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Today in the Market (12/15/2022)

Good Evening. Stocks fell on Friday as a result of early readings on economic activity in the United States this month from S&P Global, which suggested a further decline in activity to begin December.

The S&P 500 was down 1.11% at the closing, the Dow Jones was down 0.85%, and the Nasdaq was down 0.97%.

UP FOR SOME OLIVE GARDEN?

Darden Restaurants (DRI) reported quarterly profits and sales that were above Wall Street projections on Friday, as customers continued to eat out despite inflationary pressures.

  • Earnings per share: $1.52 vs. $1.44 expected.
  • Revenue: $2.49 Billion vs. $2.43 Billion expected.

Not the only thing increasing. Darden also reported that overall expenditures increased to $2.25 billion from $2.03 billion a year ago, mostly due to higher dairy, grain, and vegetable prices. The corporation also attributed the increase in spending to building and personnel costs.

Going Forward… Executives said that sales at its restaurants set an all-time high on Thanksgiving and that they anticipate sales to remain strong throughout the Christmas season.

NEW YORK BANS PHYSICAL PET STORES

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New York Gov. Kathy Hochul signed legislation prohibiting the sale of dogs, cats, and rabbits in physical pet businesses across the state. In doing so, New York joins California, Illinois, Maryland, and a few other states in their efforts to eliminate unsafe and cruel pet breeders. According to one recent research, some New York pet businesses get puppies from breeding facilities that violated a number of USDA standards.

While the restriction passed the New York legislature with bipartisan backing this year, pet retailers were outraged. There are over 80 pet businesses in the state, and owners contended that the restriction would drive them out of business. Hochul decided to postpone the ban’s introduction until December 2024 to allow pet businesses time to plan their next step.

Zoom Out… New Yorkers may still adopt animals from shelters, acquire purebred dogs directly from breeders, and traverse state boundaries to do so. Supporters argue that the prohibition will help to stifle the puppy mill pipeline and urge prospective pet owners to be more selective about where they receive their pets.

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