Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- Yum! Brands (YUM) agreed to sell its struggling Pizza Hut chain for $2.7 billion to a private equity firm and its China business. LongRange Capital will acquire Pizza Hut ex-China for $1.5 billion, Yum said in a statement Tuesday. Yum China Holdings Inc. will buy the rest of the business for $1.2 billion. The transactions are expected to close in the third quarter.
- Dave & Buster’s (PLAY) shares tumble after the operator of restaurant and entertainment facilities reported comparable sales for the first quarter that missed the average analyst estimate. Research firm Benchmark downgraded the stock, citing a lack of confidence that same-store sales will stabilize/eventually turn positive this year.
- Robinhood Markets (HOOD) shares are up after it said it is reducing its full-time employee workforce by 10%, and also closing a small number of open roles.