Good Evening! On Tuesday, there was a significant decline in Wall Street equities due to increasing Treasury yields, which exerted further pressure on the market.
It was red across the board with the Nasdaq Composite falling the hardest by 1.87%, while the S&P 500 and the Dow Jones declined by 1.37% & 1.29%, respectively.
A NEW MEMBER OF THE FAMILY!
Chipotle (CMG) has recently revealed its ongoing experimentation with an automated digital assembly line in collaboration with Hyphen, a food service platform. The project aims to cater to digital orders as well as improve the assembly process of customers’ burrito bowls in the future.
So what will this new automated assembly line do? Staff will continue to fulfill requests by creating burritos, tacos, and quesadillas. The automated process will involve placing bowls beneath each designated component and distributing them to produce salads and burrito bowls.
Why only salads and burrito bowls? Currently, bowls and salads represent a significant majority, around 65%, of all digital orders placed at Chipotle. During the previous quarter, the proportion of digital sales in relation to the food and beverage revenue amounted to 38%, resulting in a total revenue of $2.5 billion.
A new member of the family! Chipotle’s latest addition to its robotic workforce joins the existing robots now undergoing testing inside the restaurant business, including Autocado, a robot specialized in avocado processing, and Chippy, a robot designed to produce tortilla chips.
AS MUCH AS CABLE NOW?!?
According to an article by The Wall Street Journal, The rates for streaming services have significantly increased, with Netflix (NFLX) being the most recent platform to announce a planned increase in subscription fees. This decision reflects the growing emphasis on profitability within the media industry.
Do we know when and how much? While the specific time frame and extent of a prospective price increase for Netflix’s monthly $15.49 plan remain undisclosed, the speculated rise aligns with the previous actions taken by its rivals, as reported by the Journal.
Not a good combo right now… When considering the cumulative expenses, the cost of these services has already reached a level equivalent to the infamous cable TV bundle from previous years, which streaming platforms first aimed to eliminate. On top of that, there is a growing awareness among consumers, as seen by an increasing number of customers opting to terminate their subscriptions in response to escalating expenses. This was seen during the recent earnings season when there was a collective decrease of around 500,000 subscribers across prominent direct-to-consumer services (DTC) such as Peacock, Disney+, Hulu, ESPN+, Paramount+, Max, and Discovery+.