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Meat recalls hit Wegmans and Huisken Meat Co.

Wegmans Food Markets Inc. is recalling about 1,125 pounds of chicken products that were made without federal inspection, said the Department of Agriculture’s Food Safety and Inspection Service (FSIS) in a press release published Wednesday. The items, which include Wegmans Italian Flavored Chicken Breast Cutlet, Wegmans Brown Sugar Barbecue Seasoned Chicken Breast Cutlet, Wegmans Garlic & Fennel Whole Chicken Roaster and Wokery Sherry Chicken, were produced on Jan. 3, 2016 and were shipped to distribution and retail locations in Maryland, Massachusetts, New Jersey, Pennsylvania, New York and Virginia. Customers are advised not to consume the items, but return them to the place of purchase for a full refund. There have been no reported illnesses, according to FSIS. On Tuesday, Minnesota-based Huisken Meat Co. recalled about 89,568 pounds of beef products that may have been contaminated with wood material, FSIS said. The Sam’s Choice Black Angus Vidalia Onion items were made between Nov. 19, 2015 and Dec. 9, 2015. There have been no reports of illness, but consumers are advised to throw them away or return them to the place of purchase.

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SEC fines J.P. Morgan for saying advisers not paid on commission

The Securities and Exchange Commission reached a $4 million settlement with J.P. Morgan’s brokerage business based on allegations the bank made false and misleading statements about broker compensation from 2009 to 2012. The SEC said J.P. Morgan falsely stated on its private banking website and in marketing materials that advisers are compensated “based on our clients’ performance; no one is paid on commission.” Compensation was not based on client performance but instead consisted of a salary and a discretionary bonus based on several other factors. It wasn’t until May 2012 – more than three years after it was first made – that the misstatement was corrected by J.P. Morgan in some marketing materials. The bank neither admitted nor denied the allegations.

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Oil prices fall as crude supplies drop, but gasoline stockpiles jump

Oil prices fell below $35 a barrel on Wednesday after the U.S. Energy Information Administration reported that crude supplies dropped, but supplies of gasoline jumped last week. Crude inventories dropped by 5.1 million barrels for the week ended Jan. 1. The American Petroleum Institute on Tuesday reported a 5.6 million-barrel decline, according to sources. Analysts polled by Platts expected supplies to be up 2.75 million barrels. Gasoline supplies dropped 10.6 million barrels, while distillate stockpiles fell 6.3 million barrels last week, according to the EIA. February crude traded at $34.74 a barrel on the New York Mercantile Exchange, down $1.23, or 3.4%. Prices traded at $35 before the data.

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U.S. stocks open sharply lower amid geopolitical worries

U.S. stocks opened sharply lower on Wednesday, with the Dow industrials dropping more than 250 basis points after the opening bell, as geopolitical concerns overseas weighed on risk sentiment. North Korea’s announcement that it had successfully detonated a hydrogen bomb late Tuesday rattled markets, while a continuing retreat in oil prices pulled down the energy sector. The Dow Jones Industrial Average was down 226 points, or 1.3%, to trade at 16,930 after the opening bell, while the S&P 500 index declined 26 points, or 1.3%, to trade at 1,990. Meanwhile, the Nasdaq Composite index dropped 63 points, or 1.3%, to trade at 4,829. The S&P’s energy sector was the worst performer on the index, down 2.3%.

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Chipotle shares sink after it slashes guidance, discloses grand jury subpoena tied to CA norovirus incident

Chipotle Mexican Grill Inc. shares are down 3% in premarket trading after it said it expects a 14.6% decline in same-store sales for the fourth quarter. The company forecast a low-single digit same-store sales increase for 2015 during the third-quarter earnings announcement in October. The company forecasts earnings per share between $1.70 and $1.90 for the fourth quarter in an 8-K filing published Wednesday. The FactSet consensus is for EPS of $2.54. One-time expenses for the quarter will be in the $14 million to $16 million range, including expenses tied to food replacement in select restaurants, lab analysis, and retaining experts, all tied to E. coli and norovirus illness outbreaks in recent months. The company has authorized a stock buyback program totaling $300 million in addition to the $300 million authorized on Dec. 4. A total of $116 million remained available from that previous buyback program as of Dec. 31, 2015. Chipotle also said it received a federal grand jury subpoena requiring it to produce a range of documents tied to a norovirus incident in Simi Valley, CA in Aug. 2015. The company said it’s not yet possible to determine whether it will incur any fines or other liabilities tied to the subpoena. Chipotle stock is down 37% for the past three months while the S&P is up 1.9% for the same period.

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