Restaurant Brands International reported third-quarter earnings and revenue that fell short of expectations, with same-store sales growth of just 0.3%. Burger King, Firehouse Subs, and Popeyes experienced declines in their home markets, while Tim Hortons was the only brand to show growth. The company has adjusted its full-year sales growth outlook to 5% to 5.5%, down from 5.5% to 6%.
The S&P 500 rebounded with a 0.21% gain, while the Nasdaq rose 0.76%, despite the Dow experiencing its first four-day losing streak since June. Tapestry's $8.5 billion merger with Capri was blocked by a federal judge, causing Capri's shares to plummet 50%. Tesla's stock surged 22% after strong earnings, boosting Elon Musk's net worth by $26 billion. Microsoft CEO Satya Nadella's compensation increased 63% to $79.1 million, despite his request for a pay cut due to security concerns. Meanwhile, Burger King and Taco Bell are removing onions from some locations following an E. coli outbreak linked to McDonald's.
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