Crumbs Bake Shop runs out of dough, and more Americans are cutting their phone cord.
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With investors looking ahead to earnings season, stocks took a breather Monday after a record run-up. The Dow fell 44 points but holds the 17,000 level. Alcoa is due to report earnings after the closing bell Tuesday.
On the West Coast, In-N-Out Burger and Chipotle (CMG) have already raised prices, and another hike may be on the way. The USDA warns that prices for meat, dairy, fruits and vegetables will all rise at least 3% this year. About half of the nation’s fruits and vegetables are grown in California, and the drought there has left a half-million acres idled.
Crumbs is closing all of its stores, according to The Wall Street Journal. The reason: a dwindling cash supply and a cupcake craze that has faded.
And a new report says four in 10 American households dropped their old landlines and switched to cell phones. That’s twice the rate from just five years ago.