Sausage Fest! “Beyond Meat, Impossible Foods, it’s very nice to Meat you.” – Incogmeato, probably.
Kellogg’s is getting into the meatless meat game. It’s vegetarian brand “Morningstar Farms” is going to be creating fake bratwurst and Italian sausage under the name ‘Incogmeato’ to compete with Impossible Foods and Beyond Meat. It’s safe to say the naming committee at Kellogg’s is a group of very satisfied dad’s right now.
Incogmeato introduced burgers and chicken-like patties in September, to be delivered in March. The addition of brats and sausages ensures that the meatless options will be ready for the fourth of July when roughly $800M worth of meat is consumed during the weeks surrounding the holiday.
Every action has an opposite reaction Longtime chairman and CEO of MGM Resorts Jim Murren is cashing in his chips and ending his tenure as the leader of the company. He’ll stay on board until it finds a successor for him. In what’s got to be a hit to his self worth, MGM stock rose 7% in after-hours trading following the announcement.
The casino is facing tough times ahead as it withdrew a 2020 forecast to assess the impact of, you guessed it, coronavirus which has resulted in its Macau casinos being closed down. To keep investors coming back, MGM is launching a $3B share repurchase program, starting today. Maybe Jim is leaving at the right time after all…
Not at the table, Carlos Nissan has filed a lawsuit against its former chairman Carlos Ghosn, seeking to recoup the money paid to the Japanese Financial Services Agency for Ghosn’s breach of fiduciary duty as a company director. The size of the initial claim is 10 billion yen, which sounds like a lot, until you convert it and then realize it’s only a casual $90M.
The claim figure is expected to rise as the automaker will likely incur further charges and penalties in criminal proceedings thanks to Carlos’s “years of misconduct and fraudulent activity”, according to Nissan.
Shopping spree “Positive guidance yields positive results, bitch.” – Ghandi, probably. Shopify, which produces online tools for companies to sell on the interwebs, hit a new 52 week high after beating Q4 earnings and raising guidance for 2020. Apparently, investors really like when the company’s profit is bigger than what they had originally thought.
Shopify’s EPS of 43 cents crushed the 24 cents estimate by analysts, and revenue jumped 47% YoY. CEO Tobi Lutke said 2019 was a milestone year, and it will continue to optimize its fulfillment network in 2020. The stock rose 7.8% on the day, and is up 34% YTD.