The stock market tumbled on Tuesday as U.S. banks warned of a recession risk next year, as inflation erodes consumer spending power.
Overall, S&P 500 fell 1.4% to 3,941, while NASDAQ was down 2.0% to 11,015.
Tweet of the Day
Commodity crisis fading quickly for manufacturers … among companies surveyed by ISM, few are seeing commodities in short supply (blue) and up in price (orange) pic.twitter.com/1uDgQJmCF0
— Liz Ann Sonders (@LizAnnSonders) December 6, 2022
Chart of the Day
Our chart of the day is the one-year chart of Wingstop (WING) as of November 25, 2022, when the stock was at $159.
Wingstop is the largest fast casual chicken wing focused restaurant chain in the world. It has over 1700 restaurants in operation with 98% of them are franchises.
The company’s profits increased 55% last qtr as the price of chicken wings declined by around 50%. Food, beverage and packaging costs declined, as did labor. The company also has a catalyst in its new chicken sandwiches. At launch, Wingstop sold out of a 6 week supply of Chicken sandwiches in just 6 days.
WING is part of the Growth Portfolio.
