.
Persons: John Bruton, Bruton, John Major Organizations: Rainbow Coalition, Britain, Fine Gael, Conservative Party Locations: Irish, Northern Ireland, Dublin, European, Washington, Britain, Ireland, London
I rented a cabana for a day at Disney's Typhoon Lagoon water park for $365. AdvertisementI've been going to Disney World for over 25 years, and I've been to its water parks — Typhoon Lagoon and Blizzard Beach — a few times. But during my most recent visit to Typhoon Lagoon, my family and I decided to spring for a poolside cabana. When my family and friends arrived at Typhoon Lagoon, check-in for the cabana was easyWe were stationed at Beachcomer Shack 7. AdvertisementThe time spent in the water was mostly on the lazy river, because the water park was very busy.
Persons: I've, cabana, , Megan duBois, it's, I'd, cabanas Organizations: Service, Disney, cabana, cabanas Locations: Typhoon
After six months of living in NYC, the winter blues finally caught up to me and I began to seek a different way of living. I stumbled upon Surfbreak HNL, a penthouse where co-living and coworking come together for digital nomads. From application to move-in, I didn't know what to expectThe Surfbreak rooms vary in size. I loved connecting with my fellow residents, who were remarkably openI formed lifelong friendships while living in Hawaii. Although I no longer live in the house, I still have a friend group from when I did.
Persons: , coworking, Kaitlyn Cheung, Surfbreak Organizations: Service, Business, Surfbreak HNL Locations: New York City, Honolulu, NYC, Waikiki Beach, Hawaii
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