Stock Alert : Shake Shack Inc. (SHAK) Shares On The Move After ICR Presentation

Taiwan's China Airlines suspends flights to Wuhan

TAIPEI (Reuters) – Taiwan’s China Airlines on Thursday said it would suspend flights to the central Chinese city of Wuhan from Jan. 23 to Feb. 29, after the city shut its airport as part of moves to tackle a new flu-like virus.

China Airlines’ flights from Taipei leave from the city’s main Taoyuan international airport. Its sister carrier Mandarin Airlines is also cancelling flights from Taipei’s smaller Songshan airport to Wuhan.

The airline said it would assist passengers who want to return to Wuhan to opt for other nearby destinations.

Australia authorities lose contact with air tanker fighting fires

SYDNEY (Reuters) – Australian authorities have lost contact with a large air tanker fighting bush fires in alpine areas of the southeastern state of New South Wales, they said on Thursday.

“The New South Wales rural fire service is investigating reports of a serious incident involving an aircraft in southern New South Wales this afternoon,” it said on Twitter.

Fire crews have been battling blazes in the area amid extreme temperatures.

Juice WRLD Died From Accidental Overdose, Says Medical Examiner

The Cook County Medical Examiner said traces of Oxycodone and codeine were found in Juice WRLD’s system.

The rapper died after his group was subjected to a drug bust upon arriving at Midway Airport in Chicago. Some witnesses claimed he swallowed a stash of Percocet pills in an attempt to hide them from authorities, apparently suffering a fatal seizure from that effort.

The rapper’s private jet also contained 70 pounds of marijuana which was seized from luggage. No one has been charged with possession of that.

 

Rupee slips 3 paise against US dollar in early trade

Besides, foreign fund outflows also weighed on the local unit, forex dealers said.

The rupee depreciated by 3 paise to 71.22 against the US dollar in early trade on Thursday amid rising demand for the greenback vis-a-vis other currencies overseas, even as crude oil prices eased.

Besides, foreign fund outflows also weighed on the local unit, forex dealers said.

However, a positive opening in the domestic equity market supported the rupee and restricted the fall, they added.

At the interbank foreign exchange market, the rupee opened weak at 71.21 and slipped further to hit 71.22 against the US dollar.

The domestic unit had settled at 71.19 against the American currency on Tuesday.

Brent crude futures, the global oil benchmark, declined 1.36 % to $62.35 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02 per cent to 97.54.

Foreign institutional investors sold equities worth ₹ 176.43 crore on a net basis on Wednesday, provisional exchange data showed.

Market benchmark Sensex jumped over 250 points on Thursday tracking gains in select stocks, despite massive selloff in global equities.

The 30-share index was trading 142.73 points or 0.35 % higher at 41,258.11. The broader NSE was also trading 28.80 points, or 0.24 per cent, up at 12,135.70.

The 10-year Indian government bond yield was at 6.63 %.

European Economics Preview: UK Public Sector Finance Data Due

Public sector finance from the UK is due on Wednesday, headlining a light day for the European economic news.

At 2.45 am ET, France’s Insee is scheduled to issue manufacturing confidence survey results. The sentiment index is forecast to fall to 101 in January from 102 in December.

At 4.00 am ET, industrial production and producer prices are due from Poland. Industrial output is expected to grow 5.8 percent on year in December, faster than the 1.4 percent rise in November. Producer prices are forecast to climb 0.9 percent.

In the meantime, Italy’s Istat releases industrial output and turnover data.

At 4.30 am ET, the Office for National Statistics is scheduled to release UK public sector finance data for December. Economists forecast the budget deficit to narrow to GBP 5.2 billion from GBP 5.6 billion in November.

At 6.00 am ET, the Confederation of British Industry publishes quarterly Industrial Trends survey data. The order book balance is forecast to rise to -25 percent in January from -28 percent in December.

Stock Alert : Shake Shack Inc. (SHAK) Shares On The Move After ICR Presentation

Shake Shack Inc. (SHAK), which calls itself a modern day “roadside” burger stand, has seen its shares rise nearly 14% in the last couple of days, subsequent to a presentation at the 22nd Annual ICR Conference on January 14.

In its presentation, the company said it is bringing back the classic ShackMeister Burger to its locations across the U.S., between January and March. Crispy shallots and ShackSauce on a 100% Angus beef cheeseburger is what makes the critically-acclaimed and award-winning ShackMeister a hot favorite among burger-buffs.

The burger chain is also planning to roll out Hot Chick’n & Hot Chick’n Bites, the spicy versions of core chicken offerings, sometime around mid-year. A Veggie ShackBurger created with 13 vegetables, herbs and grains is also in the works with a limited market test planned for later this year.

The company stated at the conference that its POS integration with delivery partner Grubhub was completed and approximately 40% of Shake Shacks were now exclusively on Grubhub.

The count of Shack units, including company-operated and licensed restaurants, has more than tripled in the last 5 years, growing from 75 in 2015 to 274 in 2019. Shake Shack expects this number to reach 334 to 341 in 2020, representing a 35% CAGR (Compound Annual Growth Rate) from 2015.

The stock (SHAK) closed yesterday’s trade at $68.44 on an unusually high volume of 11.48 million shares, vs. average volume of 1.66 million, but still way off its 52-week high of $105.84 reached in early September last year.