Apollo Wants to Buy Qdoba for $300 Million, Reports Say: LIVE MARKETS BLOG

 | Nov 22, 2017 | 4:27 PM EST
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Here's what happened on Wall Street on Wednesday, Nov. 22.

The Nasdaq was the lone index to close trading in the green, rising 0.07% on the day to set another record high. The Dow Jones Industrial Average and S&P 500, however, closed the day down 0.27% and 0.08% respectively. 

Apollo Wants to Buy Qdoba for $300 Million

Jack in the Box (JACK) could be lightening its load.

Reuters is reporting that the fast-food chain is nearing a deal to sell its Qdoba Mexican Restaurant concept to Apollo Global Management for $300 million.

Activist hedge fund Jana Partners recently took a 1.3 million share stake in the Jack in the Box. Jana most recently was involved with Whole Foods (WFM) , pushing that company to sell itself. Once Amazon (AMZN) purchased the company, Jana cashed out of its 8.2% stake for $300 million.

Apollo's deal could close as soon as next week, according to Reuters' sources. Jack in the Box acquired Qdoba for $45 million in 2003.

Qdoba has more than 700 locations in North America.

Apollo currently owns children's restaurant concept Chuck E. Cheese, which it took private for $1.3 billion in 2014.

TheStreet's request for a comment from Jack in the Box was not returned.

Apple working on a new iPhone for Release Early Next Year

Apple (AAPL) is working on a smaller, less expensive iPhone, according to China's Economic Daily News.

The report suggested that the SE 2 will replace the current SE model and will be priced at $450.

The current SE has a 4-inch screen that is much smaller than the 4.7-inch screen for the regular sized iPhone.

The phone is expected to be released in the first half of next year, according to the Economic Daily News.

Apple recently released its tenth anniversary iPhone X to rave reviews and solid sales, in spite of its $1,000 price tag. AAPL is a holding of Action Alerts PLUS.

Holiday Online Sales to Reach $107 Billion, Adobe Says

Adobe released its annual holiday predictions for online revenue Wednesday, and the numbers are giving hope for a recovering retail market.

Adobe's numbers are based on a sample of 4,500 retail websites, 55 million stock keeping units, and more than one trillion website visits.

Through the first 21 days of November, online sales have totaled $28.58 billion, a 17.9% increase over a year ago. So far, every day in November has seen $1 billion in online sales, compared to 19 out of 21 days last year. Today, Adobe expects Americans to spend $1.71 billion online.

By the end of the holiday season, Adobe expects $107.4 billion in online revenue, compared to $94.4 billion last year.

The firm expects Thanksgiving Day holiday shopping to rise 15% year over year to $2.8 billion, while Black Friday sales are expected to rise 16.4% to $5 billion. All told, Adobe predicts there will be 18 $2 billion online shopping days in 2017, after just eight such days last year.

P&G Doesn't Accept the Proxy Vote That Added Nelson Peltz Picks to Board

Procter & Gamble (PG) is disputing the .0016% voting margin that gave activist Nelson Peltz' Trian Capital a board seat. The company has notified an independent inspector that it will challenge the results. 

P&G and Peltz have reportedly spent $60 million battling each other over the board seat. 

Russia Could Retaliate if Google 'Deranks' RT and Sputnik

The fallout from Alphabet (GOOGL)  chair Eric Schmidt's assertion that Google would begin deranking news search results featuring hits from Russian state-owned news organizations Russia Today and Sputnik is just beginning. 

Alexander Zharov, the head of Russia's communication agency Roskomnadzor, said that he wrote a letter to Schmidt asking him to clarify his position. 

"We will receive an answer and understand what to do next ... We hope our opinion will be heard, and we won't have to resort to more serious" [responses], Zharov said according to Gizmodo.

Schmidt said that RT and Sputnik were the major purveyors of fake news and that Google would alter its search results accordingly. GOOGL is a holding of Action Alerts PLUS.

Troubles Continue for Uber Ahead of IPO

Uber admitted that it paid hackers $100,000 to keep a major breach that exposed the data of more than 57 million customers last year secret. The company has fired the two employees responsible for the response to the hack. 

The breach happened in October 2016, but CEO Dara Khosrowshahi said that he only recently found out about it. "None of this should have happened, and I will not make excuses for it," Khosrowshahi said.

Former CEO Travis Kalanick found out about the breach in November 2016, according to a Reuters report.

The company is being investigated for the breach by regulatory bodies across the world, including the Attorney General in New York. 


Wall Street futures contracts were climbing ahead of the opening bell Wednesday morning as markets get ready for the Thanksgiving holiday break. 

Futures pointed to another strong open for the major averages. The Nasdaq set a record high in yesterday's session and the Dow Jones Industrial Average rose nearly 200 points. 

Wednesday, Dow futures were leading the pack, rising 0.17% while Nasdaq and S&P futures climbed 0.11% each. 

World markets also had a strong session Wednesday morning, with the Hang Seng leading the way in Asia -- rising 0.62%. In Europe, the DAX in Germany was the lone major average to fall, declining 0.08% with less than four hours left in training. 

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