TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and bad news for TGI Fridays fans.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04The Dow Jones Industrial Average is getting a makeover of sorts.
00:08Intel is getting kicked out of the venerable index to make way for NVIDIA.
00:13Intel is down 55% year to date, while NVIDIA is up 177%.
00:19Dow Chemical is out as well, while Sherman Williams is in.
00:23All this, effective November 8th.
00:25Tuesday, of course, is Election Day, but investors will have other things to watch first.
00:30There's the ISM Services Index and quarterly results from Yum! Brands,
00:34the parent of KFC, Taco Bell, and Pizza Hut.
00:38Speaking of food, TGI Fridays is the latest fallout from the lasting effects of the pandemic.
00:45The company filed for Chapter 11 bankruptcy protection in order to begin a, quote,
00:49restructuring process that it hopes will ensure the, quote, long-term viability of the brand.
00:55The casual dining chain, which has been around since 1965,
00:59has been unable to bounce back after the pandemic curtailed eating out.
01:04And then inflation forced diners to search for cheaper food options.
01:08That put TGI Fridays in a precarious situation, given its large real estate footprint.
01:14The company owns 39 restaurants in the U.S.
01:17and plans to keep all of them open during the process.
01:20There are another 56 independently owned TGI Friday locations in the U.S.
01:25that are not part of the bankruptcy process.
01:28There are a total of 461 TGI Fridays around the world.
01:33According to the bankruptcy filing, company assets and liabilities are roughly equal
01:38at around $100 million to half a billion dollars.
01:41TGI Fridays is not alone in its woes.
01:45Red Lobster is in bankruptcy protection.
01:47Meanwhile, Wendy's announced it will close an additional 140 fast food locations
01:52by the end of 2024, on top of the 100 already announced.
01:59That'll do it for your daily briefing from the New York Stock Exchange.
02:01I'm Conway Giddens with The Street.