According to Chipotle’s CFO Jack Hartung, the company is planning a 50-to-1 stock split in hopes of making the shares more affordable for its employees.

“We think it’ll be easier for our employees to be shareholders,” Hartung said via The Wall Street Journal. “And that means, yes, it’s easier for them to buy the stock if they want, but it’s also easier for us to give them the right amount of stock.”

As part of their reward program, Chipotle has been giving top-performing employees packages of restricted stock units. However, with the Chipotle stock trading at more than $3K per share this year, handing out these kinds of rewards became challenging.

Chipotle also hopes that the stock split could indirectly improve the quality of its service. Having a stake in the company would encourage staff to stick around for longer and perform at their best.

The 50-to-1 stock split is expected to be proposed to shareholders on June 6. If approved, Chipotle stockholders would receive 50 new shares for every share they previously owned.

Following the news of stock split plans, Chipotle stock jumped 1.39% on Monday and closed at $3,199.10 per share. The share has been 42.51% up year-to-date.

The post Chipotle Announces Plans for 50-to-1 Stock Split to Make Its Shares More Affordable appeared first on theprimarymarket.com.

In the U.S., McDonald’s saw a 2.5% same-store sales growth compared to the 2.6% estimated, while the same-store sales growth on a global level came at 1.9% versus 2.33% expected by Wall Street analysts. For reference, the company saw 12.6% growth in same-store sales in the same period of 2023.

Additionally, the company’s revenue came at $6.17 billion, slightly higher than estimates of $6.15 billion, but adjusted earnings per share missed the mark at $2.70 per share as analysts expected $2.72.

“Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,” said CEO Chris Kempczinski during the earnings call.

After the quarterly results were made public, McDonald’s shares slipped more than 3% compared to the closing price of $274.00 per share on Monday. The stock quickly corrected and was trending towards its highest mark in April at $276.41. The company’s shares are currently 7.11% down year-to-date.

The post McDonald’s Reports Mixed Q1 Results, Misses on Sales Estimates appeared first on theprimarymarket.com.

Kroger reached a deal to acquire Albertsons back in October 2022, but the acquisition has been met with more than a few obstacles. The main issue is the opposition of the antitrust regulators, which believe that the move will lead to higher prices. This led the U.S. Federal Trade Commission (FTC) to file a suit in order to block the merger.

For the past six months, Kroger and Albertsons tried to appease the FTC by offloading some of their stores. In September, the companies reached a deal to sell 413 stores to C&S Wholesale Grocers for $1.9 billion and will now increase that number by an additional 166 stores. This brings the number of sold stores to 579, with C&S agreeing to pay $2.9 billion for the entire package.

The two companies are also giving C&S access to Albertsons Signature and O Organics brands in order to make the transition smoother.

“The updated divestiture plan continues to ensure no stores will close as a result of the merger and that all frontline associates will remain employed, all existing collective-bargaining agreements will continue, and associates will continue to receive industry-leading health care and pension benefits alongside bargained-for wages,” said Kroger’s chairman and CEO Rodney McMullen in a statement.

The post Kroger and Albertsons to Sell More Stores in Attempts to Get Merger Approval appeared first on theprimarymarket.com.

“A large number of Luxeed S7 vehicles have already rolled off the production line and are now being transported for delivery to customers,” Richard Yu, managing director and chairman of Huawei’s smart car solutions announced on social media. The premium EV already has over 20,000 orders and is priced at 249,800 yuan ($34,600).

In addition to overcoming the production setbacks, Huawei also revealed that its smart car unit would be transitioned into a new company. In April, the company expects to turn a profit, thereby beginning its recovery after losing billions of yuan last year. Such losses aside, the company earned its highest revenue in 2023 over the past four years from new businesses such as its smart car unit.

The post Huawei Reveals That Chery’s Luxeed S7 EV Begn Mass Delivery appeared first on theprimarymarket.com.

Aramco has scheduled a conference call for Monday to break down its financial performance over the past year to investors. Still, the company provided a diagnosis for its financial decline in a filing explaining: “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.”

Part of what provides Aramco an edge in the oil industry is that the company is located in Saudi Arabia; home to vast oil resources located close to the surface of its deserts. This makes it one of the most affordable places to produce oil.

The post Oil Giant Aramco Announces Slide in Profits appeared first on theprimarymarket.com.

Company CEO Brian Cornell has expressed confidence that the department store chain will embark on a positive growth trajectory “from a comparable sales standpoint, from a traffic standpoint, and from a [market] share standpoint.” He explained that Target will focus on opening new stores, introducing private-label brands, revamping existing stores, and unveiling a new membership program providing perks including faster delivery times.

Stifel analyst Mark Astrachan explained in a note to clients that the firm is optimistic about Target’s growth prospects. “We think F4Q results and guidance were better-than-feared. Guidance anticipates a sequential improvement through F2024. This is largely consistent with our expectations that discretionary spending intentions are improving, including amongst lower income households,” the note read.

The post Target Shares Jump as Earnings Exceed Expectation appeared first on theprimarymarket.com.

The company has been highly focused on revamping its loyalty program, thus driving repeat sales, while also building its delivery partnership with Uber Eats, which has largely driven sales of Domino’s pizzas and chicken wings. The decision to revamp its loyalty program comes after the fast-food franchise looked to overcome a sales slowdown near the start of 2023.

Domino’s partnership with Uber Eats has proven to be an effective channel for growth, with the company quickly growing its customer base as a result. According to research firm M Science, Domino’s had already captured a 19% market share on Uber Eats in December.

The post Domino’s Pizza Beats Quarterly Estimates Amid Rebound in Demand appeared first on theprimarymarket.com.

The streaming giant’s disappointing financial performance has been largely attributed to the absence of blockbuster releases over the past few months. This is still a spillover from the Hollywood strikes that took place last year which led to widescale production halts as well as delays in post-production works.

Although customers’ gravitation towards streaming has benefitted Warner Bros, Discovery’s streaming business, the company’s cable business has suffered as a result, with customers increasingly abandoning their linear TV packages. By the end of the quarter, Warner Bros. Discovery had 97.7 million global streaming customers, up from 95.1 million at the end of the previous quarter.

The post Warner Bros. Discovery Misses Earnings Estimates appeared first on theprimarymarket.com.

Currently, the world’s largest farm machinery producer, Deere & Co., trading in the United States as John Deere, stated that net income for the fiscal year is expected to come in at $7.5 billion to $7.75 billion, down from an initial profit outlook of $7.75 billion to $8.25 billion set in November. Estimates compiled by Bloomberg amounted to $7.75 billion.

“Moving forward, we expect fleet replenishment to moderate as agricultural fundamentals normalize from record levels in 2022 and 2023,” Deere Chief Executive Officer John May stated, suggesting that the demand levels experienced over the past two years have been irregularly high.

The post Deere Cuts Profit Outlook as Tractor Demand Slumps appeared first on theprimarymarket.com.

The company’s net loss for the period was 70 million euros ($75.2 million), translating to a loss of 0.36 euros per share, failing to meet analysts’ expectations of a loss of 0.31 euros per share. Still, this is a marked improvement on the loss of 430 million euros, or 2.23 euros per share during the same period the previous year.

Total monthly active users of Spotify reached 602 million in the quarter, beating the company’s projection of 601 million users. This is also a 23% increase from the same period the previous year. With premium subscribers standing at over 224 million, the company expects this number to rise to 239 million during the first quarter of 2024.

The post Spotify Shares Jump Following Strong Earnings Report appeared first on theprimarymarket.com.

According to Chipotle’s CFO Jack Hartung, the company is planning a 50-to-1 stock split in hopes of making the shares more affordable for its employees.

“We think it’ll be easier for our employees to be shareholders,” Hartung said via The Wall Street Journal. “And that means, yes, it’s easier for them to buy the stock if they want, but it’s also easier for us to give them the right amount of stock.”

As part of their reward program, Chipotle has been giving top-performing employees packages of restricted stock units. However, with the Chipotle stock trading at more than $3K per share this year, handing out these kinds of rewards became challenging.

Chipotle also hopes that the stock split could indirectly improve the quality of its service. Having a stake in the company would encourage staff to stick around for longer and perform at their best.

The 50-to-1 stock split is expected to be proposed to shareholders on June 6. If approved, Chipotle stockholders would receive 50 new shares for every share they previously owned.

Following the news of stock split plans, Chipotle stock jumped 1.39% on Monday and closed at $3,199.10 per share. The share has been 42.51% up year-to-date.

The post Chipotle Announces Plans for 50-to-1 Stock Split to Make Its Shares More Affordable appeared first on theprimarymarket.com.

In the U.S., McDonald’s saw a 2.5% same-store sales growth compared to the 2.6% estimated, while the same-store sales growth on a global level came at 1.9% versus 2.33% expected by Wall Street analysts. For reference, the company saw 12.6% growth in same-store sales in the same period of 2023.

Additionally, the company’s revenue came at $6.17 billion, slightly higher than estimates of $6.15 billion, but adjusted earnings per share missed the mark at $2.70 per share as analysts expected $2.72.

“Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,” said CEO Chris Kempczinski during the earnings call.

After the quarterly results were made public, McDonald’s shares slipped more than 3% compared to the closing price of $274.00 per share on Monday. The stock quickly corrected and was trending towards its highest mark in April at $276.41. The company’s shares are currently 7.11% down year-to-date.

The post McDonald’s Reports Mixed Q1 Results, Misses on Sales Estimates appeared first on theprimarymarket.com.

Kroger reached a deal to acquire Albertsons back in October 2022, but the acquisition has been met with more than a few obstacles. The main issue is the opposition of the antitrust regulators, which believe that the move will lead to higher prices. This led the U.S. Federal Trade Commission (FTC) to file a suit in order to block the merger.

For the past six months, Kroger and Albertsons tried to appease the FTC by offloading some of their stores. In September, the companies reached a deal to sell 413 stores to C&S Wholesale Grocers for $1.9 billion and will now increase that number by an additional 166 stores. This brings the number of sold stores to 579, with C&S agreeing to pay $2.9 billion for the entire package.

The two companies are also giving C&S access to Albertsons Signature and O Organics brands in order to make the transition smoother.

“The updated divestiture plan continues to ensure no stores will close as a result of the merger and that all frontline associates will remain employed, all existing collective-bargaining agreements will continue, and associates will continue to receive industry-leading health care and pension benefits alongside bargained-for wages,” said Kroger’s chairman and CEO Rodney McMullen in a statement.

The post Kroger and Albertsons to Sell More Stores in Attempts to Get Merger Approval appeared first on theprimarymarket.com.

“A large number of Luxeed S7 vehicles have already rolled off the production line and are now being transported for delivery to customers,” Richard Yu, managing director and chairman of Huawei’s smart car solutions announced on social media. The premium EV already has over 20,000 orders and is priced at 249,800 yuan ($34,600).

In addition to overcoming the production setbacks, Huawei also revealed that its smart car unit would be transitioned into a new company. In April, the company expects to turn a profit, thereby beginning its recovery after losing billions of yuan last year. Such losses aside, the company earned its highest revenue in 2023 over the past four years from new businesses such as its smart car unit.

The post Huawei Reveals That Chery’s Luxeed S7 EV Begn Mass Delivery appeared first on theprimarymarket.com.

Aramco has scheduled a conference call for Monday to break down its financial performance over the past year to investors. Still, the company provided a diagnosis for its financial decline in a filing explaining: “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.”

Part of what provides Aramco an edge in the oil industry is that the company is located in Saudi Arabia; home to vast oil resources located close to the surface of its deserts. This makes it one of the most affordable places to produce oil.

The post Oil Giant Aramco Announces Slide in Profits appeared first on theprimarymarket.com.

Company CEO Brian Cornell has expressed confidence that the department store chain will embark on a positive growth trajectory “from a comparable sales standpoint, from a traffic standpoint, and from a [market] share standpoint.” He explained that Target will focus on opening new stores, introducing private-label brands, revamping existing stores, and unveiling a new membership program providing perks including faster delivery times.

Stifel analyst Mark Astrachan explained in a note to clients that the firm is optimistic about Target’s growth prospects. “We think F4Q results and guidance were better-than-feared. Guidance anticipates a sequential improvement through F2024. This is largely consistent with our expectations that discretionary spending intentions are improving, including amongst lower income households,” the note read.

The post Target Shares Jump as Earnings Exceed Expectation appeared first on theprimarymarket.com.

The company has been highly focused on revamping its loyalty program, thus driving repeat sales, while also building its delivery partnership with Uber Eats, which has largely driven sales of Domino’s pizzas and chicken wings. The decision to revamp its loyalty program comes after the fast-food franchise looked to overcome a sales slowdown near the start of 2023.

Domino’s partnership with Uber Eats has proven to be an effective channel for growth, with the company quickly growing its customer base as a result. According to research firm M Science, Domino’s had already captured a 19% market share on Uber Eats in December.

The post Domino’s Pizza Beats Quarterly Estimates Amid Rebound in Demand appeared first on theprimarymarket.com.

The streaming giant’s disappointing financial performance has been largely attributed to the absence of blockbuster releases over the past few months. This is still a spillover from the Hollywood strikes that took place last year which led to widescale production halts as well as delays in post-production works.

Although customers’ gravitation towards streaming has benefitted Warner Bros, Discovery’s streaming business, the company’s cable business has suffered as a result, with customers increasingly abandoning their linear TV packages. By the end of the quarter, Warner Bros. Discovery had 97.7 million global streaming customers, up from 95.1 million at the end of the previous quarter.

The post Warner Bros. Discovery Misses Earnings Estimates appeared first on theprimarymarket.com.

Currently, the world’s largest farm machinery producer, Deere & Co., trading in the United States as John Deere, stated that net income for the fiscal year is expected to come in at $7.5 billion to $7.75 billion, down from an initial profit outlook of $7.75 billion to $8.25 billion set in November. Estimates compiled by Bloomberg amounted to $7.75 billion.

“Moving forward, we expect fleet replenishment to moderate as agricultural fundamentals normalize from record levels in 2022 and 2023,” Deere Chief Executive Officer John May stated, suggesting that the demand levels experienced over the past two years have been irregularly high.

The post Deere Cuts Profit Outlook as Tractor Demand Slumps appeared first on theprimarymarket.com.

The company’s net loss for the period was 70 million euros ($75.2 million), translating to a loss of 0.36 euros per share, failing to meet analysts’ expectations of a loss of 0.31 euros per share. Still, this is a marked improvement on the loss of 430 million euros, or 2.23 euros per share during the same period the previous year.

Total monthly active users of Spotify reached 602 million in the quarter, beating the company’s projection of 601 million users. This is also a 23% increase from the same period the previous year. With premium subscribers standing at over 224 million, the company expects this number to rise to 239 million during the first quarter of 2024.

The post Spotify Shares Jump Following Strong Earnings Report appeared first on theprimarymarket.com.