MARKET RECAP → Stocks snapped a three-day losing streak on Thursday, led by the Nasdaq’s (QQQ) +1.37% advance as technology stocks outperformed. The job market has stalled the November rally in recent days and traders are eying “Jobs Friday” ahead of the nonfarm payrolls report tomorrow morning.
GAMESTOP’S NEW INVESTMENT STRATEGY → Under CEO Ryan Cohen, GameStop (GME) pivots its investment strategy to include equities (i.e., stocks), amidst declining sales and skepticism over its unorthodox approach to corporate finance… never a dull moment when it comes to GME.
MCDONALD’S LAUNCHES COSMC’S → McDonald’s (MCD) debuts CosMc’s, a nostalgic spinoff with a smaller footprint, blending classic menu items and new treats to capture the booming $100 billion snack and coffee market.
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GAMESTOP’S NEW INVESTMENT STRATEGY
🎮 GameStop (GME), under CEO Ryan Cohen’s direction, announced a shift in its corporate investment plan, now allowing company cash to be used for buying equities, not just short-term debt.
💼 Cohen, also the chair of GameStop, will oversee these investments, potentially aligning his personal investments with those of the company. This change has raised concerns among analysts, with some calling it “inane” and “alarming.”
📉 The retailer reported a 9% year-over-year decrease in net sales for the quarter ending October 28, with a net loss that shrank largely due to aggressive cost cuts. Cohen’s leadership, which began during the meme stock craze, has yet to unveil a detailed turnaround plan for the struggling company.
MCDONALD’S LAUNCHES COSMC’S
🍔 McDonald’s (MCD) unveiled its new spinoff brand, CosMc’s, with the first location opening this week in Bolingbrook, Illinois. The fast-food giant plans to open 10 CosMc’s locations, including nine in Texas, by the end of 2024. The brand, named after a McDonaldland mascot, aims to test the small-format chain’s viability before considering further expansion.
🌌 CosMc’s menu features McDonald’s classics like Egg McMuffins and M&M McFlurries, alongside new items such as Churro Frappes and pretzel bites. The brand is positioned as a quick stop for snacks or coffee, especially for the afternoon crowd. McDonald’s CEO Chris Kempczinski highlighted the potential of this $100 billion category, growing faster than the rest of the informal eating-out segment.
🏗️ The new CosMc’s restaurants will have a smaller footprint than typical McDonald’s locations and will experiment with various layouts, including multiple drive-thru lanes. The brand’s development is part of McDonald’s broader strategy, which includes expanding its restaurant portfolio, growing its loyalty program, and partnering with Google.
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