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On Friday, the tech-heavy S & P 500 and Nasdaq Composite ended the week with losses, down 0.8% and 2.1%, respectively. However, the bulk of Magnificent Seven results is set for release in the week ahead. As it is, all seven of the Magnificent Seven companies closed out the week with losses. FOMC meeting, July jobs report Elsewhere, investors will also be reviewing the latest Federal Reserve interest rate decision set for release on Wednesday. Traders will also get insight into the labor market next week, with the release of the July jobs report on Friday.
Persons: Russell, Ryan Grabinski, John Belton, Tesla, Belton, FactSet, Stanley Black, Decker, Lam, Kraft Heinz, Ingersoll Rand Organizations: Nasdaq, Dow Jones Industrial, Microsoft, Facebook, Apple, Nvidia, 2H, 3Q, Gabelli, Traders, Dallas Fed, Semiconductor, Nation Entertainment, Electronic Arts, Starbucks, Match Group, Caesars Entertainment, Corning, Howmet Aerospace, Procter, Gamble, Pfizer, Merck, Co, PayPal, ADP, Civilian Workers, Chicago PMI, MGM Resorts International, Allstate, Lam Research, eBay, Qualcomm, Western, Cruise Line Holdings, Hess, Boeing, Mobile, Marriott International, GE Healthcare Technologies, Generac Holdings, Mastercard, Labor, PMI, Manufacturing, Intel, Holdings, Motorola Solutions, Technology, Air Products, Chemicals, Jobs, Exxon Mobil, Chevron Locations: Chicago, Albemarle, Kellanova, Hershey, Moderna
Domino's CEO slams the summer of value meals
  + stars: | 2024-07-25 | by ( Shubhangi Goel | ) www.businessinsider.com   time to read: +3 min
Read previewAccording to Domino's CEO, smaller burgers are no way to make people happy. In an interview with Bloomberg, Russell Weiner took aim at the size of his competitors' value meals, which often include burgers. "If you want a big sandwich and you end up getting a little sandwich cheaper, you're not happy." AdvertisementWeiner's comments come during a summer of value meals in the US — with nearly every major outlet creating bundles to attract price-sensitive customers. Still, a better value strategy has not been enough to fully satisfy Domino's investors.
Persons: , Russell Weiner, Domino's, Weiner, Burger King, Taco Bell, Burger Organizations: Service, Bloomberg, Business, Taco, Restaurant Brands Locations: Burger, Japan, France
Some diners are eating out less often — and it's hitting Coca-Cola's sales in North America. There's been "some softness in away-from-home channels," CEO James Quincey told investors. Coca-Cola has been working with restaurants to market combo meals and boost sales, he said. CEO James Quincey told investors on Tuesday that there had been "some softness in away-from-home channels" in North America. To reel in customers, Coca-Cola has been working with restaurants to market food and drink combo meals, Quincey said.
Persons: There's, James Quincey, , Quincey Organizations: Service, Bloomberg, McDonald's, Business Locations: North America
Montaque cofounded Group Black in 2021 with the goal of directing $500 million in advertising money to Black-owned media in its first 18 months. With the pledge, Group Black laid out a plan to steer money to Black media owners and acquire media companies. Bough, Group Black's chief strategy officer, was a former Mondelēz and PepsiCo marketer who presented the CNBC reality show "Cleveland Hustles." Various outlets reported that Group Black mounted bids for media companies including the Sports Illustrated publisher Arena Group, the Paramount-owned BET, Vice Media, and Vox Media. Seven former employees described Montaque as an energetic leader but said he was ultimately ineffective in executing Group Black's mission.
Persons: Travis Montaque, Weeks, Montaque, Bonin, Black, George Floyd, Breonna Taylor, Richelieu Dennis, Dennis, Ursula M, Burns, Randy Brooke, Ursula Burns, Seth Kaufman, Moët Hennessy, Gamble, Ziff Davis, offsites, Gamble —, Spokespeople, Derrick Johnson, Lionel Hahn, Todd Brown, It's, Christopher Kenna, I'm, Samantha Skey, Black's Travis Montaque, Arturo Holmes, Vivek Shah, Bough, Sheila Marmon, Media's Refinery29, Erika Goldring, Richelieu Dennis who's, Kirk McDonald, GroupM Organizations: Black, Cannes Lions, Business, Black's, SHE, Cola, Walmart, PepsiCo, CNBC, Xerox, Getty, Moët Hennessy North America, Procter, Gamble, NAACP, Urban Edge Network, Corporate America, Association of National Advertisers's Alliance, Inclusive, Multicultural, Diversity Media, Penske Media Corp, Zeta, Fox, Everyday Health, Sports, Arena Group, Paramount, BET, Vice Media, Vox Media, Galore Media, Mirror, Marmon, Media Locations: GroupM, America, Soho, Manhattan, Santa Monica, Cannes
Chipotle Mexican Grill on Wednesday reported quarterly earnings and revenue that topped analysts' expectations as it saw higher traffic at its restaurants, bucking an industry slowdown. Shares of the company rose about 13% in extended trading before losing most of those gains and settling around 3% higher. The company's same-store sales rose 11.1% in the quarter, topping StreetAccount estimates of 9.2%. Chipotle opened 52 new company-owned locations and one new international licensed restaurant during the quarter. The company reiterated its full-year outlook that same-store sales will grow by a mid- to high-single-digit percentage.
Persons: Chipotle, Brian Niccol, Niccol Organizations: LSEG, Executives, PepsiCo, McDonald's Locations: Texas
New York CNN —Customers on social media have been furious with Chipotle for allegedly skimping on its burrito bowl portions this year. “First, there was never a directive to provide less to our customers,” CEO Brian Niccol said during an earnings call Wednesday. In June, a Wells Fargo analyst ordered and weighed 75 Chipotle burrito bowls with white rice, black beans, chicken, pico de gallo, cheese and lettuce across eight Chipotle locations in New York City. The bowls weighed roughly the same for in-store orders and online orders, but some locations served bowls that weighed 33% more than other locations. Some burrito bowls went to extremes, with one topping out at 27 ounces in one location, and a meager 14 ounces in another.
Persons: Chipotle, Brian Niccol, ” Niccol, pico de, ” Niccols, Nathaniel Meyersohn Organizations: New, New York CNN Locations: New York, Wells, New York City
Its price target implies more than 30% upside. Analyst Stephen Bersey also slashed his price target for the stock to $302 from $388. The financial firm reiterated its overweight on the technology titan and Magnificent Seven member and increased its price target to $485 from $465. The bank upgraded shares of the doughnut maker to buy from hold, while standing by its target price of $14. The bank upgraded the shoe company to overweight from equal weight and raised its price target to $80 from $60.
Persons: CrowdStrike, Morgan Stanley, Stephen Bersey, Bersey, Lisa Kailai Han, Piper Sandler, Brent Bracelin, Bracelin, — Lisa Kailai Han, Peter Christiansen, Christiansen, Sorabh Daga, McDonald's, Daga, Fred Imbert Organizations: CNBC, HSBC, HSBC downgrades CrowdStrike, Guggenheim, Microsoft, Microsoft Cloud, Citi Locations: CrowdStrike, U.S, Monday's
The McDouble wasn't the best burger I've ever had, but it was certainly passable. The McDonald's website says it should also include mustard, but I didn't taste any or see any. My biggest issue with the burger was that I thought it was bone-dry. But even though I didn't love my McDouble, I'm not writing the meal off. I could always get a McChicken as part of the deal instead or try a different location's McDouble burger.
Persons: Gabbi Shaw, I'm
The Federal Trade Commission is launching an investigation into so-called "surveillance pricing," seeking more information about how artificial intelligence is used to change pricing rapidly based on data about customer behavior and characteristics. The FTC says the practice allows companies to charge different customers, different prices. "Firms that harvest Americans' personal data can put people's privacy at risk," FTC Chair Lina Khan said in a news release. Kahn describes surveillance pricing as a "shadowy ecosystem of pricing middlemen." Mastercard said in a statement, "We will cooperate with the FTC in this process."
Persons: Lina Khan, Kahn Organizations: Federal Trade Commission, CNBC, Summit, FTC, Mastercard, JPMorgan Chase, Accenture, McKinsey, Home Depot, Tractor Supply, Hannaford, Puma Locations: Washington ,
Southwest Rapid Rewards® Plus Credit CardThe Southwest Rapid Rewards® Plus Credit Card is a great choice if you're just starting out. Transfer points from Diners Club or hotel loyalty programsDiners Club members can also transfer Club Rewards points to Southwest — 1,500 Club Rewards points, for instance, would convert to 1,200 Southwest points. It's also possible to redeem points earned through participating hotel loyalty programs if you'd rather put them toward flights than hotel stays, though redemption rates are pretty low:5,000 Best Western Rewards points = 1,200 Southwest points6,000 Choice Privileges points = 1,800 Southwest points2,000 Radisson Rewards America points = 200 Southwest points50,000 Radisson Rewards America points = 5,000 Southwest points100,000 Radisson Rewards America points = 10,000 Southwest points9,000 Marriott Bonvoy points = 3,000 Southwest points30,000 Marriott Bonvoy points = 10,000 Southwest points60,000 Marriott Bonvoy points = 20,000 Southwest points90,000 Marriott Bonvoy points = 30,000 Southwest points120,000 Marriott Bonvoy points = 40,000 Southwest points5,000 World of Hyatt points = 2,400 Southwest points50,000 World of Hyatt points = 24,000 Southwest pointsNote that World of Hyatt throws in an additional 6,000 Southwest points as long as you're a member, while Marriott Bonvoy adds 5,000 Southwest points for every 60,000 Marriott points transferred. Earn Southwest points by taking online surveysYou can earn points by taking online surveys through E-Rewards — $15 worth of E-Rewards yields 300 Southwest points, $25 worth of E-Rewards yields 600 Southwest points, $50 worth of E-Rewards yields 1,200 Southwest points, and $100 worth of E-Rewards yields 2,400 Southwest points. Southwest Rapid Rewards Points Frequently Asked QuestionsHow much is 50,000 Southwest points worth?
Persons: It's, you'll, You'll, Cardholders, Chase, Marriott, There's, you've, Hertz, , Ronald McDonald Organizations: Business, Rewards, Southwest Airlines, Southwest Rapid, Rapid, Southwest, Business Credit, eBay, Rapid Rewards, Southwest ®, FDIC, Southwest Airlines ®, Card, Business Credit Card, Southwest Premier, Performance, Chase Sapphire Reserve, Club, Southwest —, Radisson, Marriott, Hyatt, Southwest Hotels, Best, Hotels & Resorts, Choice, Marriott Bonvoy, MGM Resorts International, MGM Resorts, Hertz, Apple, Old Navy, Dartington Crystal, Emergency, Reliant, Central America, Francisco, Chicago, Fort Lauderdale, Student Conservation Association, Ronald McDonald House Charities, Polaris, United Negro College Fund, Hispanic Heritage Foundation Locations: United States, U.S, Mexico, Belize, Costa Rica, Aruba, Cuba, Puerto Rico, Jamaica, Cayman Islands, Turks, Caicos, Dominican Republic, Southwest, rideshare, Southwest airfare, Rocketmiles, Alamo, Avis, Pennsylvania , New Jersey , Maryland , Massachusetts, Illinois, Texas, Caribbean, Central, New York, Los Angeles, Honolulu , Hawaii, Baltimore, Cabos, Denver, Liberia, Nassau, Bahamas
Red Robin and McDonald's are well-known for burgers, but which chain is better? I ordered the same meal at both chains to compare their signature cheeseburger and fries. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWhen I was in high school, I hung out at Red Robin on the weekends. But now, I find myself driving under McDonald's golden arches because I think of the chain as quicker and more budget-friendly.
Persons: Red Robin, McDonald's, Organizations: Service, Business
McDonald's is reportedly extending its $5 meal deal beyond the initial one-month sales period. Foot-traffic data has shown that the deal drew in more customers to McDonald's restaurants. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMcDonald's appears to have deemed its $5 meal deal a success. This story is available exclusively to Business Insider subscribers.
Persons: McDonald's, Organizations: Service, Bloomberg, Business
New York CNN —Nearly all McDonald’s US locations will continue to sell the “$5 Meal Deal” after people flocked to the promotion amid rising food prices. Since its launch in June, the limited time offering is “resonating with our millions of customers,” and the company claimed the move was siphoning off business from its competition, according to an internal McDonald’s memo obtained by CNN. McDonald’s launched the “$5 Meal Deal” in late June intended to be for one month only. The meal includes a McDouble cheeseburger or a McChicken sandwich, small french fries, four-piece Chicken McNuggets and a small soft drink. Diners are not going out to eat as often and spending less when they do, causing fast food sales to slow and restaurant traffic to dip.
Persons: McDonald’s, wasn’t, , Taco, Burger Organizations: New, New York CNN, CNN, ” Starbucks, Taco Bell Locations: New York
McDonald's will extend its $5 value meal beyond its initial four-week window in most of its U.S. markets, as the fast food giant says the offer is driving traffic back to restaurants. The memo said the majority of locations will extend through August, or plan to vote on whether to do so. The $5 value meal rolled out on menu boards beginning June 25 and was initially set to last roughly a month. The move comes as restaurants offer deals to boost sagging traffic, as consumers — particularly lower-income diners — balk at higher prices after years of inflation-fueled hikes. Coca-Cola kicked in marketing funds to make the initial value offer more appealing for franchisees, CNBC reported in May.
Persons: Myra Doria, Tariq Hassan, Burger, Taco Bell, McDonald's Organizations: CNBC, Bloomberg Locations: San Pablo , California, U.S
Take activist hedge funds, which buy up a percentage of a company's stock (or an asset) and then use their weight to push for operational changes. Or there would be a fun, splashy war between the hedge fund and the C-suite. Hedge funds rely on outperforming the market when times are hard and it's easier to find pockets of outperformance and exploit them. Of course, hedge funds are having a hard time coming up with a crew because the clients have changed too. Advertisement"At the end of the 1960s, the bubble burst, and everyone thought, 'That's the end of hedge funds,'" Mallaby said.
Persons: David Tepper, Anthony Scaramucci, Lenny Kravitz, lanyards, Bobby Jain, Goldman Sachs, Denise Shull, Charles Lemonides, ValueWorks, Saba Capital's Boaz Weinstein, BlackRock, Nelson Peltz, Bob Iger, Paul Singer's Elliott, , Elliott, Meir Statman, Statman, I'm, That's, Paris, Marc Jacobs, they've, they're, Sebastian Mallaby, Julian Robertson, Julian, Mallaby, Lemonides, wonky quants, Keith Gill, David Einhorn, Andrew Left, bro Organizations: Appaloosa Management, Carolina Panthers, Bellagio, Millennium Management, Credit Suisse, Jain, Disney, Paul Singer's Elliott Management, Santa Clara University, Behavioral Finance, New, Tiger Management, Met, rockstar, Ferrari, Greenlight, Harvard, Princeton grad, Research Locations: Vegas , New York City, Singapore, Argentine
Insider Today: A historic outage
  + stars: | 2024-07-21 | by ( Matt Turner | ) www.businessinsider.com   time to read: +5 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Since then:This story is available exclusively to Business Insider subscribers. You can get the latest on what the political turmoil might mean for businesses, the economy, and markets right here or by downloading the Business Insider app. This week's dispatchMaster/Getty, Yevgeniy Sambulov/Getty, Tyler Le/BIA historic outageComputers at Australian retailer Woolworths froze with the blue screen of death. An update gone wrong from a single company many hadn't heard of before Friday morning brought retailers, banks, hospitals, production lines, and airlines to a halt.
Persons: , It's, Donald Trump, Yevgeniy Sambulov, Tyler Le, Cash, Tesla, Crowdstrike, Jenny Chang, Rodriguez, Slack, de Haro, Gen Z, Rebecca Zisser, Mickey Mouse, Lizzie McGuire, Hannah Montana Organizations: Service, Business, Woolworths, Airline, Microsoft, Getty, Workers, BI Tech, Big Tech, Disney, YouTube Locations: Japan, Alaska
In large South Korean cities like Seoul, convenience stores are on every corner, sometimes with multiple outlets from competing companies dotting the same street. Heo Ran/ReutersThere are a few things that set South Korean convenience stores apart. A quick search on YouTube, TikTok or Instagram shows an endless supply of videos about Korean convenience stores. Indeed, Korean convenience store companies have grown so successful they are even expanding overseas. But when she next returns to South Korea, she will “definitely” still visit a convenience store and hit record, she said.
Persons: , Chang Woo, ” Chang, Heo Ran, Chang, – they’re, Jiny, , Emart24 –, Maeng Organizations: South Korea CNN, Korea Convenience Store, South, Kwangwoon University, Deloitte Korea, McKinsey, Companies, Deloitte, YouTube Locations: Seoul, South Korea, Japan, Taiwan, , United States, Korea, London, Australia, “ Korea, Sydney, Southeast Asia, Vietnam, Malaysia
Read previewA mass IT outage has hit flights, banks, retailers, and media outlets around the world. Here are some of the companies and operations affected. AdvertisementAirlinesAirlines, including United, Delta, American, and Allegiant, have all grounded flights due to the mass outage. Related stories"KLM and other airlines and airports have been affected by a global computer outage, making flight handling impossible. AdvertisementGrocery store chain Woolworths told BI that some stores had "been impacted as a result of the global IT issue."
Persons: , We're Organizations: Service, Microsoft, Business, Advertisement Airlines Airlines, American Airlines, BBC, Frontier Airlines, Ryanair, KLM, Alaska State Troopers, Airports Major, Gatwick, NHS, Reuters, Media, News Sky, London, Exchange, London Stock, London Stock Exchange, Retailers, Bloomberg, McDonald's, Woolworths Locations: United, Delta, State, Alaska, Heathrow, Gatwick, Luton, Northern, McDonald's Japan
Some retailers and fast-food chains are limiting their operations following a global IT outage. McDonald's Japan said that some of its stores had temporarily closed. AdvertisementA massive IT outage has affected grocery stores, retailers, and fast-food giants around the world. Australian grocery-store chain Woolworths told Business Insider that some stores had "been impacted as a result of the global IT issue." This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Service, Bloomberg, Woolworths, Business Locations: Japan
Read previewIf the world needed a wake-up call on just how fragile its IT systems are, it just got one: a small update gone wrong appears to be the culprit for a total global meltdown. CEO George Kurtz said on X the issue was caused by a "defect found in a single content update for Windows" with a fix now deployed. CrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. AdvertisementBug checkAccording to Microsoft's Azure status page , it's a particular issue with Crowdstrike's "Falcon agent" that was affecting systems. In other words, the agent meant to detect bugs is getting checked to see if it's a bug itself — and causing problems as a result.
Persons: , Morgan, George Kurtz, — George Kurtz, Crowdstrike, Dan Coatsworth, AJ Bell, Omer Grossman, Grossman, Brody Nisbet Organizations: Service, Business, Bloomberg, Computers, Woolworths, Microsoft, CrowdStrike, Windows, Linux, Democratic National Committee, Sony Pictures Locations: Japan, Australia, Switzerland, Singapore, Britain, Austin
McDonald's introduced its $5 meal deal last month as a way to draw in inflation-weary diners. Data from Placer.ai suggest that the offer worked immediately after McDonald's introduced it. Fast-food chains and some sit-down restaurants have offered competing value meal deals this year. The fast-food chain started serving its value meal on Tuesday, June 25. McDonald's $5 meal includes a McDouble or McChicken, four Chicken McNuggets, a small order of fries, and a small fountain drink.
Persons: McDonald's, Organizations: Service, Business
Read previewAlthough the cost of a cruise is going up, this form of travel is still the best value for a family vacation right now. The average price of a cruise is up more than 40% since 2019, according to Cruise Critic data reviewed by CNBC. Finer fare, similar to what's included on cruise ships, costs even more. Plus, hotel prices are also on the rise, up 40% to 50% compared to 2019. Meanwhile, a three-night sailing on the Utopia of the Seas, Royal Caribbean's newest cruise ship, can cost $533 a night.
Persons: , David Bernstein, who's, I've, Amanda Adler, I'm Organizations: Service, CNBC, Business, Prima, Entertainment, Seas, Royal, New Zealand Locations: Norway, Iceland, Caribbean, Europe, New
My teen son joins us frequently, mostly made possible because he homeschools and agenerally likes to travel. AdvertisementGas stations in France are better than those in the USThis summer is the first one we've rented a car and spent significant time driving throughout France. This experience has come with a startling experience: Shell gas stations in France are wildly more clean and comfortable than they are in the States; in fact, they're even borderline beautiful. In addition to just flat-out being my favorite fast food, Taco Bell is also a favorite of my son's because he's been a vegetarian his entire life, and you can always count on Taco Bell for a few bean burritos (no red sauce, no onions) in a pinch. The reason for the lack of Taco Bell has never been explained to me, and France clearly has no problem hosting fast food establishments from the US (KFC, McDonald's, and Burger King are everywhere).
Persons: agenerally, Pepper, Uber, we've, Taco Bell, he's, Taco, Burger Organizations: Service, Advertisement, Shell, Taco Bell, Taco, US, KFC Locations: Europe, France, Paris, States, Coke, we're, Cannes, America
I tried the $5 Your Way meal from Burger King, the $5 Meal Deal from McDonald's, and the $5 Biggie Bag from Wendy's. I tried $5 meals from Burger King, McDonald's, and Wendy's. Gabbi Shaw/Business InsiderBoth Burger King and McDonald's released their $5 meal deals in June. Wendy's, meanwhile, has been offering the Biggie Bag for five years, Today.com reported. My Burger King meal was $5.81; my McDonald's meal was $5.54; and my Wendy's meal was $5.43.
Persons: Burger King, Biggie, Gabbi Shaw, McDonald's, Wendy's, Today.com Locations: Burger, McDonald's, Long, , New York
National French Fry is on Friday, July 12, and plenty of popular restaurant chains are offering freebies and deals to honor the holiday. Whether they're crinkle cut or curly, French fries are a favorite across the nation. The average American consumes around 34 pounds of French fries a year, according to the National Oceanic and Atmospheric Administration. The origin of French fries is unclear, despite the name, according to Britannica. President Thomas Jefferson is often credited with introducing the dish to Americans after returning from France with a recipe for "deep-fried potatoes in small cuttings," per the Thomas Jefferson Foundation.
Persons: Fry, Thomas Jefferson, Thomas Organizations: National Oceanic, Atmospheric Administration, Thomas Jefferson Foundation Locations: France, Smashburger
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