Fast food stocks fall after Obama proposes raising minimum wage

theflyonthewall.com

Stocks of many fast food and casual dining companies are retreating significantly after President Obama proposed increasing the national minimum wage to $9 per hour from the current $7.25 per hour during his state of the Union speech last night. In late morning trading, McDonald's (MCD) dropped 1.7% to $93.50, Brinker (EAT) slid 3% to $32, Domino's Pizza (DPZ) dropped 2% to $45.50, BJ's Restaurant (BJRI) tumbled 3.5% to $33, and Darden Restaurant (DRI) retreated 2.5% to $45.50.

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