Yum! Posts Better-Than-Expected Sales: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include Yum! Brands (YUM) after the company reported first-quarter same-store sales that fell 20% in China, better than predictions of a 25% drop.
Yum's better-than-expected sales come as the company tries to redeem itself after it was found that former chicken supplier Liuhe Group supplied chicken loaded with antibiotics. Yum! has worked to improve its reputation by pledging to impose stricter requirements on its suppliers and boosting its advertising efforts. The company also said it eliminated more than 1,000 small producers from its list of suppliers.
The company, which owns brands like KFC, Pizza Hut and Taco Bell, saw 51% of its revenue in 2012 come from China. Yum! is the biggest Western fast-food operator in China, with 5,300 restaurants in the country.
Yum! plans to open 700 new restaurants in 2013 alone.
Hewlett-Packard (HPQ) is trending as the U.K. Serious Fraud Office launches an investigation into Autonomy, which HP acquired in 2011. The investigation comes on top of a probe on behalf of the U.S. Justice Department into Autonomy, which Hewlett-Packard accused last year of misrepresenting results before selling the company for $10.3 billion. HP alleges that about $200 million of Autonomy's revenue was improperly represented. HP later booked an $8.8 billion write-down pertaining to the buyout in 2012.
PokerStars is another popular search. Rational Group, parent company of online poker Web site PokerStars, seeks to purchase the Atlantic Club Casino Hotel in Atlantic City, N.J. The company is facing opposition to the purchase from the American Gaming Association, which is urging state regulators to reject the bid. According to the AGA, the bid would result in the "integrity of the gaming industry [being] gravely compromised," calling PokerStars a "business built on deceit, chicanery and the systematic flouting of U.S. law." The AGA claims the Web site has criminal ties.
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