Market Minute: Wendy's Lowers Obamacare Cost Estimate

Store manager Mark Saad, right, serves a customer during the lunch hour rush at a Wendy's Restaurant Wednesday, Oct. 3, 2007, in Dublin, Ohio. Photographer: Jay LaPrete/Bloomberg News
Jay LaPrete/Bloomberg NewsStore manager Mark Saad, right, serves a customer during the lunch hour rush at a Wendy's Restaurant in Dublin, Ohio.

Produced by Drew Trachtenberg

Wendy's (WEN) has sharply lowered its estimate on how much Obamacare will cost employers. It now says the Affordable Care Act could cost about $5,000 per restaurant. That's down from an earlier estimate of about $25,000 dollars. Other restaurant chains are also finding the health-law would not be as expensive as they had feared.

A bankruptcy court judge has cleared the way for AMR's (AAMRQ) American Airlines to proceed with its $11 billion merger with US Airways (LCC). The deal still needs the approval of regulators and US Airways' shareholders. But the bankruptcy court rejected, at least temporarily, a $20 million severance payment to American's outgoing CEO.

Chevron's (CVX) board is cutting the pay of its CEO by more than 10 percent. The Wall Street Journal says the board wants to deliver a message following a series of a series of accidents and other mishaps. Other top executives also face a cut in their bonuses and stock compensation.

Blackberry (BBRY) has reported a surprise quarterly profit, but revenue was weaker than expected.

Software maker Red Hat (RHT) said its quarterly revenue rose 17 percent, but that was weaker than expected, and the company's stock is set to tumble.

Food maker Pinnacle goes public today at a higher-than-expected $20 a share. Its best-known brands include Duncan Hines, Log Cabin syrup, and Van de Kamp's frozen fish.

And Biogen Idec (BIIB) has won FDA approval for a new oral drug to treat multiple sclerosis. It's expected to be a blockbuster, with sales topping a billion dollars.

Today is the final day of trading for this holiday-shortened week. The market is closed tomorrow.

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