McDonald's and Yum! Brands Hit With Food Safety Issue in China

TheStreetJuly 21, 2014

Global worries are putting pressure on U.S. stocks in Monday's trading session. The Dow Jones Industrials are down nearly 100 points as investors focus on the ongoing turmoil in Gaza and Ukraine. Earnings news is weighing on stocks like Hasbro (HAS) and Six Flags (SIX) which are down in the session. A food safety scare in China is putting pressure on shares of McDonald's (MCD) and Yum brands (YUM). Both companies issued statements saying they have stopped buying meat from the Chinese meat supplier in question. Authorities are investigating allegations the company sold chicken and beef past its expiration date. EMC (EMC) is gaining after the Wall Street Journal reported activist investor Elliot management has taken a stake in the company and plans to push for a break-up of EMC. Earnings expected after the close Monday include Chipotle Mexican Grill (CMG) and Netflix (NFLX). TheStreet's Susannah Lee reports from Wall Street.