In this file:
· Fast-food giants like McDonald's and Burger King told Trump it is essential they stay open during the coronavirus outbreak. Not all workers are convinced.
· McDonald's stock jumps to add over 70 points to the Dow; Cowen calls it a 'defensive' stock to own
Fast-food giants like McDonald's and Burger King told Trump it is essential they stay open during the coronavirus outbreak. Not all workers are convinced.
o Fast-food chains like McDonald's and Burger King are pushing arguments that it is crucial to the American public that they stay open during the coronavirus outbreak.
o President Donald Trump recently praised fast-food chains' drive-thru services. Certain groups, including healthcare workers, rely on chains to get quick and inexpensive food.
o However, some fast-food workers worry that continuing to work will put themselves and others at risk, spreading the coronavirus as the CDC encourages social distancing.
o "The threat is so close and near I can practically smell the illness around me," one Dunkin' worker told Business Insider.
Kate Taylor, Business Insider
Mar 19, 2020
Executive of chains like McDonald's and Burger King believe fast food is crucial for America to survive the coronavirus outbreak.
It looks like they've convinced President Donald Trump and the rest of the administration. But, some fast-food workers are less sure, concerned that people making unnecessary trips to order fast food puts both workers and customers at risk.
On Tuesday, fast-food industry leaders including the president of McDonald's US business and the CEOs of Chick-fil-A, Papa John's, and Restaurant Brands International, the parent company of Burger King, Popeyes, and Tim Hortons, got on a phone call with the president.
The top order of business, according to Restaurant Brands International CEO José Cil, was explaining chain restaurants' ability to serve the country while people were social distancing and trying to "flatten the curve" as the coronavirus spreads.
"We have the ability to help feed America," Cil told Business Insider on Tuesday.
"The challenge here is that when you're dealing with a circumstance like this, if we don't utilize businesses like Burger King, Tim's and Popeyes ... It's really difficult for Americans to be fed, because it's going to be difficult for them to get all their other food and necessities from the supermarket," Cil continued.
Fast-food executives say chains are crucial during the outbreak ...
Trump seems willing to listen to fast-food leadership ...
'The threat is so close and near I can practically smell the illness around me' ...
Some workers are simply not convinced their work is essential ...
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McDonald's stock jumps to add over 70 points to the Dow; Cowen calls it a 'defensive' stock to own
By Tomi Kilgore, MarketWatch
March 20, 2020
Shares of McDonald's Corp. ran up 7.1% in morning trading, adding to the previous session's 8.9% surge, as Cowen analysts named the fast-food giant as one of the "defensive" stocks to own during the COVID-19-related downturn.
The $10.59 price gain was adding about 72 points to the Dow Jones Industrial Average's price, with the Dow up 176 points. The stock has now bounced 16.6% since closing on Wednesday at the lowest price since April 24, 2017.
Cowen analysts noted that the National Restaurant Association estimates that the restaurant industry will loss $225 billion this year due to COVID-19, or about 25% of 2019 sales. They view quick service (fast food) and fast casual restaurants as better positioned relative to full-service restaurants to weather the downturn...