Yum! Brands Sells Pizza Hut; Dave & Buster's Shares Decline, Robinhood Gains
Yum! Brands has agreed to sell its Pizza Hut chain for $2.7 billion, with LongRange Capital acquiring the business ex-China and Yum China Holdings Inc. purchasing the remainder. The transactions are expected to conclude in the third quarter. Meanwhile, Dave & Buster's shares fell after its first-quarter comparable sales missed analyst estimates, leading to a stock downgrade. Robinhood Markets saw its shares rise following an announcement to reduce its full-time workforce by 10% and close open roles.
Yum! Brands has reached an agreement to divest its Pizza Hut chain for a total of $2.7 billion. LongRange Capital will acquire Pizza Hut's operations outside of China for $1.5 billion. Yum China Holdings Inc. is set to purchase the remaining portion of the business for $1.2 billion. These transactions are anticipated to close in the third quarter.
Dave & Buster’s shares experienced a decline following the company's report of first-quarter comparable sales. These sales figures did not meet the average analyst estimate. Research firm Benchmark subsequently downgraded the stock, citing a lack of confidence in the stabilization or eventual positive turn of same-store sales this year.
In contrast, Robinhood Markets' shares increased after the company announced plans to reduce its full-time employee workforce by 10%. Additionally, Robinhood stated it would close a small number of open roles.
According to Bloomberg Markets, these developments reflect recent movements in the stock market.
