Hedgefund News Wrap: Week Ending 10/30/2015

BUFFALO WILD WINGS 

(MarketWatch) – Why did the chicken cross the road? To run away from Buffalo Wild Wings (BWLD) and it’s tumbling shares. The wings and beer giant shares fell about 18% Thursday following lower-than-expected third-quarter results.

What’s to blame for the fall? There are several different angles. Possible culprits include one week less of football, fewer pay-per-view events, rising costs of sales and labor, and/or additional depreciation, amortization, and expenses to its $160 million acquisition of 41 franchises during the quarter. According to Cramer, Of CNBC, the rising cost of chicken could knock them down once again. But BWW better spread it’s wings and fly to higher earnings for the fourth quarter.

Expectations for 2016 are look up according to the CEO, as they expect to open 50 company-owned restaurants, while franchisees should add about 45 locations, 30 in the U.S. and 15 international.

Read the entire article at MarketWatch
More coverage: CNBC and Motley Food

CHEVRON CUTS

(The Wall Street Journal) – Spooky news was released today by Chevron Corp. as they released plans to cut about 10% of its workforce, equivalent to 6,000-7,000 jobs. The energy giant is also slashing its capital investment plan after low energy prices dealt a sharp blow to the company’s sales and profit in the third quarter.

“We are focused on improving results by changing outcomes within our control,” Chevron CEO John Watson said in a statement.

Watson is in the right mindset, as shares of Chevron are down 20 percent this year with revenue falling 37% to $34.32 billion in the third quarter. The company managed to squeeze out a profit, though net income was down 63.4% to $2.1 billion.

Read the entire article at The Wall Street Journal
More coverage: USA Today and Bloomberg