Wendy's, Pizza Hut Franchisee NPC Looks to Sell Itself to Operator of Panera Stores
NPC International Inc., the nation's largest franchisee of Wendy's Co. and Pizza Hut restaurants, has a planned deal to sell itself out of bankruptcy to the Flynn Restaurant Group LLC, according to people familiar with the matter.
Flynn Restaurant Group, the largest restaurant franchise operator in the U.S., is offering roughly $816 million to buy the more than 1,350 restaurants operated by NPC, one of those people said.
Pandemic Fells Hot-Dog Sales With Entertainment Venues Closed -- Market Talk
10:03 ET - The latest results for the Nathan's Famous hot-dog brand are another sign of the pandemic's toll on restaurants and foodservice providers. Revenue for the twenty-six weeks ended September 27 was $39.5M versus $60.2M in the year-ago period. The number of hot dogs sold to foodservice providers through Nathan's branded-products program decreased by 57%. "Many of our customers operate in venues that are either currently closed, such as movie theaters, or venues operating at reduced capacity, such as professional sports arenas, amusement parks, and shopping malls," Nathan's says. (firstname.lastname@example.org; @mattgrossman)
STORIES OF INTEREST
Farm Bureau Urges Patience on Vote Count -- Market Talk
11:37 ET - The head of the biggest US farm group says it's crucial that all ballots are counted, and urges patience as the presidential vote-tallying drags on. With Former Vice President Biden in the lead across several of the remaining states, American Farm Bureau Federation President Zippy Duvall strikes a bipartisan tone in a Friday statement: "The issues facing agriculture and rural America are larger than political parties," he says, saying regulatory reform should continue and rural broadband access expanded further. Farmers in pre-election surveys heavily backed President Trump; the Farm Bureau doesn't endorse candidates. (email@example.com; @jacobbunge)
Farmworker Advocate Slams Wage Regulation for Guestworkers -- Market Talk
12:22 ET - Farmworker Justice, a Washington-based advocacy group, is blasting a rule by the Trump administration that freezes wages for agricultural guestworkers as the coronavirus pandemic takes a heavy toll among farmworkers. The rule, issued by DOL this week, freezes wages through 2022 for some 250,000 foreign workers who enter the US each year on seasonal agricultural visas, and adjusts the process for calculating future wages. Under the rule farmworkers will lose $1.7B over a decade, the advocacy group says, slashing incomes for workers who already are among the lowest-paid in the country. USDA Secretary Sonny Perdue praised the rule, saying farmworker wages have increased in recent years at a faster rate than other industries and that it ensures stability for farmers by helping then "plan and budget for their workforce needs." (firstname.lastname@example.org; @jessenewman13)
Profit-Taking Sinks Hogs -- Market Talk
15:28 ET - Profit-taking seen in grains futures translated over to the CME's lean hog contract as well, with the most-active contract dropping 3.7% to a close of 64.9 cents per pound on Friday. "We had profit taking in the futures as the cash market slipped lower," says Karl Setzer of AgriVisor. "Cut out strength just didn't develop and led futures downward into the weekend." The USDA's mid-day report for pork cutouts showed a $1.09 per hundredweight drop in carcass price, bringing it to $85.29 per cwt. Meanwhile, live cattle futures finished 0.3% higher at $1.0865 per pound. (email@example.com; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Nov 6
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Nov 6 +$ 43.15 +$ 51.34
Nov 5 +$ 47.00 +$ 56.03
Nov 4 +$ 35.82 +$ 47.34
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of
production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 89.9
(Percent of Year-Ago) Select 93.2
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday rose $1.77 per hundred pounds, to $214.32, according to the USDA. Select-grade prices fell 48 cents per hundred pounds, to $198.49. The total load count was 115. Wholesale pork prices fell $2.18, to $82.95 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires