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🤮 Why McDonald's E. Coli Breakout Is Coming At The Worst Possible Time
$MCD deals with outbreak in more than 10 states, market looks weak as we head into Tesla's earnings report and more
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Happy Wednesday! Look, feeling sick after McDonald’s is the norm for me. But that’s probably because I end up eating more than 2,000 calories worth of food in less than 20 minutes. But now people are actually getting sick from McDonald’s with the stock getting absolutely hammered on news of an e coli breakout. Plus, the market looks to start the day in the red.
—Aaron Bry
Plus, take a look at the company looking to reshape the cleaning industry through environmentally-friendly products.
MARKET SNAPSHOT
Yesterday: Mixed bag as the Nasdaq Composite closed slightly in the green while the S&P 500 and Dow closed slightly in the red. Earnings reactions have been somewhat disappointing, with stocks like $MMM which ended up trading lower off of a pretty strong report.
On Our Radar: Jobless claims on the way tomorrow morning, we will also hear from Tesla after the close along with other major companies reporting earnings.
TOP STORY
What Happened: McDonald’s Corp experienced a 6.15% drop in pre-market trading on Wednesday. This decline follows a report from the U.S. Centers for Disease Control and Prevention (CDC) linking an E. coli outbreak to McDonald’s Quarter Pounder burgers.
So: The CDC is actively investigating the outbreak, with 49 individuals affected, 10 hospitalized, and one fatality reported.
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FIVE ZINGERS
No Buyers: Mortgage applications fell for the fourth straight week as higher rates are squeezing out potential buyers. Here’s why it matters.
Disaster Of The Day: Enphase Energy shares are getting clobbered after the solar company reported worse-than-expected earnings.
Changing Tunes: An analyst just changed tunes and decided to get bullish on this social media stock. Plus, other top analyst calls of the day.
The Most Overvalued Stock: Peter Schiff, a known bitcoin critic, is calling this crypto name the most overvalued stock on the market.
Your Chance At $30k Risk-Free: Benzinga's World Championship of Trading is about to take off, and all you have to do is sign up and paper trade for your chance at the prizes.
ONE FOR THE ROAD
Basically: A risk-off mood persists on Wall Street as the index futures point to a marginally lower start on Wednesday after the tech-led rebound witnessed in the previous session. Nvidia Corp. fell in premarket, followed by Apple Inc.
What Happened: As investors await Tesla’s earnings report, here are the other stocks and headlines to watch heading into the day.
PRESENTED BY BENZINGA
Each week, Benzinga’s Stock Whisper Index uses proprietary data and pattern recognition to showcase five under-the-radar stocks that warrant your immediate attention. Get access to these stocks right here.
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Disclaimer:
*This yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 10/08/2024. Because the YTW of each bond is a function of that bond’s market price, which can fluctuate, your yield at time of purchase may be different from the yield shown here and your YTW is not “locked in” until the time of purchase. A bond’s YTW is not guaranteed; you can earn less than that YTW if you do not hold the bonds to maturity or the issuer defaults.
A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.6% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 10/08/2024. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTW is not “locked in” until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The “locked in” YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.
Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.
Fractional Bonds also carry additional risks including that they are only available on Public and cannot be transferred to other brokerages. Read more about the risks associated with fixed income and fractional bonds. See Bond Account Disclosures to learn more
While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline.