OR partners with CENTEL to open six budget hotels, targeting 50 branches by 2031
PTT Oil and Retail Business Public Company Limited, or OR, has unveiled plans to develop a first phase of six budget hotels together with Central Plaza Hotel Public Company Limited, or CENTEL. OR will hold a 49% stake and CENTEL 51%. Five of the sites are at service stations and one is outside a service station. The first three branches, already under construction, are in Kanchanaburi, Phra Nakhon Si Ayutthaya and Songkhla, and are expected to open in the third quarter of next year. The other three, in Bangkok, Chonburi and Phuket, are undergoing environmental reports and will open in the second quarter of 2028. The six hotels use a combined investment budget of 700 million baht, with construction costs capped at no more than 1 million baht per room. Funding will be split 50% equity and 50% debt. The buildings will be five to six storeys tall, with average room sizes of 18 to 20 square metres and 79 rooms. The company targets a first-year occupancy rate of about 60%, rising to 60–70% in the second year, with a long-term goal of 75–80%. It estimates a gross profit margin of about 50%, an EBITDA margin of 40–45%, an EBIT margin of about 20%, and a net profit margin of no less than 10%. Room rates will range from 800 to 1,300 baht, with a loyalty programme linking Blue Plus Points and The ONE Points. Ratchasuda Rangsiyakul, Senior Executive Vice President of Special Business 1 at OR, said entering the hotel business will help lift traffic at its service stations from 3.9 million users per day to 5 million per day. The first six branches will serve as a pilot to test the system before expanding to a full 50 locations in 2031, and once the model proves successful the company will scale up through franchising. The joint venture will provide management services to a standard, and dealers in the group have already approached the company seeking to open hotels.
CENTEL.BK · Capital · Positive CENTEL forms a joint venture with OR to develop six budget hotels (51% stake), expanding its hotel portfolio with a 700-million-baht investment.
OR.BK · Capital · Positive OR invests in a six-hotel joint venture (49% stake) to lift service-station traffic from 3.9 million to 5 million users per day, with plans to scale to 50 branches by 2031.
Vail Resorts Posts $147.5 Million Fiscal 2026 Net Income, Guides to Fiscal 2027 Rebound
Vail Resorts reported fiscal 2026 net income of $147.5 million, down from $280 million a year earlier, after snowfall and snowpack in the Rockies sank to or near historic lows. Total net revenue for the fiscal year stood at $2.88 billion, with Resort Reported EBITDA of $745.7 million, and lift revenue slipped only 3.5% because many guests had already paid for passes before the season began. The company booked $45 million in savings from its efficiency overhaul in fiscal 2026 and raised its annualized target to $110 million by the end of fiscal 2027. Fiscal 2027 guidance assumes normal weather and projects net income of $158 million to $233 million and resort EBITDA of $805 million to $865 million, though pass units were down about 12% as of September 18 and sales dollars were down 6%, concentrated in destination frequency passes. Guidance implies a resort EBITDA margin of 27.3% before one-time costs, about 200 basis points below the original fiscal 2026 plan, with leverage at 3.9 times trailing EBITDA as of July 31, 2026, and short interest at 29.16% of the float.
MTN · Capital · Negative Fiscal 2026 net income fell to $147.5M from $280M on historic-low Rockies snowfall, and pass units are down ~12% heading into fiscal 2027.
Bernstein: AI agents pose long-term risk to Booking, Expedia over Airbnb
AI agents that can search, compare prices and complete travel bookings are beginning to challenge the economics of online travel agencies, with Booking Holdings and Expedia facing greater long-term risk than Airbnb, Bernstein analysts said. The immediate financial impact remains modest, since much of today's agent-driven travel demand is still routed through online travel agencies, potentially providing bookings without the associated customer acquisition costs. Over the longer term, AI agents create three major risks for traditional OTAs: disintermediation, pressure on commission rates and increased price competition, and that matters especially for Booking, where directing customers towards higher-commission inventory provides an estimated 10% revenue uplift. On price discovery, Booking and Expedia brands offered the cheapest hotel rate only about 15% of the time in U.S. searches examined in 2026, while smaller OTAs supplied the lowest price 77% of the time. Airbnb appears better positioned, with about 70% of its nine million active listings estimated to be exclusive to the platform, about 45% of web traffic arriving directly, and around 90% of guests messaging hosts after making a reservation. The revenue model adopted by AI agents could determine the eventual impact, with user-funded agents seeking unbiased results posing the greatest threat to OTAs, whereas advertising-supported models could preserve more of the existing travel distribution economics.
BKNG · Competition · Negative Bernstein flags Booking as especially exposed to AI-agent risks of disintermediation and commission-rate pressure, with high-commission inventory providing an estimated 10% revenue uplift.
ABNB · Competition · Positive Bernstein says Airbnb is better positioned than Booking and Expedia against AI-agent disintermediation, citing exclusive listings and direct traffic.
EXPE · Competition · Negative Bernstein says Expedia faces greater long-term risk than Airbnb from AI agents, including disintermediation and price competition, and its brands rarely offered the cheapest US hotel rate.
Vision recommends 3 hotel stocks to benefit from China's long holiday and IMF-World Bank meetings
Chayut Krailatrattanasiri, Assistant Director of the Research Department at Land and Houses Securities, told the Vision team that the overall outlook for tourism stocks in the fourth quarter of 2026 is clearly quite positive. Although early in the quarter there was pressure from flooding, this is assessed as only a short-term impact. The main supporting factors come from China's Golden Week, a long holiday early in the fourth quarter that has helped drive Chinese tourist arrivals into Thailand higher, with a clear acceleration, as well as Thailand hosting the IMF and World Bank meetings in mid-October, a positive factor in terms of policy and economic activity that directly supports tourism stocks. The research team views hotels as the biggest beneficiaries of the recovery in tourist numbers, expecting fourth-quarter operating results and profits to grow outstandingly. Airlines also benefit, but their upside is limited by still-high oil costs. The three standout hotel stocks named as Top Picks are AWC, with a target price of 20 baht, which the research team is in the process of reviewing upward on structural positives from the establishment of AWR that will help unlock asset value and increase liquidity; ERW, with a target price of 80 baht, which is assessed as still offering upside for investment; and CENTEL, with a consensus target price of 50 baht.
AWC.BK · Demand · Positive Named as a Top Pick hotel stock expected to benefit from higher Chinese tourist arrivals during China's Golden Week and the IMF-World Bank meetings in Thailand.
CENTEL.BK · Demand · Positive Named as a Top Pick hotel stock with a 50 baht consensus target, seen as a key beneficiary of the Q4 tourism recovery from Chinese Golden Week arrivals and the IMF-World Bank meetings.
ERW.BK · Demand · Positive Named as a Top Pick hotel stock with an 80 baht target, assessed as still offering upside from the expected surge in tourist numbers in Q4.
Trip.com Group Beats Estimates as SAMR Penalty Clouds Outlook
Trip.com Group reported quarterly results with earnings per share above analyst estimates, supported by its mix of accommodation, transportation ticketing, and package-tour services across global markets. The beat, according to Simply Wall St, supports the view that Trip.com's technology-driven platforms and expanding international travel offerings are strengthening the resilience and breadth of its business model, though it does not materially change the key near-term catalyst of sustaining international growth. The most relevant recent development alongside the earnings beat is a July 2026 administrative penalty from China's SAMR, which Trip.com has said will prompt governance rectifications, bringing regulatory risk into sharper focus around higher compliance costs and potential limits on high-margin services. Trip.com Group's narrative projects CN¥85.8 billion in revenue and CN¥15.6 billion in earnings by 2029, yielding a $58.45 fair value, a 53% upside to its current price, while bullish analysts assume revenues near CN¥91.8 billion and earnings around CN¥18.8 billion by 2029.
Travel + Leisure Co. Launches Trail Partners Network, Names Under Canvas First Partner
Travel + Leisure Co. announced the introduction of Trail Partners, a new network of outdoor hospitality partners that lets Eddie Bauer Adventure Club owners use their club credits to book stays and excursion add-ons. Under Canvas is the first Trail Partner named, giving owners access to all 18 Under Canvas properties across North America. Owners can book Trail Partner stays through the club's dedicated travel agency, which helps them explore participating destinations, check availability and apply credits toward eligible stays. The Eddie Bauer Adventure Club, operated by Travel + Leisure Co. under a license from Authentic Brands Group, opened its first Basecamp location in Moab, Utah earlier this year. Beyond Basecamps and Trail Partner stays, owners receive 50% off regularly priced Eddie Bauer apparel and gear online, automatic Guide-Tier status in the Eddie Bauer Adventure Rewards Program, and one complimentary annual excursion for two people.
TNL · Demand · Positive Travel + Leisure launches Trail Partners network, expanding its Eddie Bauer Adventure Club offering with bookable outdoor stays, a product/end-demand development.
Under Canvas · Demand · Positive Under Canvas named first Trail Partner, giving its 18 North American properties access to Adventure Club bookings.
Eddie Bauer · Demand · Positive Eddie Bauer Adventure Club owners gain new booking perks and discounts, supporting the licensed Eddie Bauer-branded club's appeal.
Greggs Fair Value Estimate Raised to £18.74 as JPMorgan and RBC Update Targets
Analysts lifted their fair value estimate for Greggs from £17.77 to £18.74, with JPMorgan keeping an Overweight rating and raising its price target from £20.50 to £22.10. RBC Capital moved Greggs to Sector Perform from Outperform, citing harder-to-achieve cost savings after recent efficiency efforts and the stock's recent share rally, even as it lifted its price target from £18.30 to £19.60. The updated valuation assumes revenue growth of 6.62%, up from 6.46%, a profit margin of 5.73%, down from 5.76%, a future P/E multiple of 16.23x, up from 15.40x, and a discount rate of 9.46%, down from 9.51%.
MUD files for high-yield bond offering at 7.35% interest, subscription opens 3-5 November
MUD & Hound Public Company Limited, or MUD, has filed a draft registration statement with the Securities and Exchange Commission to issue and offer high-yield, unsubordinated, secured bonds. The issuer has the right to redeem the bonds before maturity. The bonds have a term of 2 years and 3 months, maturing in 2029, with an interest rate of 7.35% per annum, paid every 3 months. They will be offered to institutional investors and/or high-net-worth investors, secured by ordinary shares of ABP Cafe Thailand Company Limited at not less than 1.50 times the bonds issued and offered. The appraised price by an independent appraiser is 338.36 baht per share, valued using the discounted cash flow method. Subscription opens from 3 to 5 November 2026. The bond arrangers are Asia Plus Securities, Bluebell Securities, Maybank Securities Thailand, Dao Securities Thailand, and UOB Kay Hian Securities Thailand, with Asia Plus Securities Company Limited acting as the bondholders' representative. The credit rating is BB-, assigned by TRIS Rating Company Limited on 23 June 2026, and the company intends to use the proceeds from this bond offering to repay debt from its issuance of debt instruments.
Metaplanet Corrects Four Filings, Including Annual Report, Over CEO's MMXX Voting Rights Disclosure
Metaplanet announced on the 2nd that it has submitted correction reports to the Kanto Local Finance Bureau for three fiscal years' worth of annual securities reports and one semi-annual report filed in the past. The filings in question are the annual securities reports for the fiscal years ending December 2023 through December 2025, and the semi-annual report for the January-to-June 2024 period. The corrections concern statements regarding the relationship between CEO Simon Gerovich and shareholder MMXX Ventures Limited. The original documents stated that Gerovich "indirectly holds a majority of the voting rights," but after re-verifying the facts, the company determined that he does not hold a majority of MMXX's voting rights, and revised the relevant statements, changing the classification of the related party from "a company in which an officer and his or her close relatives own a majority of the voting rights" to "major shareholder." As of the end of December 2023, MMXX held 23.3% of Metaplanet's voting rights and also qualified as an "other affiliated company" of the firm. In the semi-annual report, corrections were also made to the portion stating that the counterparty for a 1 billion yen loan, approved by a board resolution on August 8, 2024, to fund Bitcoin purchases was MMXX; the report now states that MMXX was a major shareholder holding 13.026% of voting rights as of the end of that interim period and constituted a related party. The corrections are limited to statements concerning the relationship between Gerovich and MMXX, and the amounts of the 1 billion yen loan and its repayment, as well as the exercise of stock options, remain unchanged.
3350.JP · Regulation · Negative Metaplanet must correct four past filings over misstated CEO voting-rights relationship with MMXX, a disclosure/compliance issue.
MMXX Ventures · Regulation · Neutral MMXX's related-party classification and voting-rights status were revised in Metaplanet's corrected filings; no direct impact on MMXX itself.
US lawmaker urges Starbucks to close its first two Xinjiang stores, calling it immoral
John Moolenaar, chairman of the House Select Committee on the Chinese Communist Party, is calling on Starbucks to immediately halt operations and order the closure of its first two stores that have just opened in China's Xinjiang Uyghur Autonomous Region, criticising the decision as immoral. The statement came after Starbucks opened its first two outlets in Urumqi, the capital of Xinjiang, this week, with one located at the Grand Bazaar in the city centre and the other at the city's international airport. In a statement on Thursday, October 1, Moolenaar said this was a shocking and utterly immoral decision for a company that has long championed social responsibility, and that there is no legitimate reason for an American company to do business in a region where the Chinese Communist Party has detained more than one million Uyghurs and stripped them of their freedom of belief, language and culture. Starbucks explained this week through its official WeChat account that the two new stores are not merely coffee shops but spaces offering a new experience that blends local cultural identity with consumer demand. Liu Wenjuan, chief executive officer of Starbucks China, said in the same post that the company remains committed to continuing to invest and expand its business in Xinjiang in the future.
SBUX · Geopolitics · Negative US lawmaker urges Starbucks to close its newly opened Xinjiang stores, calling the expansion immoral amid Uyghur detention allegations.
Metaplanet Corrects Disclosure on CEO Gerovich's Relationship with Shareholder MMXX
Metaplanet announced on October 2 that it has corrected a total of four previously filed documents, including its annual securities report, revising a statement that CEO Simon Gerovich indirectly holds a majority of the voting rights in shareholder MMXX Ventures Limited, and clarifying that he does not hold a majority. The issue at hand is that while Gerovich oversees management decisions at Metaplanet, he also holds a stake in MMXX's parent company, meaning that if transactions favorable to MMXX were conducted, the CEO could also gain economic benefits in proportion to his stake, which was flagged as a conflict of interest. MMXX became a major shareholder in February 2023 by subscribing to Metaplanet's third-party allotment of new shares, and in August 2024 it lent 1 billion yen to Metaplanet, which used the entire amount to purchase bitcoin. In a post on X on September 6, Gerovich explained that he is a significant shareholder in MMXX's parent company but not a majority shareholder, and that he is neither a director nor an executive officer responsible for operations at MMXX, but reactions were swift that this explanation was insufficient given that past securities reports stated he indirectly held a majority. The latest correction removes the description of MMXX as a company majority-owned by Gerovich and others, but it does not explain how much the CEO has invested in MMXX's parent company or whether he profited from MMXX's sale of Metaplanet shares.
3350.JP · Regulation · Negative Metaplanet corrected four filings over a misstated CEO stake in shareholder MMXX, exposing a flagged conflict of interest.
MMXX Ventures · Regulation · Negative MMXX's status as a company majority-owned by CEO Gerovich was removed in Metaplanet's corrected disclosures, and its share sale and loan dealings remain unexplained.
US Federal Court Dismisses Media Lawsuit Over Google AI Summaries
A US federal court has dismissed a lawsuit brought by the education technology company Chegg and Penske Media, the publisher of Rolling Stone and other US magazines, over Google's unauthorized use of their content in its artificial intelligence summary feature. In a ruling on September 30, the court said the two companies' claims that Google's business practices violate antitrust law do not hold up as a legal claim in the first place. In the lawsuit filed last year, the two companies argued that Google forces publishers to allow their content to be used in AI Overviews as a condition for continuing to appear in search results, in violation of antitrust law, and said they lost revenue as traffic to their own sites declined. The court said the plaintiffs are merely asserting that they had an expectation that if they provided content for free, Google would direct users to their sites through search, adding that an expectation is not an agreement. The court said it does not lack sympathy for the situation of publishers and online creators whose content is being repurposed by Google without payment, but that addressing the economic losses brought about by technological innovation is the prerogative of the legislature, and antitrust law does not take its place.
CHGG · Regulation · Negative Court dismissed Chegg's antitrust suit against Google over AI Overviews using its content, leaving its traffic/revenue loss claim without legal remedy.
GOOG · Regulation · Positive Federal court dismissed the antitrust lawsuit over Google's AI Overviews, removing a legal challenge to its AI summary feature and content use.
Penske Media Corporation · Regulation · Negative Penske Media's antitrust suit against Google over unpaid use of its content in AI summaries was dismissed by the court.
Carnival Fair Value Trimmed to US$33.89 as Fuel Costs Divide Analysts
Carnival's updated valuation model now anchors on a Fair Value estimate of US$33.89, a modest trim from the prior US$34.83 price target level. The revision reflects a research backdrop in which analysts cluster between roughly US$28 and US$42, with some firms trimming targets on fuel and yield concerns while others still see room for value creation. On the bullish side, Freedom Broker raised its target to US$36, citing stronger cost control and improving 2027 bookings after Q3 results, while Susquehanna, Mizuho and Morgan Stanley pointed to healthy FY27 and FY28 bookings and better than feared results and guidance. Argus and Goldman Sachs both maintain Buy ratings with targets at US$30, citing robust cruise demand, continued debt reduction and low trading multiples. On the bearish side, price target cuts across BofA, JPMorgan, Deutsche Bank, TD Cowen, Stifel, Barclays and others flag higher fuel costs as a key pressure point, especially given Carnival's unhedged fuel exposure, along with softer yield expectations, Caribbean and European pricing pressure, potential risks from Royal Caribbean's joint venture with Sandals Resorts, and the possibility that Carnival's 2027 outlook sits below current market expectations. The updated model also lowered the revenue growth assumption from 3.83% to 3.47%, revised the net profit margin expectation from 13.07% to 13.01%, cut the future P/E multiple from 18.27x to 16.48x, and moved the discount rate from 10.48% to 10.22%.
CCL · Capital · Neutral Analysts trimmed Carnival's fair value to US$33.89 on fuel and yield concerns, while others raised targets on cost control and bookings, leaving the valuation picture mixed.
Norwegian Cruise Line Unit Launches $750 Million Senior Notes Offering Due 2031
Norwegian Cruise Line Holdings' NCL Corporation unit has launched a proposed private offering of US$750 million in senior notes due 2031, aimed at reshaping the group's debt stack. The planned issue targets higher coupon 6.125% notes maturing in 2028, revolving credit borrowings, and export credit backed facilities. Norwegian Cruise Line Holdings shares change hands at US$14.64, with a 7 day share price return of 3.17%, a year to date share price return down 35.73%, and a 1 year total shareholder return down 40.42%. The most followed narrative frames the stock as 29% undervalued, with a fair value of $20.68 against the last close at $14.64, while the Simply Wall St DCF model estimates a future cash flow value of $4.04, implying overvaluation.
NCLH · Capital · Neutral NCL Corporation launched a $750M senior notes offering due 2031 to refinance higher-coupon 2028 notes and credit facilities, a debt-stack reshaping event.
Norwegian Cruise Line Expects Q3 Beat, Record 2027 Bookings, US$750 Million Notes Offering
Norwegian Cruise Line Holdings Ltd. said in late September 2026 that it expects third-quarter results to exceed prior guidance, reaffirmed its full-year 2026 outlook, and reported record booked occupancy and pricing for 2027 alongside strong 2028 bookings. The company is supporting that outlook with a planned US$750 million senior notes offering due 2031, whose proceeds it intends to use to redeem its 6.125% notes due 2028 and pay down revolving and export credit facilities. The combination of better-than-expected revenue trends, record forward bookings and active balance sheet management points to a business focused on improving both earnings quality and financial resilience, though high interest costs and leverage remain the biggest risk. Norwegian's narrative projects $11.6 billion in revenue and $895.5 million in earnings by 2029, requiring 4.5% yearly revenue growth and a roughly $134.7 million earnings increase from $760.8 million today. More optimistic analysts assume revenue of about US$12.1 billion and earnings of US$1.1 billion by 2029, weighting balance sheet repair and future yield improvement more heavily than the baseline case.
NCLH · Capital · Positive Expects Q3 results to exceed guidance, reaffirms full-year 2026 outlook, and plans a $750M notes offering to redeem 2028 notes and pay down credit facilities.
NCLH · Demand · Positive Reported record booked occupancy and pricing for 2027 alongside strong 2028 bookings.
Carnival Files Omnibus Shelf Registration for New Securities
Carnival has filed an omnibus shelf registration statement with US regulators covering multiple types of securities. The filing allows the cruise operator to issue common and preferred stock, debt securities, warrants, purchase contracts and units as needed, giving it the option to raise funding quickly for purposes such as future refinancing, investments or balance sheet moves. The shelf registration directly supports the fleet-modernisation and private-destination push that underpins Carnival's narrative, letting management issue equity, debt or hybrid securities to fund projects like new fuel-efficient ships or destination upgrades without waiting on a new prospectus. The trade-off is that the ability to issue more shares or debt sits uncomfortably next to a thesis that already flags high leverage and dividend risk, even after a US$1.2b buyback, leaving investors to weigh faster spending on destinations, technology and sustainability against potential dilution or a slower path to a cleaner balance sheet. Carnival, which operates large cruise ships in the leisure travel and hospitality sector, has a market value of about $33.0 billion.
CCL · Capital · Neutral Carnival filed an omnibus shelf registration enabling it to issue equity, debt, warrants and other securities for refinancing, investments or balance-sheet moves, a financing event that could fund growth but also risks dilution given high leverage.
McDonald's Launches Media Network, Selling Ads on Drive-Thru Screens
McDonald's said on September 23 that it will build its own advertising business, selling space on the digital screens customers already stand and sit in front of. A pilot began last month across 450 company-owned restaurants, running third-party ads on digital drive-thru order boards, with the plan extending to the app and to self-order kiosks. The company is aiming at a business worth $1 billion, a target rather than a result, since the pilot covers 450 restaurants out of a global system running into the tens of thousands and no revenue figure has been attached to it yet. That $1 billion ambition is small relative to the size of the business, whose annual revenue runs near $27.7 billion with $8.79 billion of net income behind it, and the company also said on September 30 that it is spending $8.5 billion modernizing its restaurants, including an AI ordering assistant called Archy built with Google. McDonald's closed at $230.94 on September 30, down about 23% over twelve months, and the article notes that an advertising line does not address the traffic and pricing power the share price is questioning.
MCD · Capital · Neutral McDonald's is launching an ad network targeting $1B, but it is only a 450-restaurant pilot with no revenue yet and doesn't address the traffic and pricing-power concerns weighing on the stock.
MAGURO opens Thailand's first AGE.3, building a dessert brand for the Accessible Premium market
MAGURO Group Public Company Limited, or MAGURO, officially launched the first Thailand branch of its Japanese dessert brand AGE.3 on 1 October 2026 at Central Park, G floor. Chief Executive Officer Jakkrit Saisomboon said this marks a concrete starting point for the company's push into the dessert and snack market, an important step in expanding its business portfolio from restaurants into the Snack & Dessert segment and the Accessible Premium group, which offers more frequent consumption occasions and reaches a broader customer base. The branch offers more than 30 menu items spanning savoury, sweet, ice cream and drinks, including Whipped Cream at 89 baht, Egg Salad at 115 baht, Potato Salad at 115 baht, Honey Cheesecake Cream at 119 baht and Blueberry at 135 baht, with many items priced lower than buying them in Japan. There is also a Bangkok Exclusive item, Pad Kra Pao, combining a chicken-and-pork hamburger patty, onsen egg, lettuce, holy basil sauce and red chilli. AGE.3's highlight is its technique of frying Shokupan bread with a special recipe that precisely controls temperature and time, paired with a deeply chilled whipped cream filling that uses Lakanto, a natural sweetener, to replace sugar entirely in a No Sugar Added formula that answers the Healthy Lifestyle trend. The brand has previously reached peak sales of 3,000 pieces per day from long queues, and is recognised as a pioneer of the Redefining the Fried Sandwich concept.
MAGURO.BK · Demand · Positive MAGURO launched its first Thailand AGE.3 dessert branch, expanding its portfolio into the Snack & Dessert segment with 30+ menu items to reach a broader customer base.
Age.3 · Demand · Positive AGE.3 opened its first Thailand branch at Central Park, extending the brand's reach and offering its fried Shokupan sandwiches to Thai customers.
HelloFresh Fair Value Cut to €4.30 as Analysts Trim Targets on Weaker Guidance
HelloFresh's modelled fair value has been cut to €4.30 from €5.19, a reduction of around 17%, after a round of analyst target revisions narrowed price targets to a range of €2.30 to €3.50. Kepler Cheuvreux upgraded HelloFresh to Hold from Reduce with a €2.30 target, while Deutsche Bank maintained a Hold rating alongside its revised €3.50 target. On the bearish side, Morgan Stanley reiterated an Underweight rating while trimming its target to €3.50, Barclays moved HelloFresh to Underweight and cut its target to €3.10, and JPMorgan maintained a Neutral rating but cut its target to €2.70 from €3.30. The updated valuation assumptions also lowered revenue growth to 0.53% from 2.73% and net profit margin to 0.37% from 0.83%, while the future P/E moved to 26.4x from 12.0x and the discount rate rose to 7.91% from 5.67%.
HFG.XETRA · Capital · Negative Analysts cut HelloFresh fair value to €4.30 and trimmed price targets on weaker guidance, with several downgrades to Underweight.
McDonald's Japan Halts Burger Sales at All 91 Hokkaido Locations
McDonald's Japan announced on the 1st that it is suspending sales of some hamburgers at all 91 of its locations in Hokkaido through the 2nd, after some beef patties delivered to stores in the prefecture were found possibly failing to meet the company's quality standards. The affected items include 10 varieties such as the Cheeseburger, Big Mac, and Tsukimi Burger. The company is working to secure alternative inventory and expects to resume sales on the 3rd.
McDonald's Japan Halts Burger Sales at All 91 Hokkaido Locations
McDonald's Japan announced on the 1st that it is suspending sales of some burgers at all 91 of its locations in Hokkaido through the 2nd, after some beef patties delivered to stores in the prefecture were found possibly failing to meet the company's quality standards. The affected items include 10 varieties such as the Cheeseburger, Big Mac, and Tsukimi Burger. The company is working to secure alternative inventory and expects to resume sales on the 3rd.
Chase and IHG Launch Premier Select Card, Refresh Four-Card Portfolio
Chase and IHG Hotels & Resorts announced a new IHG One Rewards Premier Select Credit Card alongside enhanced benefits across the rest of the IHG One Rewards card portfolio. The new Premier Select card carries a $350 annual fee and offers more than $1,000 in value in the first year, including up to $300 in annual Food & Beverage Rewards, a $200 annual airline statement credit, up to $50 United TravelBank Cash, an Anniversary Free Night with a 60,000-point redemption cap, up to 28X total points on IHG stays, automatic Platinum Elite status and 20 Elite Night Credits each calendar year. The three updated cards are the IHG One Rewards Premier Credit Card at a $150 annual fee with over $700 in first-year value, the no-annual-fee IHG One Rewards Credit Card formerly known as the Traveler Card, and the IHG One Rewards Business Credit Card at a $200 annual fee with over $750 in first-year value. Existing cardmembers will be notified in October about the new and enhanced benefits and each update's effective date, with annual fees adjusted in 2027. Through November 18th, limited-time launch offers let new Premier Select cardmembers earn 200,000 bonus points after spending $5,000 in the first 3 months, while the Premier, Credit Card and Business versions offer 180,000, 125,000 and 190,000 bonus points respectively.
IHG · Demand · Positive IHG launches a new co-branded Premier Select card and refreshes its whole IHG One Rewards card portfolio, expanding loyalty-card offerings tied to its hotels.
JPM · Demand · Positive JPMorgan's Chase launches a new IHG co-branded credit card and refreshes its four-card portfolio, expanding its card product lineup and customer acquisition offers.
Trip.com Group Slips to Loss on 5.2 Billion Yuan Fine; BOCI Expects Profit Recovery in 2027
Trip.com Group, ordered by China's State Administration for Market Regulation to pay a 5.2 billion yuan fine for violating antitrust law, fell to a loss of 245.8 million yuan in its April-June 2026 quarter. Excluding one-off items such as the fine, non-GAAP operating profit and net profit fell 6.5 percent and 4.3 percent year on year, roughly in line with BOCI's expectations. SAMR and the Ministry of Culture and Tourism summoned major online travel companies including Trip.com Group on September 15, urging them to curb risks arising from exclusive partnership agreements and lowest-price guarantees, which BOCI called a strong signal that OTA companies will be forced to further improve business practices. The overseas platform Trip.com maintained gross merchandise volume growth of more than 50 percent year on year in the April-June quarter, but BOCI noted that short-term profit pressure may intensify in the second half. Assuming stable crude oil prices and cost savings from AI adoption, BOCI expects profit growth to recover in 2027 and also anticipates that the company's share buyback plan will continue, maintaining a bullish outlook on the stock.
MAGURO opens Age.3, its first Japanese fried sandwich branch in Thailand, at Central Park
MAGURO Group Public Company Limited, or MAGURO, has launched Age.3, a fried sandwich brand from the Ginza district of Japan, with its first branch in Thailand at Central Park, G floor, starting from 1 October 2026. Chief Executive Officer Jakkrit Saisomboon said this marks a concrete starting point for the company's push into the dessert and snack market. Age.3 once reached peak sales of 3,000 pieces per day in Japan, using a special Shokupan bread frying technique with controlled temperature and timing to achieve a thin, crispy texture throughout each piece without being oily, combined with fillings of ice-cold whipped cream that uses Lakanto, a natural sweetener, to replace sugar entirely. The Thai branch will offer more than 30 menu items covering breakfast, main meals, snacks and desserts, such as Whipped Cream at 89 baht, Egg Salad at 115 baht, Potato Salad at 115 baht, Honey Cheesecake Cream at 119 baht and Blueberry at 135 baht, with many items priced lower than in Japan. It also features a Bangkok Exclusive item, Pad Kra Pao, combining a chicken-and-pork hamburger steak, onsen egg, lettuce, basil sauce and red chili. The opening of this branch is an important step for MAGURO GROUP in expanding its portfolio from restaurants into the Snack & Dessert market and the Accessible Premium segment, with a compact store model focused on takeaway and daytime dining.
MAGURO.BK · Demand · Positive MAGURO launches Age.3 fried sandwich brand in Thailand, expanding its portfolio into the Snack & Dessert market with a new store and menu.
Age.3 · Demand · Positive Age.3, the Japanese fried sandwich brand, opens its first Thailand branch via MAGURO, extending its product reach to Thai customers.
MAGURO opens first AGE.3 store in Thailand, entering the dessert market
Maguro Group Public Company Limited, or MAGURO, has announced the opening of its first AGE.3 store in Thailand at Central Park, G floor, starting from 1 October 2026. Chief Executive Officer Jakkrit Saisomboon said this marks an expansion of the business portfolio into the dessert and snack market. AGE.3 is a Japanese snack brand known for its Fried Sandwich menu, which once reached sales of as many as 3,000 pieces per day. The Thai branch offers more than 30 menu items covering snacks, desserts, ice cream, and beverages, along with a No Sugar Added whipped cream recipe that uses Lakanto, a natural sweetener, instead of sugar. The company has also developed a Bangkok Exclusive menu such as a Fried Sandwich filled with Pad Kra Pao. Many items in Thailand are priced lower than in Japan, such as Egg Salad and Potato Salad at 115 baht, Honey Cheesecake Cream at 119 baht, and Blueberry at 135 baht. The opening of AGE.3 is part of MAGURO GROUP's strategy to expand from restaurants into the Snack & Dessert market and Accessible Premium, using a compact store model focused on Grab & Go and daytime eating.
Trip.com reports China-Phuket flight bookings surge 78% ahead of Golden Week 2026
Kasikorn Securities revealed that Trip.com Group indicated Chinese tourists during Golden Week 2026 are tending to travel earlier and stay longer, with flight bookings to Phuket rising 78% year on year, while Chiang Mai is gaining popularity among Gen Z, in line with the recovery of travel in Asia. In addition, bookings for accommodation of seven nights or more rose 123% year on year, reflecting both an increase in the number of trips and in their duration. The research team views this as positive momentum for the tourism sector, namely AOT, AAV, BA, CENTEL and ERW, given the recovery opportunity for Chinese tourists and tourism activity during Golden Week. However, the flood situation still needs to be monitored closely.
9961.HK · Demand · Positive Trip.com reported China-Phuket flight bookings up 78% YoY and 7+ night accommodation bookings up 123% ahead of Golden Week 2026, signaling strong end-customer travel demand.
AAV.BK · Demand · Positive Chinese Golden Week flight bookings to Phuket up 78% and longer stays signal stronger travel demand benefiting AAV's airline operations.
AOT.BK · Demand · Positive Surge in China-Phuket flight bookings and longer trips point to higher passenger traffic through AOT's airports.
BA.BK · Demand · Positive Rising Chinese tourist bookings to Phuket and Chiang Mai support demand for Bangkok Airways' routes.
CENTEL.BK · Demand · Positive 123% jump in 7-night-plus accommodation bookings reflects stronger hotel demand for CENTEL during Golden Week.
MAGURO GROUP opens first Age.3 branch in Thailand at Central Park
MAGURO GROUP Public Company Limited, or MAGURO GROUP, has officially opened its first Age.3 branch in Thailand on 1 October 2026 at Central Park, G floor. Age.3 is a specialty fried sandwich shop from the Ginza district of Tokyo, Japan. This marks an important step building on the brand licence secured in the middle of last year. Mr. Jakkrit Saisomboon, Chief Executive Officer, said this first branch opening is a concrete starting point for the company's push into the dessert and snack market, bringing the Fried Sandwich experience that once created long queues in Ginza and adapting it to the behaviour and purchasing power of Thai consumers, with accessible prices and Guilt-Free menus using No Sugar Added whipped cream that uses Lakanto, a natural sweetener, to replace sugar 100%. The image of Age.3 in Japan is queues of customers waiting for hours, and it once reached sales of as many as 3,000 pieces per day. For the Thai branch, more than 30 menu items are prepared, covering all times of day, from Whipped Cream at 89 baht, Egg Salad at 115 baht, Potato Salad at 115 baht, Honey Cheesecake Cream at 119 baht, to Blueberry at 135 baht, with many items priced lower than buying them in Japan. There is also a Bangkok Exclusive menu item, Pad Kra Pao, which mixes chicken and pork hamburger, onsen egg, lettuce, basil sauce, and red chilli. This opening of Age.3 is considered an important step for MAGURO GROUP in expanding its business portfolio from restaurants into the Snack & Dessert market and the Accessible Premium segment, with a compact store model focused on takeaway and eating during the day.
MAGURO.BK · Demand · Positive MAGURO GROUP opened its first Age.3 fried sandwich branch in Thailand, expanding into the Snack & Dessert market with a new store and menu.
Age.3 · Demand · Positive Age.3's first Thai branch opened at Central Park, extending the brand's reach and customer base beyond Japan.
Sweetgreen Rises 1.49% as Analysts Project Wider Quarterly Loss
Sweetgreen, Inc. shares closed up 1.49% at $8.87, outpacing a session in which the S&P 500 fell 0.25%, the Dow lost 0.86% and the Nasdaq gained 0.24%. Ahead of the company's upcoming financial release, the Zacks Consensus Estimate projects a quarterly loss of $0.28 per share, a 3.7% decline from the year-ago quarter, on net sales of $168.56 million, down 2.22% year over year. For the full fiscal year, consensus estimates call for earnings of $0.34 per share and revenue of $682.69 million, representing changes of +129.82% and +0.47% respectively from the prior year. Over the past month the consensus EPS estimate has moved 0.58% higher, though Sweetgreen currently carries a Zacks Rank of #4 (Sell). The stock trades at a forward P/E of 25.9 versus an industry average of 20.7, and a PEG ratio of 2.02 versus an industry average of 1.76.
Travel + Leisure to pay $975K SEC penalty over misleading loan disclosures
Travel + Leisure agreed to a $975K settlement with the U.S. Securities and Exchange Commission over allegations that the timeshare company misled investors about two undisclosed projects affecting certain performance measures. According to the SEC complaint filed in a Florida U.S. District Court, between October 2019 and February 2021 the company removed delinquent or in-default loans from its timeshare loan portfolio through the right of rescission rule. The 2,900 loans removed from the portfolio totaled roughly $77M in loan balances, including about $34M of defaulted loans, and were reversed in its accounting system as if the loans never existed, which the SEC says materially improved its publicly disclosed loan loss provision and loan loss provision percentage. The complaint also alleges the company set internal targets for the number of delinquent and defaulted loans it needed to rescind to meet its publicly disclosed guidance for the loan loss provision percentage, presenting a materially misleading picture of the performance of its loan portfolio. Travel + Leisure agreed to the $975K civil penalty without admitting any wrongdoing, and the company has not yet responded to Seeking Alpha's request for comment.
KGI maintains Buy on MAGURO with 25 baht target, expects 2027 profit to reach 195 million baht
KGI Securities (Thailand) has maintained its Buy rating on Maguro Group, or MAGURO, with a target price of 25.00 baht based on a 2027 forecast PER of 16 times. It noted that MAGURO's revenue in the first half of 2026 rose 32%, above the company's own target of 30% and the analyst house's estimate of 28%. The company aims to open a total of 21 new branches in 2026, up from its earlier target of 15 to 20, with 16 of the new branches scheduled to open in the second half of 2026. It also plans to expand to 14 brands, including Kaiten Sushi Ginza Onodera, which opened in July 2026, Lai, a premium spicy Isan restaurant that opened in September 2026, and A ge.3, a stuffed fried sandwich brand set to open in October 2026. Net profit in the first half of 2026 came in at 74 million baht, up 14% year on year and equal to 44.5% of the 2026 forecast net profit of 165 million baht, which represents growth of 12%. Net profit in the third quarter of 2026 is expected to grow both year on year and quarter on quarter before hitting a new record high in the fourth quarter of 2026. For 2027, the company plans to open another 20 branches, focusing on higher-margin brands such as Maguro Kappou and Hitori Shabu, which are expected to help lift 2027 profit to 195 million baht, or 18% year-on-year growth. MAGURO is expected to maintain average annual profit growth of 18% over 2026 to 2028.
MAGURO.BK · Capital · Positive KGI maintains Buy with 25 baht target; H1 2026 revenue rose 32% and net profit 74 million baht, with 2027 profit forecast at 195 million baht.
MAGURO.BK · Demand · Positive MAGURO plans 21 new branches in 2026 and 20 more in 2027, expanding to 14 brands including Kaiten Sushi Ginza Onodera, Lai, and A ge.3.
KGI.BK · Capital · Positive KGI maintains Buy on MAGURO with a 25 baht target price, a positive analyst valuation call for the brokerage's research stance.
Carnival Beats Fuel Fears With Strong Q3, Raises FY26 Net Yield Guidance
Carnival Corp. outperformed on most metrics in its fiscal third quarter, defying Wall Street expectations that fuel costs and Middle East conflict would weigh heavily on results. Analysts at Morgan Stanley, Jefferies and Citi Research all highlighted the operational beat, with Morgan Stanley's Jamie Rollo maintaining an Overweight rating and raising his price target 5% to $32.50. Carnival's revised guidance incorporates more than $150M of operational improvement, overcoming a $150M hit from higher fuel prices, and the company raised its FY26 net yield guidance to +3.8% year-over-year from +3.2% prior. Carnival also plans to increase its European deployment to 34% in 2027 from 31% prior, and expects to cut fuel consumption by 13% from FY23 and 26% from FY19. Jefferies' David Katz said Q4 guidance will likely prove conservative given Carnival has beaten net yield, NCC ex fuel, adjusted EBITDA and adjusted EPS expectations in each of the past seven quarters.
CCL · Capital · Positive Carnival beat Q3 expectations, raised FY26 net yield guidance to +3.8%, and Morgan Stanley raised its price target 5% to $32.50.
McDonald's Bets $8.5 Billion on Archy AI for Drive-Thrus
McDonald's is spending $8.5 billion through 2036 to modernize its restaurants, including a new AI drive-thru ordering system called Archy. Archy is part of a larger system called ArchIQ, which McDonald's developed with Google starting in 2023 and which is expected to see a broader U.S. rollout in 2027. The company says Archy is already taking real drive-thru orders in English and Spanish and getting them right more than 90% of the time, after an earlier drive-thru experiment with IBM called Automated Order Taker was ended in 2024 following tests at more than 100 restaurants. The investment is part of a broader strategy called McDonald's > NEXT, and CEO Chris Kempczinski has said McDonald's expects inflation and relatively flat restaurant traffic to remain part of the picture. McDonald's shares fell about 6% in afternoon trading after the strategy was announced.
MCD · Capital · Neutral McDonald's announced an $8.5 billion modernization spend through 2036 including the Archy AI drive-thru system, with shares falling about 6%.
GOOG · Demand · Positive McDonald's developed its ArchIQ/Archy AI drive-thru system with Google, a concrete product partnership for Alphabet.
IBM · Competition · Negative McDonald's ended its IBM Automated Order Taker drive-thru experiment in 2024, replacing IBM with Google's AI.
McDonald's Beverage Platform Expands to Four Markets After Strong Early Results
McDonald's new beverage platform, launched in May 2026, has delivered early results that met or exceeded management's expectations across the United States, Canada and Germany, with Australia joining the rollout in mid-July. More than half of the traffic tied to the platform arrives after lunch, and management said average checks on these beverage transactions run roughly 50% above the company's full-day average. Germany, which introduced the full lineup of cold coffee, crafted sodas, refreshers and energy beverages, has already generated meaningful incremental contributions to comparable guest counts, sales and restaurant-level cash flow. Management said U.S. beverage sales are ahead of plan and described beverages as a baseline growth platform capable of delivering multiple years of opportunity, with plans to extend it into additional markets. With more than 45,000 restaurants across over 100 countries, McDonald's has the scale to broaden successful beverage concepts rapidly. Separately, Starbucks is expanding its Refreshers platform, which delivered double-digit U.S. revenue growth in the third quarter of fiscal 2026, while Chipotle is developing new beverage concepts and expects some broader menu innovations to reach restaurants in the second half of 2026 and into 2027.
MCD · Demand · Positive McDonald's beverage platform met or exceeded expectations, driving incremental guest counts, sales and cash flow across four markets.
SBUX · Demand · Positive Starbucks is mentioned as expanding its Refreshers platform, which delivered double-digit U.S. revenue growth.
Royal Caribbean Hedges 58% of 2026 Fuel Needs Against $1.34 Billion Expense Outlook
Royal Caribbean Cruises has hedged 58% of its remaining 2026 fuel consumption at significantly below-market rates as it manages an approximately $1.34 billion fuel expense outlook for the year. The coverage offers partial protection against fuel-price increases, though second-quarter fuel expense still rose to $355 million from $279 million a year earlier on higher rates per metric ton, and the company said a 10% change in fuel prices could affect expenses by approximately $26 million over the remainder of 2026. Excluding fuel, Royal Caribbean expects 2026 net cruise costs per available passenger cruise day to remain approximately flat on a constant-currency basis, while including fuel, unit cruise costs are expected to rise approximately 1.4% on the same basis. The company added fuel hedges for 2027 when prices eased in June, with coverage as of June 30 reaching 49% of projected 2027 fuel purchases, 29% for 2028 and 14% for 2029. Among peers, Carnival Corporation expects full-year fuel expense of approximately $2.25 billion including emission allowances and reported a nearly 4% year-over-year decline in third-quarter fiscal 2026 fuel consumption, while Norwegian Cruise Line Holdings had hedged approximately 52% of projected 2026 fuel consumption and 38% for 2027 as of June 30, 2026, with second-quarter fuel expense of $219 million.
DoorDash Launches DashOS to Unify Restaurant Customer Data
DoorDash introduced DashOS, a single platform that connects its products across Marketplace, direct ordering, reservations, loyalty, guest management and marketing so restaurants can turn disconnected customer interactions into one relationship. The company said early tests of AI-powered personalized recommendations increased total reservations by more than 15%, while SevenRooms marketing tools, now using blinded, aggregated DoorDash Marketplace insights, have helped restaurants generate more than $150 million in sales this year. DoorDash said consumers enrolled through its omnichannel loyalty program order 1.8 times as often and spend about 1.75 times as much per consumer compared with those who have not opted in, and that SevenRooms Voice AI has helped restaurants generate, on average, more than $10,000 in monthly revenue. DoorDash is deepening integrations with POS and middleware providers including Clover from Fiserv, Qu, Checkmate, Chowly, Deliverect, Stream and Urban Piper, and beginning in 2027 plans to give 80,000+ restaurants on those systems more ways to use SevenRooms guest profiles and Online Ordering, In-Store Rewards and Omnichannel Loyalty. Parisa Sadrzadeh, VP of Strategy and Operations at DoorDash, said the platform gives restaurants a direct line to customers for the first time, and Marco Montevago, Manager at Italian Brothers Restaurant, said DashOS helps the restaurant better understand its guests without adding another system to manage.
DASH · Technology · Positive DoorDash launched DashOS, a new platform unifying restaurant customer data across its products, with early AI personalization tests lifting reservations over 15%.
FISV · Demand · Positive DoorDash is deepening integrations with POS providers including Clover from Fiserv, expanding use of its systems by restaurants.
DoorDash Adds Macy's, Anthropologie, VF Brands to Retail Marketplace
DoorDash is expanding its retail Marketplace with new partnerships across apparel, beauty, and home, adding Macy's, Anthropologie, The North Face, Vans, and Timberland to the platform. Macy's apparel, beauty, and home assortment is available starting this month with delivery from more than 350 stores nationwide, while Anthropologie's assortment spans more than 220 stores and the VF Corporation brands The North Face, Vans, and Timberland together cover more than 350 stores nationwide. DoorDash is also launching a new return offering that lets customers send items back without a box or label, with the money returned to their pocket. Chief Revenue Officer Shanna Prevé said the expansion delivers on the idea of the mall in your pocket, with Macy's or Anthropologie available in as little as an hour. The Macy's partnership extends a relationship dating back to 2020, when DoorDash began powering Macy's first-party delivery through Drive On-Demand, and DoorDash will join Macy's for the first time in the milestone 100th Macy's Thanksgiving Day Parade with a new float, Dashing All the Way by DoorDash.
DASH · Demand · Positive DoorDash expands its retail Marketplace with new merchant partnerships (Macy's, Anthropologie, VF brands) and a new returns offering, adding product selection and orders to its platform.
M · Demand · Positive Macy's apparel, beauty, and home assortment joins DoorDash Marketplace with delivery from 350+ stores, extending its 2020 delivery relationship and adding a new sales channel.
URBN · Demand · Positive Anthropologie, Urban Outfitters' brand, is added to DoorDash Marketplace with assortment from 220+ stores, giving it a new delivery sales channel.
VFC · Demand · Positive VF Corporation's The North Face, Vans, and Timberland brands join DoorDash Marketplace across 350+ stores, adding a new retail distribution channel.
DoorDash Launches DashBuddy AI Assistant and New In-App Tools for Dashers
DoorDash announced new AI tools designed to help Dashers get started and get more from every dash. The centerpiece is DashBuddy, an AI-powered assistant that answers Dashers' questions by text message over SMS without requiring a call to support, and it is live across the U.S. and Canada today. More than 200,000 Dashers have already used DashBuddy, which has resolved around 95% of questions from Dashers signing up or preparing for their first dash, and DoorDash says Dashers who talk to DashBuddy before their first dash are more likely to complete one within just three days following their chat. DoorDash is also testing a Voice Mode so Dashers can have a call with DashBuddy instead of texting. Separately, the company is rolling out new AI-powered tools directly in the Dasher app across the U.S., letting Dashers ask in their own words when and where to dash and receive personalized recommendations.
DoorDash Air Unveils Drone Delivery System, Pilot to Start in Northern California
DoorDash unveiled its purpose-built autonomous aircraft powered by DoorDash Air and outlined plans for an end-to-end drone delivery system designed to scale for all local businesses. Pilot drone deliveries will begin in Northern California in partnership with national restaurant brands including Chipotle Mexican Grill and Popeyes Louisiana Kitchen, along with local restaurant Momo N Curry. DoorDash said about 80% of today's typical restaurant orders are light and small enough for the aircraft to carry safely, and that initial tests showed delivery times from restaurant to consumer's door averaging under five minutes. The system runs on DoorDash's Autonomous Delivery Platform, the same platform coordinating Dashers, the Dot ground robot, and third-party autonomous delivery partners, and the company said it has already completed hundreds of thousands of lifetime autonomous deliveries. Harrison Shih, Head of DoorDash Air, said the team started with how local businesses actually operate rather than with the aircraft, building ground infrastructure, loading systems, packaging, and order data first.
DASH · Technology · Positive DoorDash unveiled its purpose-built autonomous aircraft and end-to-end drone delivery system, with pilot deliveries starting in Northern California.
CMG · Demand · Positive Chipotle is named as a national restaurant brand partner in DoorDash Air's pilot drone delivery program, a new delivery channel for its orders.
QSR · Demand · Positive Popeyes Louisiana Kitchen, owned by Restaurant Brands International, is named as a national restaurant brand partner in the DoorDash Air drone delivery pilot.
Momo N Curry · Demand · Positive Momo N Curry is named as a local restaurant partner participating in the DoorDash Air drone delivery pilot.
DoorDash Unveils Text Ordering, Drone Delivery and DashOS at Dash Forward 2026
DoorDash announced a slate of new products at its Dash Forward 2026 event, including text-based ordering, a custom drone delivery system called DoorDash Air, a restaurant growth platform called DashOS, and new AI tools for its delivery workers. U.S. consumers on iOS can join a waitlist starting today to try ordering by text in beta, an extension of the company's in-app Ask DoorDash assistant. DoorDash Air will pilot first in Northern California with partners including Chipotle and Popeyes, and the company says about 80% of today's typical DoorDash restaurant orders are light and small enough for the aircraft to carry safely, with initial tests showing delivery times from restaurant to customer door averaging under 5 minutes. The company is also bringing brands including Macy's, Anthropologie, The North Face, Vans and Timberland to its marketplace, and said Dasher Returns, which charges consumers a flat $7.99 fee per eligible return, is live in select cities and expected to roll out nationwide in November. DashOS connects DoorDash's tools across Marketplace, direct ordering, reservations, loyalty, guest management and marketing, while the new DashBuddy assistant has already been used by over 200,000 Dashers and has resolved about 95% of questions from Dashers signing up or preparing for their first dash. DoorDash also introduced a connector for corporate ordering built on the Model Context Protocol, with companies able to join the beta waitlist starting September 30.
DASH · Technology · Positive DoorDash unveiled new products including text ordering, DoorDash Air drone delivery, DashOS, and AI tools for Dashers.
DASH · Demand · Positive DoorDash is adding brands like Macy's, Anthropologie, The North Face, Vans and Timberland to its marketplace, expanding merchant selection.
Starbucks Board Approves Closing About 1% of North America Coffeehouses
Starbucks' board approved further steps under the Back to Starbucks plan, including closing about 1% of its North America coffeehouses and recording roughly $300 million in related restructuring charges. The plan also includes Green Apron Service, standardized store scorecards, and a $2 billion cost-savings program through fiscal 2028, and is expected to keep affecting operating margins and earnings as savings and process changes flow through. The company's shares are down about 10.2% on a 30 day share price return and 8.5% on a 90 day share price return, though the year to date share price return is 13.7% and the 1 year total shareholder return is 16.0%. The most followed narrative pegs Starbucks fair value at about $112 per share against a recent $95.43 close, while the stock trades on a P/E of 54.9x, above the US Hospitality industry at 19.1x and a fair ratio of 33.1x.
SBUX · Capital · Negative Board approved closing ~1% of North America coffeehouses with ~$300M restructuring charges and a $2B cost-savings program expected to pressure operating margins and earnings.
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