CNBC Business News Update - Market Midday: Stocks Higher, Starbucks Shares Pop 20% On Incoming New CEO, McDonald's Collectors Cups Are Out 8/13/24

Episode Date: August 13, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. Inflation at the wholesale level came in better than forecast, and markets are soaring this afternoon on Wall Street. The Dow up 251 points, a half percent. The S&P 500 index up 61 points, more than one percent. And the Nasdaq is up 300 points. That's 1.8 percent. Companies whose shares hit fresh all-time highs today include Aramark, Welltower, Regeneron, and T-Mobile. The PPI, producer price index, came in lower than forecast, up one-tenth of 1%. We get the CPI tomorrow, the consumer price index. Struggling Starbucks has replaced its CEO, looking to a new

leader to clean up the operation. Critics say Starbucks has become a slow coffee shop with dirty stores and high prices. The new man at the top of Starbucks is leaving his job at the top of Chipotle. It's Chipotle CEO Brian Nickel. Look, this guy's a dream come true, okay? I mean, he came in at Chipotle with Chipotle. I don't know if you remember. It was in disarray. Yeah. And he fixed the organization. Well, that's what Starbucks needs. I come back and I just say this stock this morning, which is up 11 billion dollars. Starbucks, even though Chipotle's lost six point one billion, is correct. It's correct. Because when you get someone this monumental running the

company, there's hope for change. CNBC Mad Money host Jim Cramer. Brian Nickel took over Chipotle back in March of 2018. The stock is up more than 700 percent. Loxman Norissaman took over Starbucks in March of last year and shares are down almost 20 percent. But Starbucks shares are popping today. Home Depot says it expects sales to weaken as consumers grow more choosy about their spending. The company starts the cycle of retail earnings reports and Walmart's results are coming tomorrow. One retail expert reminds investors that Home Depot really had it going on in the pandemic. The Home Depot, the home improvement category,

benefited significantly during the pandemic. Demand trends spiked higher. I think now we're just in that post-pandemic reset. Oppenheimer's Brian Nagel on CNBC. Paramount Global employees officially told Today that the company's slashing 15% of its workforce. Jobs are going across the movie studio, CBS TV, CBS News, sports and cable channels like MTV and Comedy Central. Google hosting its annual Made by Google product event today, earlier than it has in the past to beat Apple this fall. New

Pixel phones and watches are expected. McDonald's out with collector's meals today with free nostalgic cups. That, like other Mickey D's merch, may be worth money someday. The cups feature nostalgic brands like Barbie, Hot Wheels, Beanie Babies, and more. Jessica Ettinger, CNBC. The Investing Club. We're not about trading. We're about investing. Get invested. Join the club today. Go to cndc.com slash gymsclub.