Today is Monday, March 25, 2024.

The Early Bird Index today is 73.04.

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McDonald’s Exits Another Market

The global reach for the fast food giant McDonald’s (NYSE: MCD) got a little smaller, according to a new report on Sunday.

Details: Reuters reported that McDonald’s is closing shop in all 12 outlets in Sri Lanka after ending an agreement with a local partner in the country on Wednesday. The company may decide to return to the country with a new partner in the future.

• Local media reported that McDonald’s canceled the agreement due to poor restaurant hygiene.

Background: This isn’t the first time that McDonald’s completely left a country. In the past few years, McDonald’s left Russia, Jamaica, and Iceland for various reasons. McDonald’s has also closed some United States locations in recent years.

Data: There were over 41,000 global McDonald’s locations in 2023, a record for the company.

Stock Price: McDonald’s stock is down 4.85% in 2024.

Final Thoughts: The company has struggled as consumer spending for fast food has dipped. Falling international sales has also been a problem.

Notables

Notable Earnings Today: Bakkt Holdings (NYSE: BKKT), Bitcoin Depot (Nasdaq: BTM), DADA Nexus (Nasdaq: DADA), Greentree Hospitality Group (NYSE: GHG), Rekor Systems (Nasdaq: REKR), Sanara MedTech (Nasdaq: SMTI), Syra Health (Nasdaq: SYRA), The Metals Company (Nasdaq: TMC), Viomi Technology (Nasdaq: VIOT), Westport Fuel Systems (WPRT).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Building Permits (8:00 a.m. ET), New Home Sales (10:00 a.m. ET).

Masimo’s Second Proxy Battle

Amid big changes at the medical device maker Masimo (Nasdaq: MASI), an activist investor plans another move.

Details: The Wall Street Journal reported on Sunday that Politan Capital Management, founded by veteran activist Quentin Koffey, plans to nominate two director candidates to the company’s six-person board. Politan currently holds two other seats on the board of Masimo.

Background: On Friday, Masimo disclosed that it was evaluating a proposed separation of its consumer business, including its audio and consumer health products.

Stock Price: Masimo is up 17% in 2024, including a 3% gain in the last 30 days.

Final Thoughts: Masimo’s recent financial results were better than expected. The stock has been a bright spot in healthcare in 2024.

Solana Jumps 5% on Sunday

The cryptocurrency Solana jumped 5% on Sunday, a one-day recovery after the price dropped over 7% last week.

Data: Solana's daily users reached a record 2.1 million this month.

Final Thoughts: Solana is still up 78% in the last 30 days. As this last week has shown, Solana can be volatile at times.

Trends to Watch

Choices: Fed’s Powell Ready to Support Job Market, Even If It Means Lingering Inflation (Wall Street Journal)

Optimism: Bitcoin price aims for a bullish weekly open — Will DOGE, TON, STX and FTM follow? (Cointelegraph)

A Fuelish Ride Ahead: Gas Prices Topping $5 Once Again, Will Rise Higher In Coming Weeks (Deadline)

Clearer View: Apple Vision Pro to hit mainland China this year, state media says (Reuters)

What Goes Up: U.S. stocks shot up nearly 30% in 5 months. Is it time to worry about a correction? (MarketWatch)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}