Bill Ackman's Pershing Square reported a new stake in Nike amid the collapse in its share price this year. Andreas Halvorsen's Viking Global Investors bought a new position in McDonald's.
The United States' Federal Trade Commission may be preparing to crack down on franchisors' unfair business practices. McDonald's franchisees are also growing increasingly frustrated with mandated promotions they can't afford to offer or participate in.
Investors might have avoided some consumer discretionary stocks due to growing inflation concerns and rising credit card delinquency rates. When personal finance conditions become so tight, consumers tend to restrict their spending to only the necessities for everyday life, a category under which shares of McDonald's Co. NYSE: MCD surprisingly fit.
McDonald's reportedly suffered a hack of its Instagram account Wednesday (Aug. 21), with the hackers claiming they used the fast-food giant's account to promote a fake cryptocurrency that they dubbed “GRIMACE” and pocket $700,000 from the scam. The hackers' posts were later deleted, the New York Post reported Wednesday.
McDonald's Corp is planning to open over 200 new restaurants across the UK and Ireland, creating some 24,000 jobs, with many set to be placed on high streets. This marks the Big Mac maker's biggest expansion in the country since 2002 and comes as part of a £1 billion investment spree by the chain and its franchisees.
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