Chipotle (CMG) easily beat Wall Street expectations in its third-quarter earnings report released Thursday. The company has faced several price hikes for its food in the past several years but customer base and growth remain strong, opening 62 new restaurants during the quarter. Chipotle CFO Jack Hartung joins Yahoo Finance anchors Seana Smith and Diane King Hall and Executive Editor Brian Sozzi to discuss Chipotle's position and how the fast-casual restaurant has retained customers and value despite price hikes. When asked about price increases during inflationary periods, Hartung explains: "Our current food and labor inflation is running at about 3-4%. Our strategy has always been just to keep up, or maybe stay a little bit behind inflation. We don't want to build our business or grow margins based on inflation. We want to grow our margins based on transaction growth." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Chipotle (CMG) easily beat Wall Street expectations in its third-quarter earnings report released Thursday. The company has faced several price hikes for its food in the past several years but customer base and growth remain strong, opening 62 new restaurants during the quarter.
Chipotle CFO Jack Hartung joins Yahoo Finance anchors Seana Smith and Diane King Hall and Executive Editor Brian Sozzi to discuss Chipotle's position and how the fast-casual restaurant has retained customers and value despite price hikes.
When asked about price increases during inflationary periods, Hartung explains: "Our current food and labor inflation is running at about 3-4%. Our strategy has always been just to keep up, or maybe stay a little bit behind inflation. We don't want to build our business or grow margins based on inflation. We want to grow our margins based on transaction growth."
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
The Wall Street Journal
Sanofi called its update to investors on Friday its [“Play to Win Strategy.”](https://www.sanofi.com/assets/dotcom/pressreleases/2023/2023-10-27-05-30-00-2768148-en.pdf) The announcement turned out to be one of the biggest losers for Big Pharma in years. The U.S.-traded shares of Sanofi, known for Lantus insulin among other drugs, tumbled 19%, shocking Wall Street observers not accustomed to seeing the French pharma company’s stock—let alone any pharmaceutical stock—move so much. “If this move in Sanofi holds, it would be the largest negative single-day stock move across Global Pharma in more than ten years,” wrote Jared Holz, a healthcare-equity strategist at Mizuho.
Bloomberg
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Bloomberg
(Bloomberg) -- PG&E Corp. Chief Executive Officer Patti Poppe is making a last-ditch effort to convince California to sign off on the utility’s $5.9 billion plan to put power lines underground to prevent wildfires. Most Read from BloombergHouse Speaker Mike Johnson’s First Big Bill Cuts Biden’s Climate Change FundingIsrael Latest: US Strikes Two Iran-Linked Facilities in SyriaUS Military Attacks Two Syrian Facilities It Says Linked to IranChina, US Release Dueling Videos With Accusations of Prov
Barrons.com
AbbVie (ticker: ABBV) reported third-quarter earnings of $2.95 a share from revenue of $13.93 billion. “We delivered another quarter of outstanding results driven by accelerating performance across our non-Humira growth platform, which is demonstrating double-digit growth,” Chief Executive Richard Gonzalez said in a press release. Global revenue for Humira, used for conditions like rheumatoid arthritis and plaque psoriasis, came in at $3.55 billion, down 36% from the prior year.
Reuters
HOUSTON (Reuters) -Exxon Mobil Corp on Friday posted a sharply lower $9.1 billion third-quarter profit, missing analysts' estimates for the second quarter in a row, and off 54% from a year ago. Earnings by the largest U.S. oil producer have benefited from higher crude oil prices compared to the previous quarter and greater demand for gasoline and diesel, but prices are well off record year-ago levels. Exxon's oil and gas pumping business was hurt by a 60% drop in natural gas prices compared with a year ago, and a 14% drop in crude oil prices, the company said.
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