LOS ANGELES/KANSAS CITY (Reuters) – California voters appeared poised early Wednesday to reject a ballot measure that would have made the state the first in the nation to require special labeling of foods with genetically modified ingredients.
With 64 percent of the state’s precincts reporting, the measure was losing by a 55-45 margin, according to the California Secretary of State. Political observers familiar with the state’s voting dynamics saw little chance that the deficit could be made up.
(Reuters) – Major food and seed companies appear to be on the verge of defeating a California ballot initiative that, if passed on Tuesday, would create the first labeling requirement for genetically modified foods in the United States.
In a campaign reminiscent of this summer’s successful fight against a proposed tobacco tax in California, opposition funded by Monsanto Co, DuPont, PepsiCo Inc and others unleashed waves of TV and radio advertisements against Proposition 37 and managed to turn the tide of public opinion.
(Reuters) – Starbucks Corp (SBUX.O: Quote, Profile, Research, Stock Buzz) raised its profit forecast for the current fiscal year and plans to speed up new store openings, as strength in its latest quarter and new products, gave the company confidence not seen by many of its peers in the U.S. restaurant industry.
Shares of the world’s biggest coffee chain jumped 7.4 percent to $49.55 in extended trading.
LOS ANGELES/KANSAS CITY, Oct 25 (Reuters) – Heavy
advertising spending by Monsanto Co and others opposed
to a California ballot proposal to require labels on grocery
products containing genetically modified organisms is paying
off, according to a new poll that shows the measure has slipped
into a virtual tie.
Forty-four percent of California voters now support the
measure, while 42 percent oppose it and 13 percent are
undecided, according to the latest USC Dornsife/Los Angeles
Times Poll released on Thursday.
(Reuters) – Dunkin’ Brands Group Inc (DNKN.O: Quote, Profile, Research, Stock Buzz) on Thursday raised its full-year profit forecast after share buybacks and steady sales at U.S. Dunkin’ Donuts restaurants bolstered third-quarter results amid stiff competition in its core U.S. market.
Shares in the company, which gets almost 75 percent of revenue and more than 80 percent of profit from its domestic Dunkin’ Donuts cafes, were up 1.6 percent in midday trading on the Nasdaq.
Oct 24 (Reuters) – Chili’s Grill & Bar parent Brinker
International Inc on Wednesday said a cool-down in sales
at established restaurants was stretching into the current
quarter, sending its shares down more than 10 percent.
The Dallas-based company, which also owns the Maggiano’s
Little Italy chain, also reported a fiscal first-quarter profit
that just missed Wall Street’s estimate and issued a
second-quarter earnings forecast below analysts’ target.
(Reuters) – McDonald’s Corp (MCD.N: Quote, Profile, Research, Stock Buzz) posted its worst quarterly restaurant sales growth performance in nine years on Friday, lifting the curtain on the fast-food industry’s ruthless fight for customers in a weak economy.
The world’s biggest fast-food chain is battling more than the bleak global economy that is curbing appetites for purchases of its hamburgers, salads and smoothies. Resurgent chains like Burger King Worldwide Inc (BKW.N: Quote, Profile, Research, Stock Buzz) and Yum Brand Inc’s (YUM.N: Quote, Profile, Research, Stock Buzz) Taco Bell now are challenging McDonald’s in the United States with revamped menus, celebrity endorsers and a renewed focus on low-priced food.
(Reuters) – McDonald’s Corp (MCD.N: Quote, Profile, Research) posted its worst quarterly restaurant sales growth performance in nine years, signalling broad pressure on an industry where resurgent chains like Burger King and Taco Bell are fighting aggressively for diners who are spending less to eat out.
The world’s biggest fast-food chain also reported on Friday its second quarter in a row of earnings that missed Wall Street’s estimates. McDonald’s said sales at established restaurants, a closely watched gauge of restaurant performance, are down so far this month.
(Reuters) – McDonald’s Corp (MCD.N: Quote, Profile, Research, Stock Buzz) missed profit expectations for the second quarter in a row as sales at established restaurants grew at their slowest pace in more than nine years because of stepped-up competition and a weak global economy.
The world’s biggest fast food chain also said sales at existing restaurants have fallen so far in October.
By Lisa Baertlein
(Reuters) – Chipotle Mexican Grill Inc (CMG.N: Quote, Profile, Research) said on Thursday that restaurant sales growth would cool in 2013 and some analysts said that might signal the end of the hyper growth investors had come to enjoy.
The chain’s shares tumbled more than 12 percent in after hours trading on Thursday.