McDonald sinks on E. coli outbreak
McDonald's shares dropped as much as double digits after business hours on Tuesday
McDonald’s shares dropped as much as double digits after business hours on Tuesday after the Centers for Disease Control (CDC) revealed that the fast food chain was responsible for an E. coli outbreak in the world’s largest economy.
10 patients have been hospitalized after testing positive for E. coli, a bacterium that lives in the intestines of humans and warm-blooded animals. All of them have been connected to the Quarter Pounders served at McDonald’s outlets in Nebraska and Colorado.
The bacterial outbreak, which frequently results in food poisoning, has only so far claimed the life of one elderly person.
The burger business collaborates with the Food Safety & Inspection Service, the US Department of Agriculture, and the US Food & Drug Administration to identify the ingredients causing customers’ illnesses as quickly as possible. The company stopped using Quarter Pounder beef patties and sliced onions in certain locations to find the outbreak’s origin
The food chain stock plummeted from above $314 to the $280s, but by the end of after-hours trading, it had rebounded to about $296, down 5.8%.
McDonald’s stock fell below $306, a prior upward-sloping resistance level. It took a while to break above that level, so it’s a terrible omen.
McDonald’s is a part of the wider Dow Jones Industrial Average (DJIA) index, which ended the regular session down a little bit along with the S&P 500. In contrast, the NASDAQ saw a 0.18% increase.
The incident occurred in the aftermath of Donald Trump’s campaign, lover of McDonald’s, showed up to cook fries and greet patrons at one of the fast-food chain’s locations. He also made headlines in 2019 during a White House reception when he served college athletes trays of hamburgers and fries. The decision aligns with the perception of a president familiar with American “fast-food culture.”
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals