Cheesecake Factory jumps after activist calls for split
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 22 October 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Tuesday, October 22nd. I'm Julie Morgan. Cheesecake Factory pops ahead of market open. |
| 0:16.3 | Eli Lilly is suing a few companies and the Biden administration pushes for free |
| 0:22.1 | OTC contraception. |
| 0:25.1 | Cheesecake Factory is up nearly 5% pre-market on a report |
| 0:29.2 | that an activist investor has taken a stake |
| 0:31.9 | and is pushing for the company to spin off three of its |
| 0:34.5 | smaller brands into a separate company. JCP Investment Management which is |
| 0:39.7 | focused on the restaurant space has accumulated a 2% steak in Cheesecake Factory. |
| 0:45.2 | According to a Wall Street Journal report on Monday, which cited people familiar with the matter, |
| 0:50.4 | JCP first disclosed its steak in a regulatory filing in August. |
| 0:55.0 | The Houston-based company has privately told Cheesecake Factory that its three smaller brands, |
| 1:01.0 | North Italia, Flower Child, and Culinary Dropout, would be better off as a separate company |
| 1:06.6 | and that it would be willing to put money into the spun-off entity to help with its growth. |
| 1:11.5 | JCP also wants the company to start a strategic review to sell off some other smaller |
| 1:16.9 | concepts, according to the report. |
| 1:19.4 | A Cheesecake Factory spokesperson told the Wall Street Journal that they regularly engage with shareholders and consider their perspectives. |
| 1:27.0 | Cheesecake Factory is set to report Q3 results one week from today. |
| 1:33.0 | Eli Lilly has filed lawsuits against three companies for continuing to sell compounded versions of Tierzepetide. |
| 1:41.0 | The active ingredient in its weight loss in type 2 diabetes medication, |
| 1:45.4 | Zepbound and Munjaro. Compounded versions of drugs that still have patent |
| 1:50.4 | protection are permitted if that medication is in shortage. |
... |
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