McDonald's misses profit target as competition delivers breakfast, plant burgers
Tuesday, 22 October 2019 McDonald's Corp missed Wall Street estimates for profit for the first time in two years on Tuesday as more investment to spruce up U.S. restaurants and speed up service weighed on the world's biggest fast food chain, sending its shares down 4%.
McDonald's reported a quarterly profit that missed Wall Street estimates for the first time in two years as it invested heavily in sprucing up U.S. outlets and speeding up delivery, sending its shares down 4 percent. Yahaira Jacquez reports.
CBC reported that McDonald’s ended its Canadian trial of Beyond Meat in April with no plans to continue. According to Business Insider, the plant-based burger dropped as much as 10% because of the news. While Beyond Meat said in an email they were “pleased with the test,” a JPMorgan analyst said usually if a test goes well, it doesn’t end. Beyond Meat CEO Ethan Brown said the plan with McDonald’s hasn’t changed. Despite the recent drop, Beyond Meat is up more than 90% year-to-date.
McDonald Black franchisees say they earn less per month than average. According to Business Insider they're right. As of late 2019, McDonald's Black franchisees netted $68,000 less a month when compared to McDonald's overall franchisee average. The gap has more than doubled in recent years. Some insiders say McDonald's is making new efforts to address inequalities.
McDonald's intends to hire 260,000 workers in the summer. Business Insider reports that the hiring boom will come as states and counties continue the reopening process. McDonalds adopted 50 new safety procedures during the pandemic. The company did fever screenings after employees were upset about pay and safety protections. Employees have the chance to participate in Archway Opportunity, McDonald's education assistance, and career advising program.
U.S. stocks rose Friday as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 helped to soothe investor worries over a record rise in coronavirus cases in the United States. Fred Katayama reports.
U.S stocks rose Wednesday and the Nasdaq hit a record closing high, supported by tech shares as early signs of an economic rebound offset concern about rising coronavirus cases across the country. Fred Katayama reports.
In March, Bernie Sanders lost his second bid for the Democratic presidential nomination. According to the NY Times the George Floyd protests and their cultural repercussions, may have destroyed Sanders entire case for a socialist America. The paper posits that this summer he may lose his battle for the future of the left, his legacy gone up in smoke. Cultural battles, pro business and pro Wall Street programs have over shadowed Sanders "millionaires and billionaires are evil" narrative.