OMAHA, Neb. (AP) — Jack in the Box’s stock surged after the fast-food chain said it would consider spinning off its Qdoba Mexican restaurant chain.
The San Diego company said Tuesday that Morgan Stanley will help it evaluate options for Qdoba. Chairman and CEO Lenny Comma says owning restaurant chains with different business models is hurting the value of Jack in the Box’s stock.
The company also said Tuesday that it earned $1.06 per share in its latest quarter. Without one-time gains, earnings came to 98 cents per share, surpassing the 90 cents per share analysts surveyed by Zacks Investment Research expected.
Jack In the Box’s stock jumped 10 percent to $112 in after-hours trading.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Phoenix-area mayors ready to join forces to land Amazon headquarters
- Main Street Minute: Big-name companies set to attend Phoenix job fair
- Target is raising minimum hourly wage to $15 by end of 2020
- Main Street Minute: Free golf for girls clinic set for Phoenix course
- Campus museum honors Colangelo, ‘godfather’ of Phoenix pro sports