LIVESTOCK HIGHLIGHTS: Top Stories of the Day
22 July 2021 - 7:27AM
Dow Jones News
TOP STORIES
Chipotle Stock Hits Record High as Customers Return to
Dining
Chipotle Mexican Grill Inc.'s shares hit a record high Wednesday
as the burrito chain expressed confidence about growth, saying
customers are returning to its dining rooms to eat out despite
higher menu prices.
Sales for the company's quarter ended in June outpaced the same
period before the pandemic, with more people eating out again,
particularly at lunch, the company said.
"It was pretty amazing to see how quickly the consumer showed
up," Chipotle's CEO Brian Niccol said Tuesday.
Chipotle's shares recently rose more than 12% to $1,771 on
Wednesday; earlier in the session, the stock marked a record high
of $1,778.29. Chipotle's shares, which have been trading for more
than 15 years, are up more than 50% over the past year.
Shake Shack Boosts Pay, Benefits -- Market Talk
0901 ET - Shake Shack says it's spending more than $10M in the
next year on raises, bonuses and other benefits for workers as
restaurants across the US fight for employees. The burger chain
employing 9,000 people in the US says hourly wages were increased
in more than two thirds of locations this year, following a pay
bump in half of units last year. The company says it is offering
$1,000 hiring bonuses for managers, along with $500 one-time
allotments for restaurant crew through Aug. 31. Managers can make
more than $115,000 in total compensation at the company.
(heather.haddon@wsj.com; @heatherhaddon)
Kura Sushi Shares Falter Premarket After Public Offering
Prices
Kura Sushi USA Inc. shares were under pressure early Wednesday
after the restaurant chain priced an equity raising below the last
closing price.
Kura, a Japanese restaurant concept with 32 locations in nine
states and Washington, D.C., said the public offering of 1.1
million of its class A shares priced at $45 each. The underwriters
of the offering have a 30-day option to buy up to 165,000
additional shares.
STORIES OF INTEREST
Coca-Cola Expects Growth Despite Covid-19 Resurgence -- Market
Talk
0955 ET - Coca-Cola says it expects organic revenue growth
between 12% and 14% this year as the reopening continues despite
Delta variant concerns. "While coronavirus-related uncertainty
continues, the company remains agile in order to execute on its
strategic priorities and build on the work that has been done in
the past year to navigate an asynchronous recovery," Coca-Cola
says, as it reports a 48% earnings growth in the 2Q. Shares rise
2.6%. (paulo.trevisani@wsj.com; @ptrevisani)
Bakkavor 2Q Sales Rose as Covid-19 Restrictions Eased
Bakkavor Group PLC said Wednesday that it saw strong sales
growth in the second quarter as coronavirus restrictions were
eased, with reported revenue rising on year.
The provider of prepared foods said reported revenue in the 13
weeks to June 26 was 13% higher than in the equivalent period of
2020, and rose 16.1% on a like-for-like basis. Second-quarter
reported revenue rose 0.7% compared with the same period in 2019,
prior to the coronavirus pandemic, and 1.8% on a like-for-like
basis compared with 2019.
FUTURES MARKETS
Cattle Higher Ahead of Feed Report -- Market Talk
1446 ET - Cattle futures on the CME closed trading higher, ahead
of Friday's Cattle on Feed report from the USDA. Analysts surveyed
by The Wall Street Journal are expecting the amount of cattle on
feed as of July 1 to be 98.8% of this time last year, while cattle
marketed in June is expected to be 102.3% of last year's figure.
"Drought in the Western U.S. continues to be an issue and is likely
leading to lighter weight cattle being placed early this year which
could possibly be a greater factor during the third quarter," says
Steiner Consulting Group in a note this week. Cattle futures closed
trading up 0.4% to $1.2525 per pound, while lean hog futures closed
1.5% higher to $1.06575 per pound. (kirk.maltais@wsj.com;
@kirkmaltais)
(END) Dow Jones Newswires
July 21, 2021 17:17 ET (21:17 GMT)
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