☑️ Shook Shack. Shake Shack’s Q3 earnings were more disappointing than biting into a ‘Shroom Burger when you ordered a Double SmokeShack. Shares fell 14% in extended trading after the burger guys (not those burger guys) reported an increase in earnings, but missed on same-store sales growth. Earnings per share netted out at $0.26, adjusted, vs. $0.20 expected, while revenue was right on the nose at $157.8M. Same-store sales were expected to grow this year by 2%, but after Q3, that number has been adjusted to 1.5%, causing the stock to nose dive.
☑️ Order up. Elsewhere in burger land, the other fryer-grease-slicked shoe dropped for McDonald’s, which saw its stock close down 2% after firing CEO Steve Easterbrook on Sunday. Easterbrook was canned for violating the company’s personal conduct policy by having a “relationship” with one of his employees. And the blowback (no pun intended) quickly spread to the HR department. David Fairhurst, the company’s global people officer, left the firm yesterday. He’ll be replaced by Mason Smoot, an SVP.
☑️ Again? Again. Uber didn’t break rank, reporting another loss this quarter. The good news, however, is that the ride-sharing giant got its losses down to just $1.2B. Not bad considering that in Q2 of this year, the firm lost more than $5B. So at least they’re trending in the right direction? That wasn’t enough for shareholders, apparently. Shares were down 8% on the day. The stock now sits 31% below the IPO price of $45 per share. Uber’s “lockup” period ends tomorrow, so expect some more movement as execs and early shareholders begin dumping shares. But hey, it could be worse, you could be WeWork.
☑️ New logo, who dis? Zuck is changing things up over at Facebook. The company revealed a new logo for its corporate operations on Monday, with the goal of distancing its corporate duties from the social platform which bears its name. Now people will never make the connection. Facebook has been dealing with concerns that the social platform’s lack of privacy guardrails might seep into its other businesses, namely WhatsApp and Instagram. And if Instagram models want one thing, it’s that their lives are kept private.
☑️ Bet on it. DraftKings and the NBA are teaming up, as the former has been named the official sports betting provider of the league. The NBA will provide DK with official data, while the sportsbook will make said data available to bettors via its platform. For the record, more live bets occur via DraftKings for the NBA than any other league, with 70% of NBA bettors making live bets, so that real-time data will certainly come in handy.