In a bid to rejuvenate traffic among its budget-conscious consumers, McDonald's is expanding its value menu offerings. Part of this comeback strategy includes creating a "more holistic U.S. value platform" starting as soon as next year.  There has been weakness in the lower-income consumer for the better part of the last 18 to 24 months, according to Sara Senatore, senior restaurant analyst at Bank of America. The issue is "lower income consumers do constitute a disproportionate amount of the customer base ...

Core Viewpoint - Keith Gill, known as "Roaring Kitty," has divested his entire stake in Chewy after initially acquiring a 6.6% ownership, which raised concerns about stock volatility among existing shareholders [1][2]. Group 1: Investment Details - In July, Gill purchased over 9 million shares of Chewy, valued at more than $230 million at that time [2]. - Chewy's stock price was $26.54 per share as of mid-morning Wednesday, reflecting a year-to-date increase of 18.47% [1]. Group 2: Market Impact and Concerns - Gill's investment raised concerns among Chewy's management regarding potential volatility affecting institutional investors, as his following could lead to increased trading activity [3]. - The connection between Gill's investments in Chewy and GameStop is noted, as Ryan Cohen, the founder of Chewy, is also the CEO of GameStop [2]. Group 3: Background on Keith Gill - Gill gained fame through social media, particularly for his cat memes and YouTube streams, which significantly influenced GameStop's stock price in 2021 [3][4]. - His actions have led to a cult-like following among retail investors, impacting market dynamics [4].

BlackRock CEO Larry Fink said Tuesday he does not believe the Federal Reserve will cut interest rates as much as some analysts expect, due to "embedded" inflation. During a roundtable at the annual Future Investment Initiative (FII) in Saudi Arabia, the head of the world's largest asset manager was asked how much he sees the central bank cutting rates by the end of 2024. "It's fair to say we're going to have at least a 25 (basis point cut), but that being said, I do believe we have greater embedded inflatio ...

Aerospace giant Boeing is reportedly exploring the sale of some portions of its space business as it considers ways to streamline its operations. The Wall Street Journal reported Friday, citing people familiar with the matter, that Boeing is considering selling portions of its NASA business, including its troubled Starliner space vehicle and operations that support the International Space Station. The potential divestment would exclude the Boeing unit that's building NASA's Space Launch System, as well as i ...

McDonald's CEO Chris Kempczinski apologized to customers on Tuesday after an outbreak of E. coli that has sickened dozens and left one dead was linked to its Quarter Pounder hamburgers. "On behalf of the entire system, we are sorry for what our customers have experienced," Kempczinski said during the company's earnings call. "We offer our sincere and deepest sympathies, and we are committed to making this right." "Hearing reports of how this has impacted our customers has been wrenching for us," Kempczinski ...

The union representing 33,000 striking machinists at Boeing rejected the company's latest contract offer Wednesday evening, extending a strike that has strained aircraft production. The International Association of Machinists and Aerospace Workers (IAM) has been on strike since Sept. 13 as they try to extract more concessions from Boeing in their next labor contract. Earlier this month, the IAM said Boeing offered a 35% wage hike over four years, a new incentive plan and a $7,000 ratification bonus, as well ...

Costco's introduction of membership card scanners at the front of U.S. stores is still rolling out, but the move is already paying off big for the wholesale club. Morgan Stanley analysts wrote in a note this week that Costco warehouses are seeing as much as low double-digit increases in membership counts after implementing the scanners, and suggested the high conversion rates of previously non-paying customers could lead to the retailer's "Netflix moment." Ticker Security Last Change Change % COST COSTCO WH ...

Tesla did not disappoint and CEO Elon Musk made that clear.  "It is notable that Tesla is profitable despite a very challenging environment. And this quarter, actually, is a record Q3 for us" he told investors on the company’s earnings call, while also noting cheaper models are coming. "We are still on track to deliver more affordable models starting in the first half of 2025," he added.Ticker Security Last Change Change % TSLA TESLA INC. 213.65 -4.32 -1.98% Wedbush Securities analyst Dan Ives said Tesla ...

Costco's introduction of membership card scanners at the front of U.S. stores is still rolling out, but the move is already paying off big for the wholesale club. Morgan Stanley analysts wrote in a note this week that Costco warehouses are seeing as much as low double-digit increases in membership counts after implementing the scanners, and suggested the high conversion rates of previously non-paying customers could lead to the retailer's "Netflix moment." Ticker Security Last Change Change % COST COSTCO WH ...

The Consumer Financial Protection Bureau (CFPB) on Wednesday ordered Apple and Goldman Sachs to pay $89 million over mishandled transaction disputes and misrepresentations that impacted hundreds of thousands of Apple Card users. The CFPB found a breakdown in how customer service for the Apple Card handled consumer disputes, as Apple failed to send tens of thousands of disputes to Goldman Sachs and when it did send them, the bank failed to abide by federal requirements for investigating the disputes. The age ...