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Pizza Hut’s parent company considering selling the chain

Pizza Hut could soon be up for sale. Yum Brands, Pizza Hut’s parent company, said Tuesday it’s conducting a formal review of options for the brand, which has struggled to compete in a crowded pizza market. Yum CEO Chris Turner said Pizza Hut has many strengths, including a global footprint and strong growth in many markets. Pizza Hut has nearly 20,000 stores in more than 100 countries, and its international sales were up 2% in the first nine months of this year. China is its second-largest market outside the U.S. But Pizza Hut gets nearly half its sales from the U.S., where it ...

Losses for Big Tech pull Wall Street lower after reaching records

NEW YORK (AP) — Stocks fell on Wall Street Tuesday, pulled down by losses in the same big tech companies that have been the main drivers of the market’s rally so far this year. The downturn pulled every major index further away from the all-time highs set just last week. Losses were spread broadly throughout every sector, but technology stocks were the heaviest weights. Palantir Technologies, which had more than doubled so far this year, fell 7.9% despite reporting results that beat analysts’ forecasts. Nvidia also reversed course from a day earlier, falling 4%, while Microsoft ...

Kimberly-Clark buying Tylenol maker Kenvue

Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company. Shareholders of Kimberly-Clark will own about 54% of the combined company. Kenvue shareholders will own about 46% in what is one of the largest corporate takeovers this year. The deal must still be approved by the shareholders of both companies. The combined company will have a huge stable of household brands under one roof, putting Kenvue’s Listerine mouthwash and Band-Aid side-by-side with Kimberly-Clark’s Cottonelle toilet paper, ...

AI darlings prop up Wall Street as most other stocks fall

NEW YORK (AP) — More gains for Nvidia, Amazon and other AI superstars propped up Wall Street on Monday. The S&P 500 rose 0.2% and pulled closer to its all-time high set last week, even though the majority of stocks in the index sank. The Dow Jones Industrial Average dropped 226 points, or 0.5%, and the Nasdaq composite climbed 0.5%. Nvidia was the strongest force lifting the S&P 500, just like it has been for the year so far. The chip company rose 2.2% to bring its gain for the year to date to 54.1%. Amazon was the No. 2 force pushing the market higher. It rallied 4% after ...

OpenAI, Amazon sign $38 billion deal for AI computing power

SEATTLE (AP) — OpenAI and Amazon have signed a $38 billion deal that enables the ChatGPT maker to run its artificial intelligence systems on Amazon’s data centers in the U.S. OpenAI will be able to power its AI tools using “hundreds of thousands” of Nvidia’s specialized AI chips through Amazon Web Services as part of the deal announced Monday. Amazon shares increased more than 4% after the announcement. The agreement comes less than a week after OpenAI altered its partnership with its longtime backer Microsoft, which until early this year was the startup’s exclusive ...

Denny’s to be acquired and taken private in a deal valued at $620M

The Associated Press Denny’s said Monday that it’s being acquired by a group on investors in a deal that will take the breakfast chain private. Denny’s board unanimously approved the deal, which values Denny’s at $620 million including debt. Denny’s will be purchased by private equity investment company TriArtisan Capital Advisors, investment firm Treville Capital and Yadav Enterprises, which is one of Denny’s largest franchisees. Under the agreement, Denny’s shareholders will receive $6.25 per share in cash for each share of Denny’s common stock they own, or a ...