Crumbs Bake Shop runs out of dough, and more Americans are cutting their phone cord.
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.
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On the West Coast, In-N-Out Burger and Chipotle (NYSE: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.