Thank you to all our veterans and active duty military personnel. The stock market is open as usual but the bond market closed for Veterans Day. There are no government reports and some businesses are also closed.
The fast-food chain McDonald’s, has faced pressure to spin off its company-owned U.S. restaurants into a real estate investment trust, but has concluded such a move would be risky and not offer investors enough upside. McDonald’s gets a big chunk of revenue from the rent it collects from franchisees. Rent payments to McDonald’s have risen 26% between 2009 and 2014. (Reuters)
Safeway is trying to dissolve its partnership with startup Theranos. The supermarket chain has spent $350 million to build clinics to offer Theranos blood tests, which never began. (WSJ)
Macy's reported a third-quarter profit of $118 million on sales of $5.87 billion. Both numbers were lower than expected. The company was hurt by the warm fall weather. Macy's shares have decreased 28% since the beginning of the year. (AP)
A sharp jump in mortgage rates did not affect the pace of home loan applications as much as expected, with total volume falling just 1.3% last week . (Mortgage Bankers Association)
U.S. oil prices fell this morning, after industry data showed an increase in crude stockpiles.