LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Chipotle's Online Sales Surge amid Coronavirus
Chipotle Mexican Grill Inc. said online sales more than doubled
after the coronavirus pandemic hit, rewarding the company's recent
investments in its digital operations.
That helped the Newport Beach, Calif.-based burrito chain post a
same-store sales decline of 9.8% in its second quarter, less than
the 11.5% drop analysts expected. Earnings of 29 cents a share on
$8.2 million profit were down from $3.22 a share on $91 million
profit in last year's period.
During the second quarter, Chipotle said it had $1.4 billion in
sales, slightly better than analysts' expectations of $1.3 billion.
The chain reported 40 cents in earnings per share adjusted for
one-time items, including pandemic-related costs. Analysts expected
35 earnings per share.
Restaurants Rack up Most Closures -- Market Talk
0706 ET - Restaurants have suffered the most permanent closures
since the pandemic hit, surpassing retailers, according to new
findings from Yelp Inc. There have been 26,160 restaurant closures
from March 1 to July 10. The total grew by 2,179 in roughly the
last month. Sixty percent of the restaurant closures in July were
for good, the ratings site found. Restaurants are having to close
indoor dining again in many states and cities, a particular
headwind after staffing up and buying supplies to serve more
diners. (email@example.com; @heatherhaddon)
STORIES OF INTEREST
Unilever Investors to Eye Dividend at 1H Results -- Market
1505 GMT - Unilever's dividend is likely to attract investor
attention when the Anglo-Dutch consumer-goods company reports
first-half results Thursday. Despite downbeat 1Q sales and
scrapping of full-year margin guidance, Unilever has offered
reassurance that it would keep paying dividends, rather than
cutting them, A.J. Bell says. "It kept the 1Q payment unchanged at
EUR0.4104 a share and income-seekers will hope for more of the
same, not least as analysts forecast Unilever to be the tenth
biggest FTSE 100 dividend payer in cash terms in 2020," says Bell's
Russ Mould. Investors are also likely to eye underlying sales
growth, operating profit and any broader earnings guidance, the
brokerage says. (firstname.lastname@example.org)
Livestock Prices Stable Amid Demand Uncertainty -- Market
14:57 ET - Hog markets weaken as signs of improving demand give
way to concerns about oversupply, while live cattle traders face
uncertainty after months of unusually low slaughtering activity.
"It's a guessing game as of (whether) demand is up to eat all the
beef that's coming our way," says independent trader Dan Norcini.
He says a rise in hog prices yesterday was caused by a spike in
cutout value, likely because of higher demand for ham, but that
factor wasn't present today. "There's no consistency, we are like a
ping pong ball." Live cattle slides 0.4% and hogs rise 0.1%.
Estimated U.S. Pork Packer Margin Index - Jul 22
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jul 22 +$ 66.46 +$ 14.71
Jul 21 +$ 79.53 +$ 21.96
Jul 20 +$ 71.77 +$ 13.51
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 94.1
(Percent of Year-Ago) Select 99.8
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose 27 cents per
hundred pounds, to $201.15, according to the USDA. Select-grade
prices fell $2.02 per hundred pounds, to $189.28. The total load
count was 124. Wholesale pork prices fell $3.37, to $68.58 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
July 22, 2020 17:33 ET (21:33 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
From Jul 2020 to Aug 2020
From Aug 2019 to Aug 2020