Fast food is bad for you, whether in your stomach or your portfolio. This week, fried chicken, taco, and pizza vendor Yum Brands
delivered soggy results. It blamed the poor performance on slower than expected growth in China, which accounts for more than a third of its operating profit. The stock slumped nearly a fifth in response.
Everyone agrees that China’s economy is slowing; the only debate is by how much, and why. So, many will assume that Yum’s problems are macroeconomic. They are not.
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