Restaurants expand and beer makers consolidate

The markets traded mixed during the midday with the Dow losing 22 points to 18,433 as the nation's economy expanded less than expected in the second quarter. Nasdaq rose 8 points to 5,163.


Chipotle will open its first Tasty Made hamburger restaurant in Lancaster, Ohio in the fall. The simple menu will feature hamburgers, french fries and milkshakes. The fast casual restaurant will use premium ingredients such as fresh ground beef and preservative-free buns.


Facebook could owe the Internal Revenue Service up to $5 billion for a tax penalty plus interest. The IRS has been investigating the social media giant since 2010 for transferring the worldwide rights of its business, excluding the U.S. and Canada, to Facebook Ireland. The asset move was part of a strategy to lower the company's taxes.


After carefully reviewing Anheuser-Busch InBev's increased acquisition offer, SABMiller's board will recommend approval of the $104.94 billion deal. Chinese regulators have given its blessing to the merger provided that SABMiller sells its stake in China's Snow Breweries. Combining the two breweries will create an industry giant that sells approximately 30% of world's beer.


In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE while advancers were on par with decliners on Nasdaq. The broader S&P 500 added 3 points to 2,174. Bitcoin edged up to $653.

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