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Report
McDonald’s, KFC and others are bringing back value meals
The Street
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5/31/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why popular fast food chains are bringing back value meals.
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Sports
Transcript
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00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the street today.
00:05
Investors were focused on two things Friday, inflation and earnings.
00:10
Dell Technologies dampened enthusiasm for tech stocks with hefty AI spending plans that
00:15
could hurt profits.
00:17
On the inflation front, the PCE index matched forecasts.
00:21
Wall Street awaits the closely watched jobs report due next week.
00:25
The stakes are high with policymakers looking to decide the timing of an interest rate cut
00:29
on June 12th.
00:31
In other news, if you're hungry and you're looking for a good deal, you're in luck.
00:36
Fast food companies are responding to customer complaints by bringing back value meals.
00:41
KFC is already advertising four discount deals.
00:44
The cheapest one at $4.99 includes two pieces of chicken, a biscuit and mashed potatoes.
00:49
In a press release, KFC said their goal is to prove, quote, "you don't have to sacrifice
00:54
quality or taste to save on food spending."
00:57
McDonald's also confirmed it is rolling out a $5 value meal this summer.
01:02
CEO Chris Kempcinski telling investors, quote, "it is imperative that we continue to keep
01:08
affordability at the forefront for our customers."
01:12
And its main rival even took notice.
01:14
Burger King is now reportedly rushing to get its $5 budget meal on the table before McDonald's.
01:20
Taco Bell and Wendy's already have budget menus.
01:23
While food price gains at the supermarket slowed last month, you're paying an average
01:28
of 4.1 percent more to eat out than a year ago.
01:32
And that'll do it for your daily briefing.
01:33
From the New York Stock Exchange, I'm Conway Gittens with the Street.
01:37
Thanks for watching.
01:38
[BLANK_AUDIO]
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