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Apple (AAPL) said to step up CEO succession planning as Tim Cook may leave next year. (00:26) Trump’s $2,000 tariff rebate may need Congress nod, Bessent says. (01:16) Franchisee of Dairy Queen rival files for bankruptcy protection. (01:42)
This is an abridged transcript.
Apple (AAPL) is reportedly ramping up CEO succession planning efforts as Tim Cook may step down as soon as next year.
This report is from the Financial Times, citing people familiar with discussions within the company.
The sources said, John Ternus, Apple’s (AAPL) senior vice president of hardware engineering, is widely seen as Cook’s potential successor, adding that no final decisions have been made.
While preparations for succession planning have accelerated, it’s unlikely that the company will name a new CEO before its earnings report in late January.
The long-planned CEO transition is unrelated to Apple’s (AAPL) current performance, people close to the company told FT.
Cook took over as Apple’s (AAPL) CEO in 2011, after co-founder Steve Jobs resigned from the role.
Treasury Secretary Scott Bessent said that President Donald Trump’s proposal to issue $2,000 tariff rebate checks to most Americans would require Congressional approval.
Fox News’ “Sunday Morning Futures” asked Bessent if Trump was going to send the tariff revenue-sharing checks soon. He said, “We will see. We need legislation for that.”
He said the checks would go to “working families” and that there would be an income limit.
M&M Custard LLC, one of the largest franchisees of Freddy’s Frozen Custard & Steakburgers, has filed for Chapter 11 bankruptcy, placing the future of several locations in doubt even as the restaurants continue operating.
The company reported roughly $5 million in assets against nearly $28 million in liabilities in its Nov. 14 filing.
The franchise group oversees 32 Freddy’s restaurants across Missouri, Kansas, Illinois, Indiana, Kentucky and Tennessee, KCTV reported. All stores are expected to remain open for now, though the company told the court it plans to close an unspecified number of locations as part of its restructuring.
The bankruptcy reflects a wider trend in quick-service restaurants and casual dining. Chains such as Dairy Queen (BRK.B), Wendy’s (WEN), Red Lobster and Outback Steakhouse (BLMN) have shuttered stores in the last year as consumers pull back on discretionary spending and operators struggle with higher food, labor and financing costs.
M&M Custard doesn’t own the Freddy’s brand.
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Dow, S&P and Nasdaq futures are in the green. Crude oil is down 0.3% at $59/barrel. Bitcoin is up 1.4% at $95,000. Gold is flat at $4,085 .
The FTSE 100 is down 0.1% and the DAX is down 0.3%.
The biggest movers for the day premarket: Quantum Computing (QUBT) +23% – Shares jumped after reporting Q3 results that showed 280% Y/Y revenue growth and a swing to net income.
On today’s economic calendar:
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