Papa John's CEO said customers are ordering more food and sides throughout the day and at dinner, and new customers are "stickier" with a high level of repeat business.
Good morning, Data Sheet readers. This is Fortune writer Aric Jenkins filling in for Adam.
There’s been a lot of coverage of TikTok this week, what with President Trump threatening to ban it in the U.S.—incensing Beijing and opening the door for Microsoft to buy the popular social media app for a reported $30 billion. Lest we forget, Facebook has also been working on a TikTok clone for Instagram that finally arrived on the platform yesterday.
The new feature, Instagram Reels, is no small deal. Remember the last time the photo and video app copied a high-profile rival: Has Snap ever fully recovered from Instagram lifting the temporary 24-hour “Stories” feature that sent Instagram’s monthly active users to over 1 billion? Every time users scroll through a few Stories, they’re served an ad, which makes Instagram money, of course, not to mention a cut of all those e-commerce sales.… Read the rest
A small but singularly influential group is a driving force for an agreement on a stalled coronavirus relief bill: endangered Senate GOP incumbents who need to win this fall if Republicans are going to retain control of the majority.
Confronted with a poisonous political environment, vulnerable Senate Republicans are rushing to endorse generous jobless benefits, child care grants and more than $100 billion to help schools reopen. Several of them are refusing to allow the Senate to adjourn until Washington delivers a deal to their desperate constituents.
Sen. Martha McSally, who has fallen behind in polls in Arizona, is breaking with conservatives to endorse a temporary extension of a $600 per week supplemental benefit. Republicans up for reelection such as John Cornyn of Texas and Lindsey Graham of South Carolina are demanding results before returning home to campaign. And Sen. Susan Collins is in overdrive, backing help for cash-starved … Read the rest
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The Securities and Exchange Commission is reportedly investigating the circumstances around Kodak’s announcement last week of a $765 million government loan to manufacture pharmaceutical ingredients—a deal that sent the legacy camera firm’s soaring.
While the agency’s probe is at an early stage, the Wall Street Journal reports that the SEC is looking into Kodak’s disclosure of the loan, which began to leak on Monday, July 27—one day before the official announcement that prompted a massive spike in the company’s theretofore struggling stock price.
But Kodak’s trading volumes and share price were already on the rise before the announcement was made, a dynamic seemingly tied to leaks disseminated by local news outlets in the company’s hometown of Rochester, N.Y. The SEC is said to be scrutinizing Kodak’s handling … Read the rest