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DineEquity Orders Up New CEO, Fewer Applebee's and IHOP Outlets -- Update
DineEquity Inc. named a new chief executive and plans to close up to 160 Applebee's and IHOP restaurants, making the casual-dining bellwether the latest chain hurt by declining traffic and an enduring shift in dining habits.
Stephen P. Joyce, a longtime DineEquity board member, will take over as chief executive on Sept. 12, the company said on Thursday. Mr. Joyce is currently chief executive of Choice Hotels International Inc.
The company posted revenue of $155.2 million in the quarter, just below analysts' expectations of $155.3 million. Income was $21.3 million, or $1.18 per share, compared with expectations of $19 million, or $1.07 per share.
Blue Apron's Costs Eat Profit; Shares Sour -- 2nd Update
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Shares in Blue Apron Holdings Inc. dropped as much as 15% as the meal-kit maker struggled to reassure investors that it can contain costs and fend off competition in the fast-growing food delivery business.
In its first earnings update since going public in June, Blue Apron said its costs jumped 86% to $65.7 million, as the New York-based company hired more employees and opened an additional fulfillment center in New Jersey. Blue Apron said last week that hundreds of employees could be laid off as it closes a separate New Jersey facility to retool its distribution network.
Whole Foods Deal Likely to Result in Prime Cross Selling -- Market Talk
10:50 ET - Amazon's (AMZN) acquisition of Whole Foods (WFM) is likely to result in Prime member cross selling. Take its 2014 acquisition of Twitch, which broadcasts people playing videogames. While the video-streaming service still runs as a standalone, the two companies have joined forces to grow Prime membership by creating Twitch Prime, giving the same benefits as AMZN Prime along with discounts on games and other perks. AMZN executives have publicly touted the overlap in customers, and analysts and former executives expect the company to try to fuel Prime membership growth through offering special discounts and services. (email@example.com; @laurastevenswsj)
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Blue Apron Says Cash is Strong Despite Rough IPO -- Market Talk
13:46 ET - Blue Apron (APRN) executives acknowledge that the meal-kit company's IPO didn't raise as much as hoped, but CEO Matt Salzberg says the company has sufficient cash to expand its offerings from investors and an additional line of credit. "Obviously we revised our expectations in the IPO, but we were very happy with the result in completing the transaction and raising the capital to make us stronger," he says. APRN is now worth around $1B, far less than the $3B target its bankers advertised. APRN down 16% to $5.22 after reporting a wider-than-expected 2Q loss earlier today. (firstname.lastname@example.org, @heatherhaddon)
Traders Sour on Cattle as Selloff Continues
Cattle futures extended losses for a fourth-consecutive day, falling to fresh lows for the year.
The cattle market has been under pressure recently from a slump in beef prices and growing supplies of cattle ready for slaughter.
Analysts say cattle futures have lost technical support by falling through a number of indicators. August-dated live cattle contracts at the Chicago Mercantile Exchange dropped 1.1% to $1.0885 a pound on Thursday, down over 5% for the week and trading at the lowest point since December.
CME August feeder cattle futures fell 0.3% to $1.41175 a pound, the lowest close in almost three months.
Zumbrota, Minn Hog Steady At $51.00 - Aug 10
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $51.00 per hundredweight.
Sow prices are steady. Sows weighing under 450 pounds are $65.00-$67.00, 400-450 pounds are at $65.000-$67.00, 450-500 pounds are $65.00-$67.00 and those over 500 pounds are $69.00-$71.00.
The day's total run is estimated at 100 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Aug 10
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Aug 10 +$28.21 +$73.78
Aug 9 +$24.57 +$72.90
Aug 8 +$24.75 +$73.70
* 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 100.4
(Percent of Year-Ago) Select 102.2
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Thursday fell $1.03 per hundred pounds, to $200.63, according to the USDA. Select-grade prices fell 42 cents per hundred pounds, to $196.19. The total load count was 144. Wholesale pork prices rose 41 cents, to $94.72 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
August 10, 2017 17:51 ET (21:51 GMT)