TOP STORIES
Portillo's Aims to Go Public This Year
Portillo's Hot Dogs LLC is planning to debut on the public markets this year, the latest in a string of initial public offerings by restaurant companies looking to capitalize on this year's Wall Street rally.
The fast-casual chain based in the Chicago suburbs is expected to confidentially submit a draft registration statement with federal regulators as early as Friday, according to people close to the company. The chain, held by private-equity firm Berkshire Partners LLC, is targeting a valuation of $2.5 billion to $3 billion, the people said. Shares are expected to begin trading by the end of this year.
Nigeria's Inflation Fell Again in June Despite Rising Food Prices
IBADAN, Nigeria--Annual inflation in Nigeria dropped further to 17.75% in June from 17.93% in May, the National Bureau of Statistics said in a report Friday.
The inflation rate has now declined for three months in a row, after standing at 18.72% in March and 18.12% in April.
Inflation in Africa's largest crude-oil exporter has been in double digits for months as the coronavirus pandemic, insecurity and the closure of land borders to curb smuggling have disrupted sectors such as farming, industrial production and transportation.
STORIES OF INTEREST
BrightFarms Recalls Packaged Salad Over Potential Salmonella Concerns
BrightFarms late Thursday said it will voluntarily recall some of its packaged salad greens that were produced in a Rochelle, Ill., greenhouse farm over concerns of potential salmonella contamination.
The potentially affected products were sold in a few Walmart Inc. stores in Illinois and Iowa, as well as several other grocery stores in Illinois, Wisconsin and Indiana. Retailers were asked to remove all of the affected products from their shelves, the company said.
Goldbelly's Joe Ariel Is Bringing Foodies and Restaurants Together
In 2012, when Joe Ariel was trying to get the restaurant delivery service Goldbelly off the ground, scores of potential investors told him his plan was misguided. A renowned venture capitalist for food-based startups declared that his business model was "stupid."
Mr. Ariel believed in his gut, or perhaps his belly, that allowing people to order special dishes from acclaimed restaurants across the country -- pork buns from Momofuku in New York, crab cakes from Faidley's in Baltimore -- would be a boon for both foodies and restaurateurs. "But when you get your butt handed to you 50 or 60 times by the geniuses of the capital world, you start questioning yourself, questioning everything," he says.
FUTURES MARKETS
Hog Futures Rise, Cattle Falls as Meat Production Increases -- Market Talk
14:25 ET - Hogs futures rise 1.3% while live cattle slides 0.8%. The USDA estimates this week's beef production at 531M pounds, up 14% from last week, while pork rose to 479M pounds, up 18%. Slaughtering also increased by 14% and 19%, respectively, on a weekly basis. In total, meat production so far in 2021 is 2.4% higher than a year ago, the USDA says. Late next week, the agency will release monthly data on livestock slaughter and storage, plus the cattle on feed report. (paulo.trevisani@wsj.com; @ptrevisani)
(END) Dow Jones Newswires
07-16-21 1732ET
