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USA Today
2 hours ago
- USA Today
In-N-Out CEO airs California grievances, talks Tennessee expansion in podcast appearance
In-N-Out CEO Lynsi Snyder had harsh words for the state where her parents built a burger empire. In an appearance on the "Relatable" podcast, Snyder aired grievances with California while saying she will be moving her family to Tennessee with the opening of the company's second headquarters. "There's a lot of great things about California," Snyder said. "But raising a family is not easy here. Doing business is not easy here." Snyder also groused about the state's implementation of rules surrounding the COVID-19 pandemic, which saw state health officials shut down two restaurants in 2021 for not checking vaccine status. "You've got to do this," Snyder said of the vaccine mandate for indoor dining. "You have to have this plastic thing between us and our customers. It was really terrible, you know? And I look back, I'm like, we should have pushed even harder on that stuff. We're not policing our customers." In-N-Out adding Tennessee HQ but not leaving California In-N-Out announced in February that many of its California corporate employees will move from Irvine in Orange County to an office in the Los Angeles-area city of Baldwin Park, where the company was founded in 1948. The company had been in the Irvine office since 1994. The move to the Baldwin Park office, about 40 miles northwest of the Irvine offices and one mile from the first restaurant opened by Harry and Esther Snyder, is expected to be complete by the end of 2029. The company said that after the Irvine office's closure, corporate employees will be stationed either at the Baldwin Park office or at the Tennessee office. The Nashville-area office is on track to open in 2026, the company said at the time. Snyder downplays East Coast expansion Snyder tamped down on the possibility of a further East Coast expansion, pointing to logistical difficulties. "We're able to reach Tennessee from our Texas warehouse. We'll have a warehouse, but not do our own meat there, so we'll be able to deliver from Texas," Snyder said. The company operates 281 of its 418 locations in California but has steadily expanded in recent years. Snyder added that the bulk of the company's stores will be in California. "Florida has begged us, and we're still saying no," Snyder said. "The East Coast states, we're still saying no." USA TODAY reached out to In-N-Out for comment and did not receive a response as of Monday evening.
Business Journals
3 hours ago
- Business Journals
Sarepta bows to FDA pressure, pulls Duchenne therapy from market
2025 Power 50 The Boston Business Journal's Power 50, "The Movement Makers," focuses on those in the Boston-area business community who demonstrate the most influence on making both their company and the region a better place for everyone in it.
CNBC
4 hours ago
- CNBC
Why the manager of a $2 billion fund is cooling off his European defense investments
A fund manager who oversees assets worth close to $2 billion told CNBC that the European defense bull run may soon begin to cool off as valuations hit "extreme" levels. Speaking to CNBC's "Europe Early Edition" on Monday, London-based Stephen Yiu, who manages the £1.4 billion ($1.9 billion) Blue Whale Growth Fund , said he had wound down his exposure to the European defense space. Regional defense stocks have seen an extraordinary rise in recent months, fueled by promises from the European Union , regional governments and the NATO military alliance to drastically hike defense spending. The Stoxx Europe Aerospace and Defense index has gained more than 55% since the beginning of the year. Describing the sector as "extremely interesting," Yiu explained that, around 18 months ago, his fund began a position in European defense that included allocating capital to Italian defense champion Leonardo . However, he also suggested that the spectacular rate of growth among European defense stocks may have peaked. "I think the issue with European defense — even though we continue to like the companies or the sector — is the valuation has been quite extreme," Yiu told CNBC. Military aircraft manufacturer Leonardo, which the Blue Whale Growth Fund holds, has gained more than 86% so far this year — and it still isn't one of the sector's biggest movers. French maritime systems maker Exail Technologies is up almost 500% year-to-date, while German defense giants Renk , Hensoldt and Rheinmetall have all tripled in value. LDO-IT R3NK-FF,HAG-DE,RHM-DE,EXA-FR YTD line European defense stocks While Yiu's fund still holds Leonardo stock, it has reduced the size of its holding in recent months. He advised investors to consider valuation in terms of outperformance potential, taking into account how long it could take for Europe's blockbuster fiscal packages to trickle through to corporate earnings. Yiu argued that seeing the direct impact is likely to take "a few years." "Compared to the beginning of the year [with] Leonardo, you would have seen it in our top 10 holdings, which would be a big conviction, part of our mandate," he said. "And over the last few months, you haven't seen it [because] we have actually taken profits." He also cautioned that the entry point into European defense stocks "is probably not today." "The question is, would you still be happy to hold on to it just because it could still contribute to some outperformance?" he added. "I think the answer is yes, but I think the easy money has already been made from European defense at this moment in time."
