Saturday, 28 Nov 2020

Wendy’s wants to buy nearly 400 of its restaurants out of bankruptcy

Stock Alert: Berry Global Rises To New 52-week High

Shares of Berry Global Group, Inc. (BERY) are gaining more than 5 percent or $2.89 in Thursday’s morning trade at $56.37, after hitting a new 52-week high of $57.92. The company’s fourth-quarter results surpassed analysts’ estimates.

Thursday, Berry Global reported fourth-quarter net income of $195 million or $1.44 per share, down from $229 million or $1.70 per share in the year-ago quarter. Adjusted earnings were $1.59 per share, compared to $0.90 per share in the prior year. Net sales declined to $3.00 billion from $3.02 billion last year. Analysts polled by Thomson Reuters had a consensus estimate for earnings of $1.22 per share on revenues of $2.97 billion.

Berry Global has traded in a range of $25.00 to $57.92 in the past 52 weeks.

Chris Hayes Reveals Donald Trump’s ‘Weird Kind Of Superpower’

MSNBC’s Chris Hayes on Wednesday delivered a searing assessment of Donald Trump’s post-election behavior, suggesting that the outgoing president has a “weird kind of superpower” that allows him to cause destruction without care.

Hayes pointed out that there was “no real master strategy” in the legal challenges and baseless claims of mass voter fraud that Trump and his Republican enablers have spread since his election defeat.

Instead, they’re “just kind of throwing everything at the wall,” he said.

“What they are doing is just trying to deny, disrupt and subvert one day at a time, extend the uncertainty and the turmoil for yet another day, and then another day and another,” Hayes said. “And if this seems doomed to failure and not to make any sense, and wildly destructive for this country, it is all of those things.”

“But it is also the way that Donald Trump has gotten to where he is,” he continued. “His entire life has been about lying flagrantly and shamelessly, denying reality, stiffing people, screwing people over, casting aspersions on his enemies, litigating wildly and frivolously all over the place. And you know what? It’s all worked out.”

“His life is evidence that not caring about other people or the destruction you cause is itself a weird kind of superpower,” Hayes added.

Check out the full segment here:

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CNN Fact-Checker Spells Out The Stark Truth Of Donald Trump’s Post-Election Lies

The truth of the matter is that President Donald Trump has taken his lying to the next level since his 2020 election defeat, CNN’s fact-checking reporter Daniel Dale said on Wednesday.

“Basically nothing the president is saying is true,” tweeted Dale.

“People say ‘what else is new,’ but this is a new lying level even for him,” Dale continued. “He’s barely even bothering to sprinkle in some accurate and arguable claims.”

“It’s almost all false all the time,” Dale said.

Trump has falsely claimed victory and has refused to acknowledge his defeat to President-elect Joe Biden. The outgoing president has lashed out on Twitter multiple times to spread conspiracy theories attempting to undermine the election.  

Twitter has applied so many “this claim about election fraud is disputed” labels to Trump’s feed that it has become a mocking meme.

The Washington Post’s running tally of Trump’s lies showed that by September, he had topped 22,500 falsehoods during his time in office.

Dale has called out Trump’s untruths often, exposing the president’s “bombardment of dishonesty” during the final presidential debate and his “lie that won’t die.”

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U.S. Mortgage Rates Fall to a Record Low for 13th Time This Year

Mortgage rates in the U.S. have hit another record low.

The average for a 30-year, fixed loan tumbled to 2.72%, down from 2.84% last week and the lowest in data going back almost 50 years, Freddie Mac said in a statement Thursday. It was the 13th record low this year. The previous one, 2.78%, held for two weeks.

Americans are racing to scoop up homes, taking advantage of 30-year loan costs that have been below 3% since July. While the boom is a key source of strength for the pandemic economy, demand is far outstripping supply, sparking bidding wars and pricing many would-be buyers out of the market.

Weaker retail sales data released this week helped push down yields for the Treasury bonds that guide mortgages, suggesting consumers are becoming more hesitant amid a resurgence of Covid-19 cases and lack of a fresh federal stimulus package.

“While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy,” Sam Khater, Freddie Mac’s chief economist, said in the statement.

Wendy’s wants to buy nearly 400 of its restaurants out of bankruptcy

Wendy’s disclosed Thursday it has submitted a bid to buy nearly 400 restaurants under its own name and operated by bankrupt franchisee NPC Quality Burgers.

NPC filed for bankruptcy protection in July and started a process to sell its assets, including its interests in Wendy’s restaurants across eight different markets.

Restaurants have been among the worst hit during the COVID-19 pandemic, with many dining chains, including California Pizza Kitchen, Chuck E. Cheese parent CEC Entertainment and Rubio’s Restaurants, filing for bankruptcy.

Wendy’s said it remains committed to maintaining its ownership level at about 5 percent of the total Wendy’s system. The burger chain expects several existing and new franchisees, part of the consortium bid, to buy most of the NPC markets, with Wendy’s buying one or two at most.

Wendy’s did not disclose the size of the consortium bid.

NPC Quality Burgers’ parent, NPC International, earlier this month said restaurant franchisee Flynn Restaurant Group had agreed to buy all of its more than 1,300 Pizza Hut and Wendy’s restaurants.

Wendy’s filed an objection last week to the sale of NPC International’s assets to Flynn, saying the bidder also operates a few of its competitors’ restaurants.

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