Restaurants
SEC fines former McDonald’s CEO for misleading investors about his firing
Former McDonald’s CEO Stephen Easterbrook unveiling the company’s new corporate headquarters during a grand opening ceremony on June 4, 2018, in Chicago Scott Olson | Getty Images The Securities and Exchange Commission charged former McDonald’s CEO Steve Easterbrook on Monday with misrepresenting his November 2019 firing. Easterbrook has agreed to a $400,000 fine, without admitting […]
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Some restaurant workers could see big wage growth in 2023
Employees prepare food orders at a Portillo’s restaurant in Chicago, Illinois, on Tuesday, Sept. 27, 2022. Christopher Dilts | Bloomberg | Getty Images More than half of U.S. states will hike their minimum wage this year, but some restaurant workers could see even bigger gains in 2023. California’s state minimum wage rose to $15.50 an […]
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McDonald’s plans reorganization, job cuts as it accelerates restaurant openings
Noam Galai | Getty Images Entertainment | Getty Images McDonald’s is planning job cuts and a reorganization as the company refocuses its priorities to accelerate restaurant expansion, CEO Chris Kempczinski told employees Friday. The fast-food giant said the job cuts aren’t a cost-cutting measure but are instead intended to help the company innovate faster and […]
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The gourmet food scene in the UAE is taking on the likes of Paris, New York and London
Chefs and owners pose for picture on the stage during a ceremony revealing the 2022 selection of the Michelin Guide Dubai, the first-ever edition in the United Arab Emirates, on June 21, 2022. Giuseppe Cacace | Afp | Getty Images DUBAI, United Arab Emirates — While the economic outlook for much of the world is predicted […]
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The year of the restaurant robot: Why chains are investing in automation and what it means for workers
A White Castle team member next to Miso Robotics’ Flippy. Courtesy: Miso Robotics Chipotle Mexican Grill is testing whether a robot can make tortilla chips in stores. Sweetgreen plans to automate salad making in at least two locations. And Starbucks wants its coffee-making equipment to lessen the workload for baristas. This year brought a flurry […]
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Jim Cramer’s Investing Club meeting Wednesday: Santa Claus rally, down-and-out buys, Starbucks call, Sunday Ticket
Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. Santa Claus rally may be here early ‘Buy things that nobody wants’ We still like Starbucks Alphabet’s smart play for NFL package 1. Santa Claus rally may be here early […]
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Jefferies downgrades Starbucks, says recession could hurt consumer spending in 2023
It’s time to move to the sidelines on Starbucks , according to Jefferies. Analyst Andy Barish downgraded the coffee chain to hold from buy, saying shares are likely going to trade in a narrow range after their outperformance this year. “With SBUX stock up +40% since the YTD low in May (S & P -2.8%), […]
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Olive Garden parent company Darden beats estimates, raises outlook
An Olive Garden restaurant in Times Square in New York Richard Levine | Corbis | Getty Images Darden Restaurants on Friday reported quarterly earnings and revenue that beat Wall Street’s expectations, as consumers continued to eat out despite pressure from inflation. The company also raised its earnings outlook for fiscal 2023 to a range of $10.3 billion […]
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Goldman Sachs downgrades Cheesecake Factory, says traffic could keep falling amid inflationary pressures
Inflationary challenges will bite into Cheesecake Factory ‘s stock next year, according to Goldman Sachs. Analyst Jared Garber downgraded Cheesecake Factory to sell from neutral. He also lowered his price target for the stock to $29, which reflects a downside of 12.2% over Friday’s close. The stock traded 3.1% lower in the premarket. “We see […]
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Federal prosecutors ask judge to postpone SEC case in alleged New Jersey deli stock fraud
Hometown Deli, Paulsboro, N.J. Mike Calia | CNBC Federal prosecutors in New Jersey want the Securities and Exchange Commission to postpone its civil case against the alleged masterminds behind a $100 million fraud scheme involving a small-town deli so it won’t get in the way of their ongoing criminal case. Prosecutors for the District of […]
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