McDonald's CEO Steve Easterbrook was fired for inappropiate relationships with his employees. CNN reports that McDonald's is now suing Easterbrook. In a lawsuit the company alleges Easterbrook lied to the board about the extent of his relationships with employees. McDonald's says he misled investigators about engaging in physical sexual relationships with three employees in the year before his ouster. The company is suing Easterbrook for the amount of his exit package: about $40 million.
Business Insider reports that 6.5 million restaurant workers are still out of a job because of the pandemic. A growing number of major restaurant chains hiring right now. All together, those chains are hiring over 400,000 new employees. On Wednesday, Chipotle announced plans to hire 10,000 new employees. Denny's is looking to hire 10,000 people. McDonald's announced on June 18 that it plans to hire 260,000 new workers in the US over the summer.
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.
Michael Novogratz told Bloomberg the price of gold could certainly get up to $3,000. The Galaxy Digital CEO and co-founder said the next Fed meeting could be changing things. He said the meeting could be the "juice that accelerates gold and bitcoin." He said investors should be careful in the space, according to Business Insider. The Galaxy Digital CEO and co-founder emphasized that predicting a new high for gold is difficult. This is because it's already reached its record.
The shingles virus is painful. Business Insider revealed the stages of the illness. Stage 1: Tingling pain or numbness. Stage 2: Burning feeling and red rash. Symptoms include headache, fever and upset stomach. Stage 3: Blistering. Stage 4: The blisters crust over.
On Friday, Bank of America upgraded Tesla to "neutral" from "underperform." It raised its price target to $1,750 from $800. The firm's new price target implies an 8% upside for Tesla shares over the next year. Business Insider reports that shares of Tesla ticked up as much as 4% on Friday. Morgan Stanley also boosted its price target and rating on the automaker.
Corvette is the longest-running sports car in America. The 2020 Corvette marks a big departure from Corvette design with its mid-engine layout. Kirk Bennion, the design manager for the new Corvette, talked to Business Insider about how the 2020 Corvette was designed. Bennion says the mid-engine layout is "really good from a performance standpoint." He said the change allowed them to move the driver and occupant forward16 1/2 inches.
On Tuesday, Tesla announced it will enact a five-for-one stock split on its shares at the end of August. The company has rallied since the announcement. On Wednesday, shares of the automaker jumped 13%. The stock climbed as much as 4% Thursday. The stock split doesn't change anything about the company fundamentally. Business Insider reports the split will appeal to smaller investors.