Here’s what you should know to start your day:
Burger King Loves Popeyes
Restaurant Brand International ($QSR), the Canadian company that owns Burger King and Tim Hortons, will take Louisiana-inspired chicken chain Popeyes under its wing. The acquisition is worth $1.8 billion, and will bring the 2,000 Popeyes locations under RBI’s ownership. RBI, the 2014 result of a $12.5 billion merger between Burger King and Tim Hortons, already has nearly 20,000 worldwide locations. Adding Popeyes lets them compete with Yum! Brands ($YUM), owner of KFC and Taco Bell, among other popular chains.
No One Loves Outback
Bloomin’ Brands ($BLMN), owner of Outback Steakhouse, Carrabba’s, Bonefish Grill, and Fleming’s Stakehouse, will close dozens of their locations. The company’s profit and earnings sank in 2016, making restaurant closures and job cuts a necessary step to stay above water. While the company operates around 1,500 locations worldwide, they don’t have an exact list of which locations will close or the exact number of closing locations. Regardless, local news stations in New Jersey, California, and Connecticut have all reported closures from several Bloomin’ restaurants in their state.
Tesla and Fitbit to Report Earnings
Tesla ($TSLA), everyone’s favorite electric car company, will report their earnings later today. The company recently acquired Solar City and announced a number of ambitious projects, and today’s call could further propel their stock (which is up by 66.52% in the last year).
Fitbit ($FIT), one of the leaders of the wearable devices market, will also report their earnings today. The company allegedly didn’t sell too many devices during the holidays and might be going through a bit of a slump. They also recently acquired Pebble, a smart watch company, which wasn’t exactly cheap.