Stock index futures pointed to a weaker open on Wall Street after President Barack Obama announced new plans to fight Islamic State militants.» Read More
Investors are looking through the market's recent wreckage to pick up stocks that might have been beaten down. USA Today reports.
Talking Squawk, the official "Squawk Box" blog, provides tidbits, insights, and some sarcastic reflections on the WEEK THAT WAS and the WEEK TO COME.
July 31- Burger King Worldwide Inc said on Thursday it would no longer buy products from OSI Group LLC suppliers in China, where the fast-food hamburger chain has about 200 restaurants.
*Yum says China meat scare impact "significant, negative". *China, HK diners say likely to visit chains less frequently... July 31- A food safety scare in China is testing local consumers' loyalty to foreign fast-food brands, including McDonald's Corp and Yum Brands Inc, which owns the KFC and Pizza Hut chains.
CNBC's Sara Eisen reports Yum! Brands is saying news coverage concerning the sale of bad meat has caused a "significant, negative impact" to same-store sales at KFC and Pizza Hut locations.
"Squawk Box's" Andrew Ross Sorkin asks Brian Niccol, Taco Bell incoming CEO, if sales have gone up in Colorado after the legalization of marijuana. Stay tuned, quips Niccol.
Brian Niccol, Taco Bell incoming CEO, discusses the company's partnership with the Boys and Girls Clubs of America to prep young people for the workforce.
Some of the names on the move ahead of the open.
*Yum says China meat scare impact "significant, negative". July 31- A food safety scare in China is testing local consumers' loyalty to foreign fast-food brands, including McDonald's Corp and Yum Brands Inc, which owns the KFC and Pizza Hut chains.
July 30- Yum Brands Inc on Wednesday said a television expose showing improper meat handling by one of its Chinese suppliers caused "significant, negative" damage to sales at its KFC and Pizza Hut restaurants over the past 10 days. Shares in Yum, which counts China as its No. 1 market, tumbled 6.1 percent in extended trading, down $4.45 to $68.55.
July 30- Yum Brands Inc said reports of improper food handling by Chinese supplier Shanghai Husi has had a "significant, negative impact" on same-store sales at its KFC and Pizza Hut outlets in China over the past 10 days. Yelp's shares fell 6.5 percent in extended trading.
"Fast Money Halftime Report" traders Pete Najarian and Jon Najarian debate whether Chipotle or Yum! Brands makes a better investment.
SHANGHAI/ HONG KONG, July 30- When inspectors visited Shanghai Husi Food Co Ltd earlier this summer, the production line at the plant now at the centre of an international food scandal appeared in good order, with fresh meat being handled by properly-attired workers and supervisors keeping a watchful eye over the process.
Chinese McDonald's have pulled Husi's meat from shelves; now many stores are only serving fries, drinks and desserts. NBC News reports.
*China ops to come under direct control of U.S. headquarters. "This is my company and events like these have a personal toll... they simply don't represent the values I stand for or those of my company," Sheldon Lavin, the millionaire chairman, CEO and owner of Illinois- based OSI Group LLC told a news conference in Shanghai.
SHANGHAI, July 28- The head of U.S. meat supplier OSI Group, the parent company of a Chinese firm at the center of a food safety scandal, will hold a news conference in Shanghai later on Monday, as McDonald's Corp struck more meat dishes off its menus in China.
Homegrown fast food chains have long played second fiddle to Western brands in China but things may be in for a change after the latest food scare.
After 16 years, Starbucks is finally beginning to see real progress in China, and it's only the beginning, says CEO Howard Schultz.
HONG KONG, July 25- McDonald's Corp has suspended sales of chicken nuggets and other items in Hong Kong after it said it imported products from Shanghai Husi Food, the U.S.-owned Chinese company at the centre of a food safety scare in China.
SHANGHAI, July 25- Shanghai Husi Food, the U.S.-owned Chinese food supplier at the center of a meat safety scandal, won a court case earlier this year against a former quality control officer whose claims included that he was made to forge meat production dates. He said Shanghai Husi, which is owned by privately-held Illinois- based OSI Group, ignored his pleas.