Stock Market Updates: McDonald’s and Beyond Meat, Amazon and More

Credit …Steve Halber / Associated Press

On Tuesday, meat stocks raised concerns over the company’s relationship after the company reported lower quarterly earnings expectations and news of McDonald’s new plant-based products.

The high-flying plant-based meat company surprised investors late Monday when it reported that its third-quarter revenue had climbed only 2.7 percent from the previous year, but a $ 19.3 million net loss in the quarter from expenses related to the epidemic. Occurred, compared with a net income of $ 4.1 million a year earlier. The stock had broken nearly 22 percent in early trading on Tuesday.

Earlier this year, shoppers filled their trains with Beyond Meat’s faux burgers as they loaded the pantry and freezer during the epidemic. Officials said purchases were slow in the third quarter. Retail revenue fell 11.1 percent in the third quarter from a year earlier.

At the top, investors were already panicked by the lack of details surrounding an announcement by McDonald’s about McPlant, a line of new plant-based products that it plans to offer in some markets next year.

Earlier this year, McDonald’s ran a pilot in Canada with Beyond Meat’s products and Beyond Meat said it had developed a patty for the McPlant line, but analysts noted that the McDonald’s executive had its new faux – Some were more ambiguous about their suppliers for meat products.

“We have not made a decision about how we are going to be and which suppliers are supporting our global rollout,” McDonald’s Chief Executive Officer Chris Kempinski said in an interview with CNBC on Monday.

Credit …Angela Weiss / Agence France-Press – Getty Images

AMC Entertainment It was announced on Tuesday that it would offer private theater rentals at AMC, which would allow people to reserve theaters for private film performances, which would try to attract customers during an epidemic. Also destroyed Movie theaters across the country.

The company said the offer came after a four-week trial for the service, which generated 110,000 inquiries nationwide – more than four times the number of all bookings in 2019.

Elizabeth Frank said, “It is unprecedented for AMC to get 110,000 contacts in four weeks about a private theater rental based only on word-of-mouth and organic publicity, and we’re excited about the interest among AMC guests Are and appreciate it ”Executive Vice President of Programming Worldwide and Chief Content Officer for AMC.

AMC, the largest theater chain in the United States, said that guests can rent any of the nearly 600 theaters for movie screenings through its website and mobile app, which will start at $ 99. New releases are more expensive – “Tenset,” “The War with Dadpa” and “Freaky” can cost as much as $ 349. The rental fee includes 20 tickets.

Independent theater owners also have Private rental test They fight for survival as a way to bring in revenue.

The announcement comes as AMC teeters on the edge of bankruptcy, with many still wary of returning to theaters in large numbers and Hollywood pushing most major releases by next year. In October, AMC said that existing cash resources would be largely depleted by the end of 2020 or 2021, and the company would need additional sources of liquidity to meet its financial obligations or increase attendance levels .

The company said that AMC would require guests to wear masks and practice social distance in the auditorium.

Credit …Suzie Howell for The New York Times

The International Energy Agency said on Tuesday that the energy industry has experienced its worst year in decades due to the epidemic, but has developed clean sources to generate electricity.

The Paris-based forecasting group said electricity consumption from wind, solar and hydroelectric sources would increase by about 7 percent in 2020, despite a 5 percent drop in overall energy demand. In a report published on Tuesday.

This demonstration suggests that these renewable sources of energy are “immune to Kovid”, Fatih Birol, the agency’s executive director, said at a press conference.

According to the report, renewable energy is increasing to promote such policies and strong interest among investors who want to invest in clean energy projects.

The world will add about 4 percent to its capacity to produce electricity from renewable energy such as wind and solar in 2020, despite travel restrictions, factory closures and other obstacles caused by the epidemic. Growth is expected to grow by about 10 percent next year, as projects disrupted by the epidemic are brought online and efforts by governments in Europe and Asia to kick-start their economies to combat climate change.

Mr. Birol said the withdrawal of the Paris Agreement on Climate Change by the United States as a presidential election Joseph R. Biden Jr. has pledged, This could give the drive a “very strong momentum”, which would double the renewable capacity in the United States in five years.

Credit …Elliot Verdier for the New York Times

EU regulator brought Allegations against Amazon Adam Satriano of The New York Times wrote that the online retail giant on Tuesday broke competition laws to harm small traders using its size and data.

Here’s what you need to know about the suit:

  • The European Commission, the executive arm of the 27-nation block, said Amazon has abused its dual role as both a retail store used by millions of sellers and a merchant that sells its own competing goods on the platform.

  • Authorities accused Amazon of harvesting the data of millions of merchants who use their marketplace to view popular products, then copy and sell them at lower prices.

  • The case, which has been expected for months, is the latest front in a trans-Atlantic regulatory push against Amazon, Apple, Facebook and Google, as authorities in the United States and Europe hold a more skeptical view of their business practices and their dominance in digital. Economy.

  • Many people in Europe will be seeing that the announcement of Amazon President-Elect Joseph R. How it is done by the incoming administration of Biden Jr., who is expected to follow the policies Limit industry power.

  • The announcement on Tuesday was just part of the regulatory process. It may take several months or even years before fines and other fines are announced. The commission may also enter into an agreement with Amazon.

  • Stock markets around the world took a break on Tuesday The feverish excitement that gripped investors for Monday Following news 90 percent effective coronavirus virus vaccine developed by Pfizer.

  • The S&P 500 had fallen slightly in early trading. It closed on Monday, within 1 percent of what was recorded in early September.

  • The Stokes Europe 600 index rose nearly half a percent on Tuesday, with gains from energy and financial companies. There was a mixed trend in Asian markets.

  • In Britain, the FTSE 100 index gained 1 percent and the pound climbed 0.7 percent against the US dollar and 0.9 percent against the euro. Many believe that the possibility of a Brexit agreement has increased, Joseph R. Because of the election of Biden Jr.. In the United States. The border between Northern Ireland and the Republic of Ireland is an important point in the final Brexit negotiations, and the British Prime Minister, Boris Johnson, does not want to pick a fight with the president-elect, which often refers to his Irish. Legacy is more Aware of return of hard limits.

  • Negotiations on the trade agreement with the European Union continued before an agreement deadline this weekend. Despite a 4.8 per cent increase in the UK unemployment rate, the gains came at a four-year high.

  • Oil prices kept rising. West Texas Intermediate, futures contract on the US benchmark, rose 1.1 percent to $ 40.75 per barrel. The price jumped more than 8 percent on Monday. The dollar index rose 0.2 percent against other major currencies. Gold rose 0.8 percent.

  • The S&P 500 is up more than 8 percent in November, as a sigh of relief over the resolution of the 2020 election, a rally attended and expected by any major policy by the Bella administration, a divided government with Republicans in control of the Senate Will curb change. . The news of Pfizer’s vaccine trial on Monday added a layer of excitement to those gains.

  • But the rally is still susceptible to a change in sentiment, and business highlighted this on Monday. S&P 500 gives one percent profit in last half hour business After the Senate majority leader, Mitch McConnell said President Trump was “within 100 percent of his rights” to challenge the election result – a warning to investors that political uncertainty could flare up.

  • In addition, the United States is still setting records for new coronovirus cases and it may be months before the vaccine becomes widely available. With the economy still struggling, no new prospects for economic aid from Washington are expected anytime soon, especially as Mr. Trump is predisposed to reverse the election result.

Credit …Yesa Perez for the New York Times

Jacka Foreman, Boca Raton, Fla. The chief executive of Tymaker Basic Fun, among them, is among employers who do not believe that the epidemic has fundamentally re-organized the way millions of Americans work.

They are also recalling their employees as coronovirus growth in some parts of the country, arguing that a balance can be made between safety and the need for reunification under one roof. Nelson D. Schwartz Report for the New York Times.

Some employees have eagerly returned after the distraction of working from home. Others have done so reluctantly after asking for a little more time. And at least Basic Fun employees have got a second job instead of returning to office.

Mr. Foreman is not a masked or coronovirus skeptic. Nor is he a fan of President Trump, who has questioned the efficacy of the mask and criticized the lockdown that forced many employees to work from home.

But he believes that necessary steps – such as mandatory facades, and desks that extend outside, with sanitizers deployed throughout the office – have been taken to ensure the safety of his workers. And this means that their employees no longer have the option to stay indoors.

“We’re working together as a team,” he said. Mr. Foreman expected the effects of the epidemic to continue for another year, at least, “but there is no way that the business will be able to work from home when employees are working together.”

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *