Yum! Brands (YUM) slides despite profit beat
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AMD, CVS Health, Yum! Brands rise premarket; Starbucks, Kraft fall
August 2, 2023 7:55 AM EDTInvesting.com -- U.S. futures fell Wednesday after the surprise downgrade of the U.S. government's credit rating by Fitch hit sentiment, as the quarterly earnings season continued.
Here are some of the biggest premarket U.S. stock movers today:
Yum Brands gets a lift as KFC's cheaper options draw more customers
August 2, 2023 7:08 AM EDTBy Deborah Mary Sophia
(Reuters) -Yum Brands on Wednesday beat estimates for quarterly comparable sales and profit as strong demand for cheaper meals and promotional offers at its KFC restaurants countered lackluster traffic at its Taco Bell and Pizza Hut outlets.
Quarterly comparable sales at KFC jumped 13% and topped estimates for an 8.29% growth, as options like the 2-for-$5 fried chicken wrap and launches including chicken nuggets pulled in lower-income consumers struggling with high food prices.
... MoreYum! Brands (YUM) Tops Q2 EPS by 17c
August 2, 2023 7:08 AM EDTYum! Brands (NYSE: YUM) reported Q2 EPS of $1.41, $0.17 better than the analyst estimate of $1.24.
For earnings history and earnings-related data on Yum! Brands (YUM) click here.
... MoreFitch downgrades U.S. credit rating, AMD's AI chip plans - what's moving markets
August 2, 2023 6:06 AM EDTInvesting.com -- U.S. stock futures fall after Fitch lowers its U.S. credit rating, flagging worries over Washington's ability to resolve pressing fiscal issues in the wake of a tense debt-limit standoff earlier this year. Elsewhere, semiconductor firm Advanced Micro Devices predicts that the planned launch of its new artificial intelligence chips will drive earnings higher this year, while Starbucks sees demand for its coffee and food offerings slow in North America.
1. Fitch downgrades U.S. credit rating
Fitch has lowered its rating of U.S. debt to AA+ from the top tier... More
