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Today in the Market (3/26/2024)

Good Morning! On Tuesday, U.S. equities experienced a reversal in the last hour of trading. The S&P 500, Dow Jones, and NASDAQ all fell short by 0.28%, 0.08%, and 0.42%, respectively.

WOULD YOU LIKE DONUTS WITH THAT?

The stock price of Krispy Kreme (DNUT) experienced a significant increase on Tuesday following the company’s announcement of a substantial collaboration with the fast-food behemoth McDonald’s (MCD). This news sent Krispy Kreme up by 40%.

Let’s back up though! In October 2022, an experiment was initiated by Krispy Kreme and McDonald’s, where donuts were delivered to and sold at various McDonald’s establishments. The experiment eventually grew to include a total of 160 McDonald’s establishments in February 2023. However, after over a year of expanding their experiment, the two companies are now prepared to extend their partnership nationwide (in 2026).

The big picture! By the end of 2023, McDonald’s had approximately 13,500 establishments in the U.S. Krispy Kreme will be introduced to these locations during the latter half of the current year, catering to fans of donuts. However, the extensive scale of McDonald’s requires a significant amount of time for complete execution

ON SECOND THOUGHT

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Chick-fil-A announced its decision to scrap its previous “No Antibiotics Ever” policy and will now permit the use of certain antibiotics in its chicken starting this spring. The company will be moving to buy chicken that employs “No Antibiotics Important to Human Medicine,” implying that animals were likely fed certain antibiotics but not the ones commonly used by humans.

But why do we use antibiotics on animals? The first reason is to address illnesses, as managing diseases becomes challenging in densely populated poultry farms, and second is to enhance chicken growth rates to increase profitability. According to the FDA and other health organizations, consuming antibiotics in meat does not pose an immediate threat. However, it can contribute to the development of antibiotic-resistant bacteria in humans.

Why the change? Chick-fil-A stated that it must stray from its own policy to determine the appropriate amount of antibiotic-free chicken required for its restaurants. This isn’t new, though. Both Tyson Foods (TSN) and Panera have recently implemented comparable adjustments.

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