What's moving markets today: March 15, 2019
Burger King (QSR) is challenging its higher-priced rivals with a new coffee subscription.
The restaurant just announced a $5 per month deal that let's customers get a small cup of coffee once a day. "For the price of a large cappuccino from Starbucks, you can have a BK Café brewed coffee every day for a month," the release notes.
Coffee drinkers will need to buy it on Burger King's app and, sorry, it's not valid on specialty or iced coffee drinks.
Burger King's sales have fallen behind its rivals, including McDonald's (MCD) and Wendy's (WEN). In November, the chain announced it's remodeling some of its stores with self-order kiosks and will focus on buzzy menu items to lure in customers.
The New York Stock Exchange will have a moment of silence for victims of the New Zealand terror attack at 9:20 am ET.
"The NYSE extends its deepest sympathies to those affected by the devastating shootings in New Zealand," it said in a statement.
Boeing (BA) shares resumed their decline in early trading Friday, despite being slightly higher in pre-market trading.
Boeing is a Dow component, and its drop has also shaved more than 350 points off of the Dow this week, though that wasn't enough to stop that blue chip index from rising about 1% so far this week.
The company announced a halt of deliveries of the grounded planes during the shutdown, but that it would continue to build them at its Renton, Washington factory. Since airlines typically pay about 60% of the price of an aircraft upon delivery, the halt of deliveries could shave about $1.8 billion from its revenue in the first quarter, according to an estimate from Cowen analyst Cai Von Rumohr. But he thinks any lost revenue should be recouped in the second quarter when he expects delivers to resume.
Most analysts believe the long-term impact on Boeing sales and its stock from the crisis should be minimal.
At least 49 people have been killed and 20 seriously wounded after mass shootings at two mosques in the New Zealand city of Christchurch.
Prime Minister Jacinda Ardern condemned the attack as terrorism. Local police said they're aware of a video shared on various platforms and broadcast live during the attack, which purports to show a gunman walking into an unnamed mosque and opening fire.
Here's what the social networks are saying about the video to CNN:
Our hearts go out to the victims of this terrible tragedy. Shocking, violent and graphic content has no place on our platforms, and is removed as soon as we become aware of it. As with any major tragedy, we will work cooperatively with the authorities."
Our hearts go out to the victims, their families and the community affected by this horrendous act. New Zealand Police alerted us to a video on Facebook shortly after the livestream commenced and we quickly removed both the shooter’s Facebook and Instagram accounts and the video. We're also removing any praise or support for the crime and the shooter or shooters as soon as we’re aware. We will continue working directly with New Zealand Police as their response and investigation continues."
We are deeply saddened by the shootings in Christchurch today. Twitter has rigorous processes and a dedicated team in place for managing exigent and emergency situations such as this. We also cooperate with law enforcement to facilitate their investigations as required."
Spotify CEO Daniel Ek wrote earlier this week that Apple "has introduced rules to the App Store that purposely limit choice and stifle innovation at the expense of the user experience."
Apple responded that (SPOT) "seeks to keep all the benefits of the App Store ecosystem ... without making any contributions to that marketplace." It said Spotify's letter was filled with "misleading rhetoric."
"Spotify wouldn’t be the business they are today without the App Store ecosystem, but now they’re leveraging their scale to avoid contributing to maintaining that ecosystem for the next generation of app entrepreneurs. We think that’s wrong."
Apple pointed to Ek's complaint about the 30% fee on purchases made through Apple's in-app payment system, saying that 84% of apps in its store doesn't pay Apple. He said Spotify left out other facts about the fee structure.
Shares of both companies are unchanged in premarket trading.
Facebook (FB) shares are down nearly 4% in early trading.
The company announced Thursday that two top executives are leaving:
- Chris Cox, Facebook's chief product officer
- Chris Daniels, head of its mobile messaging platform WhatsApp
The departures come shortly after Facebook announced that it's repositioning itself as a "privacy-focused" social network.