Category: Stock Market News

Chipotle Mexican Grill Inc. said Monday that it will launch a summertime rewards program starting July 1. Chiptopia Summer Rewards will run through September and offer customers rewards based on the number of paid visits to Chipotle they make in a month. Credits are accumulated for one visit per day in which a minimum of $6 (before tax) is spent. Customers can achieve mild (four visits), medium (eight visits), or hot (11 visits) status and receive bonus rewards for frequent qualifying visits throughout the program. Purchase totals reset to zero at the end of each month. Diners who register in July and make a $6 minimum pre-tax purchase receive free chips and guacamole. “While Chiptopia Summer Rewards lasts just three months, we will be carefully listening to our customers and using what we learn as we consider the design of an ongoing rewards program,” said Mark Crumpacker, chief creative and development officer at Chipotle, in a statement. Chipotle shares are down 0.6% in Monday morning trading, and down 34.7% for the past year. The S&P 500 is down 4.2% for the last 12 months.

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U.S. stocks opened sharply lower Monday, as investors continued to dump assets perceived as risky in the wake of U.K.’s vote to leave the European Union. The selloff follows Friday’s carnage, when the market saw its sharpest selloff since last August after the U.K.’s decision to quit the E.U., known as Brexit. The S&P 500 opened 20 points, or 1%, at 2,016. The Dow Jones Industrial Average dropped 190 points, or 1.1%, to 17,209. Meanwhile, the Nasdaq Composite began the session down 50 points, or 1.1%, at 4,657.

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Wendy’s Co. said Monday that it will enter the Brazil market through a joint venture with affiliates of Sao Paolo-based Infinity Services and Starboard, one of Wendy’s largest U.S. franchisees and a subsidiary of the fast-food company. Starboard operates 182 restaurants across nine states. Wendy’s Brazil will open its first two restaurants in Sao Paolo in July. Wendy’s shares are down 0.3% in premarket trading, and down nearly 15% for the past year. The S&P 500 is down 3.1% for the past 12 months.

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MarketWatch is live from London on Facebook breaking down the Brexit fallout in markets Monday — click here to join the discussion now.

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All 30 components of the Dow Jones Industrial Average traded lower in premarket trade Monday, as investor brace for a second session of volatility in the wake of the U.K.’s vote to exit the European Union. The SPDR Dow Jones Industrial Average ETF shed 1% ahead of the open, on course to open at a three-month low, after tumbling 3.4% on Friday. Among the biggest Dow-member losers, shares of Travelers Companies Inc. shed 1.8%, J.P. Morgan Chase & Co. gave up 1.8%, Caterpillar Inc. lost 1.6%, American Express Co. dropped 1.6% and 3M Co. slid 1.6%. The best performers were shares of Verizon Communications Inc. and International Business Machines Corp. which were both down just 0.4%. On Friday, the Dow plunged 610 points with all 30 components losing ground.

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People’s United Financial Inc. announced a deal Monday to buy Suffolk Bancorp in a deal valued at $402 million. Under terms of the deal, Suffolk shareholders will receive 2.225 People’s United shares for each Suffolk shares they own. Based on Friday’s closing prices, that valued Suffolk shares at $33.55 each, or a 43% premium. People’s United expects the deal to close late in the fourth quarter of 2016, and add earnings excluding one-time costs. The shares of both companies weren’t active in premaket trade. Through Friday, People’s United’s stock had lost 6.6% year to date, while Suffolk’s had tumbled 17% and the S&P 500 had lost 0.3%.

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Starbucks Corp. said Monday that it will offer U.S. customers a rare coffee sourced exclusively from India for the first time later this year. Starbucks Reserve Tata Nullore Estates will be roasted at the Starbucks Reserve Roastery and Tasting Room and sold at that Seattle location. The announcement is one of a series of agreements that extends the partnership between Starbucks and Tata Sons Limited, including a plan to expand Starbucks’ roasting capacity for its 80 stores across India, distribution of Tata’s Himalayan Mineral Water in Starbucks’ China and Asia Pacific locations, an extension of the Teavana brand into India this December, a philanthropic program benefitting youth education, and a deal to offer Starbucks coffee on Vistara flights. Vistara, which operates 457 flights across India each week, is a joint venture between Tata Sons and Singapore Airlines. Starbucks shares are down 1.2% in premarket trading, and down nearly 9% for the year so far. The S&P 500 is down 0.3% for the year to date.

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The stocks suffering the biggest percentage declines in premarket trade Monday can blame Brexit for their woes. The U.S.-listed shares of Barclays PLC plunged 24%, after tumbling 20% on Friday. The stock was on track to open at the lowest level since March 25, 2009. The next biggest decliners were the U.S.-listed shares of Royal Bank of Scotland Group PLC , which plummeted 20% toward the lowest price seen since Jan. 26, 2009, and Lloyds Banking Group PLC , which plummeted 17% toward the lowest level seen since Nov. 16, 2012. On Friday, shares of both RBS and Lloyds had tumbled 23%. The selloff in U.K. bank stocks continued to spill over to their U.S.-based peers, with the SPDR Financial ETF shedding 1.5% ahead of the open after tumbling 5.4% on Friday. Among XLF components, shares of Bank of America Corp. slumped 1.8%, Citigroup Inc. shed 1.9% and J.P. Morgan Chase & Co. dropped 1.6%.

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A European Central Bank forum panel that included Federal Reserve Chair Janet Yellen has been cancelled, an updated program event page showed on Monday. Over the weekend, Bank of England Governor Mark Carney had already canceled his appearance on the panel, which included Yellen and ECB President Mario Draghi. The group was expected to face tough questions in the Brexit aftermath. The event page has replaced its “policy panel” that included these three high-profile policymakers with a “concluding panel” and said panelists will be announced later. The ECB’s Forum on Central Banking takes place every year in Sintra, Portugal.

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Bristol-Myers Squibb Co. said Monday that its bladder cancer treatment, Opdivo, was granted breakthrough therapy designation by the Food and Drug Administration. The designation allows for the expedited development and review of medicines which have shown early signals of potential clinical benefit in serious diseases. “Urothelial cancer is a common type of bladder cancer where patients experience high rates of recurrence and remains an area where new treatment approaches are needed, further underscoring the importance of this designation for Opdivo,” said Jean Viallet, global clinical research lead at Bristol-Myers. The stock, which was still inactive in premarket trade, has gained 2.7% year to date, while the S&P 500 has slipped 0.3%.

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