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<ul class="summary-list"><li>Sherwin-Williams will join the Dow Jones Industrial Average on November 8.</li><li>Sherwin-Williams has a market cap of $90.15 billion.</li></ul>Your neighborhood paint company just made it to the Dow Jones Industrial Average.<a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-dow-jones">The Dow Jones Industrial Average</a> is one of the oldest stock market indexes. It includes 30 of the most influential and capitalized companies in the US economy.S&amp;P Dow Jones Indices announced on Friday that it will add <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/shw-stock">Sherwin-Williams</a> to the index to "ensure a more representative exposure" to the materials industry.The paint company will replace Dow Inc., a materials science company, before trading opens on November 8.Here's everything you need to know about Sherwin-Williams.<h2 id="8c5ff687-9825-4fd9-8d54-3e4d256af199">All about The Sherwin-Williams Company</h2>Founded in 1866 by Henry Sherwin and Edward Williams, the company is headquartered in Cleveland and employs over 64,000 people.Sherwin-Williams boasts of several innovations in the painting industry, including the first resealable paint can and the first ready-mixed paint. It later introduced the paint can shaker, which could mix five gallons of paint so customers could purchase more.It is now run by Heidi Petz, who was named CEO and president at the start of 2024 after serving as the company's chief operating officer and president. She replaced former CEO John Morikis, who has continued to serve as the executive chairman.The company has over 5,000 company-operated store locations in the US, Canada, Latin America, and the Caribbean. It also sells additional paint brands through retailers and distributors in Europe, Australia, New Zealand, and China.Despite being selected for the Dow Jones Industrial Average, the company's profits grew slower than expected in the most recent quarter. In its third-quarter earnings call in October, the company fell short of expectations, posting profits of $3.37 a share instead of a predicted $3.55 a share."In what remains a tough macroeconomic environment, our strategy continues to be providing our customers with differentiated solutions that make them more productive and profitable," Petz said at the time, highlighting "continued softness in the North American DIY market."Petz said it invested "ahead of the curve" in the third quarter, making "near-term investments in stores, sales and technical reps, expanded services and digital capabilities" to generate growth."Our team is focused, determined, and experienced, and we will continue to aggressively pursue above-market growth while controlling what we can control," Petz said.As of November, Sherwin-Williams has a market capitalization of $90.15 billion.

Sherwin-Williams: Everything you need to know about the neighborhood paint store that made it to the DJIA

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Apple is gearing up to announce a <a target="_blank" href="https://www.businessinsider.com/apple-new-iphone-ai-capabilities-expected-at-glowtime-event-2024-9">new lineup of devices</a> at its 'Glowtime' event today — that's where we kick things off in our big story.What's on deck:<ul><li>Markets: Why everyone is <a target="_blank" href="https://www.businessinsider.com/nvidia-stock-price-earnings-party-investors-cult-investing-memes-2024-9">kneeling at the altar of Nvidia</a>.</li><li>Tech: The 44 AI startups that <a target="_blank" rel="noopener" href="https://www.businessinsider.com/ai-startups-most-promising-2024-9">VCs are most excited about</a>.</li><li>Business: Everything you need to know about Google's landmark antitrust trial <a target="_blank" href="https://www.businessinsider.com/how-google-adtech-antitrust-trial-could-transform-advertising-2024-9">that could upend the digital ad market</a>.</li></ul>But first, it's time for a phone upgrade.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">A new phone awaits</h2><div type="image" title="Photo illustration of iPhone in green glow" height="900" width="1200" msid="113196648" hostid="261" sizebytes="133244"></div>It's the time of year when leaves start changing colors, and people start changing iPhones (at least Apple hopes).Apple's "Glowtime" event is today, the latest iteration of the tech giant's <a target="_blank" href="https://www.businessinsider.com/apple-new-iphone-ai-capabilities-expected-at-glowtime-event-2024-9">annual unveiling of its newest iPhone</a>, writes Business Insider's Jordan Hart.Apple hasn't given many official details about the event, which kicks off at 1 p.m. ET, but the tech giant is expected to showcase a bevy of new devices that include — you guessed it — AI features.We'll have <a target="_blank" href="https://www.businessinsider.com/apple-event-iphone-16-announcement-live-updates-2024-9">a live blog going all day</a> covering the event's biggest announcements.New AirPods and Apple Watches should make appearances, but the iPhone (we're on version 16 now) will be the star of the show.The iPhone has been Apple's crown jewel for more than a decade, but it's starting to run into an issue. People are keeping their iPhones a lot longer than they used to — proud owner of an iPhone 12 here — and that's not good when a big part of your business is getting people to buy new iPhones.Apple's betting Apple Intelligence, <a target="_blank" href="https://www.businessinsider.com/apple-intelligence-wwdc-kinder-gentler-ai-iphone-explained-why-2024-6">its kinder, gentler take on AI</a>, will be enough to convince people to <a target="_blank" href="https://www.businessinsider.com/apple-intelligence-ai-wwdc-new-phone-iphone-sales-2024-6">finally crack and buy a new iPhone</a>. See, you'll need at least an iPhone 15 Pro to get the full benefits of Apple Intelligence.The new iPhone could also go a long way in <a target="_blank" href="https://www.businessinsider.com/apple-new-iphone-16-china-market-sales-glowtime-2024-9">helping Apple turn things around in China</a>, an important market it's been struggling in, writes BI's Hasan Chowdhury.But early reviews of the type of AI features that'll be initially offered – a souped-up Siri and email summaries — <a target="_blank" href="https://www.businessinsider.com/apple-intelligence-abilities-questioned-2024-8">were less than stellar</a>. Although, more cool stuff is expected to roll out next year.<div type="image" title="Photo of Apple AI prompt and generated image of bowl of ice cream" height="900" width="1200" msid="113196649" hostid="261" sizebytes="39592"></div>The Apple event will also serve as a litmus test for the wider AI industry.For the entire summer, one question has hung over the tech world: Is all this AI investment actually going to pay off?Getting people to pay for AI-powered tools in business settings has been hit or miss. Even giants like Microsoft and Amazon have struggled to turn their big AI bets into revenue drivers.But with Apple's new iPhone, we'll see if the general consumer is willing to shell out for having AI in their pocket.Success could give the AI industry more confidence that there is a light at the end of the AI spending tunnel. After all, if people get comfortable paying for AI in their personal lives, that could translate to what they do at work.But if the most recognizable tech company's biggest product can't convince people to pay for AI, that could spell trouble.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Trump vs. Harris: <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-harris-presidential-debate-preview-2024-9">What to expect from the historic debate</a>.</li><li>The plot to topple Putin: A growing army of Russian exiles want to take back Russia. <a target="_blank" href="https://www.businessinsider.com/inside-plot-russian-exiles-overthrow-vladimir-putin-ukraine-war-2024-9">Can they succeed?</a></li><li>OpenAI is fighting to keep cofounder Ilya Sutskever's <a target="_blank" href="https://www.businessinsider.com/openai-fighting-to-keep-ilya-sutskevers-files-secret-in-lawsuit-2024-9">files secret in copyright lawsuit</a>.</li><li>Huawei's new trifold phone got more than <a target="_blank" rel="noopener" href="https://www.businessinsider.com/huawei-folding-phone-millions-orders-apple-glowtime-event-iphone-smartphone-2024-9">2 million preorders in a few hours</a>, just before Apple is set to announce new iPhones.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo collage of Jensen Huang." height="1398" width="1864" msid="113196650" hostid="261" sizebytes="114790"></div><ol><li>God. Country. Nvidia. From Wall Streeters to the r/WallStreetBets-ers, everyone's infatuated with the chip giant. The result is a kind of cult-like following of the stock that could be somewhat driven by people <a target="_blank" href="https://www.businessinsider.com/nvidia-stock-price-earnings-party-investors-cult-investing-memes-2024-9">looking to scratch their gambling itch</a>.</li><li>The latest jobs report crystalizes how tough the labor market is these days. August's unemployment rate fell to 4.2%, but <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-interest-rate-cuts-federal-reserve-recession-2024-9">the US added only 142,000 jobs</a>, which was below forecasts. It shows that while jobs are stable for current workers, <a target="_blank" href="https://www.businessinsider.com/white-collar-jobs-remote-office-workers-cant-get-hired-2024-9">it's tough sledding finding a new gig</a>.</li><li>The global population is getting older — and that's not good for the stock market. JPMorgan strategists say this has historically led to declining returns, lower earnings growth, and weaker valuations. If the share of people over 65 increases 1%, returns will decline 0.92%, they estimate. But, there is one bright spot: <a target="_blank" href="https://www.businessinsider.com/aging-world-population-stock-market-risk-jpmorgan-returns-valuations-growth-2024-9">healthcare spending</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Photo illustration of male and female founders" height="525" width="700" msid="113196647" hostid="261" sizebytes="57756"></div><ol><li>The female 'founder mode' paradox. Since Paul Graham's essay on hands-on versus hands-off founders dropped, Silicon Valley split over the best approach to running a startup. But for female founders, that debate is a lot more complicated. They spoke about the <a target="_blank" href="https://www.businessinsider.com/female-startup-founder-mode-ceo-double-standard-2024-9">double standard</a> they're held to.</li><li>All eyes on these AI startups. BI asked top VCs to name the most promising AI startups of 2024 so far. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/ai-startups-most-promising-2024-9">These 44 companies</a> are revolutionizing sectors like fintech, healthcare, and logistics.</li><li>The Venn diagram of tech bros and history nerds might just be a circle. The hottest gift you can give a tech bro right now isn't something new, but something old. Whether it's a priceless painting or an original manuscript, high-earning tech workers really want to own a <a target="_blank" href="https://www.businessinsider.com/tech-bros-want-historic-gifts-mark-zuckerberg-bill-gates-2024-9">piece of the past no one else can have</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A woman sitting at a desk made out of a vise" height="2250" width="2850" msid="113196651" hostid="261" sizebytes="39988"></div><ol><li>Have we girlbossed too close to the sun? Female execs feel especially trapped between the demands of career and home. But if they don't cut back on work, how can they hope to achieve a better work-life balance? <a target="_blank" href="https://www.businessinsider.com/burnout-women-executives-hustle-culture-girlboss-work-life-balance-2024-8">A self-help retreat for the battle-hardened girlboss</a> might have the answer.</li><li>The adtech business could be on the brink of a major shake-up. The DOJ and 17 state attorneys general are taking Google to court in a landmark antitrust case. They're alleging Google used acquisitions and ad auction tactics to build an illegal monopoly — and <a target="_blank" href="https://www.businessinsider.com/how-google-adtech-antitrust-trial-could-transform-advertising-2024-9">the trial's outcome could be a boon for its rivals</a>.</li><li>Middle managers are burnt out. The last few years have made middle managers' jobs more toxic than ever, as they were largely targeted for layoffs or asked to do more with less. Some say the job isn't worth it anymore — and are <a target="_blank" href="https://www.businessinsider.com/remote-jobs-middle-managers-return-to-office-burnout-pressure-2024-9">looking for a way out</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>OnlyFans figured out the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/onlyfans-business-profit-success-porn-user-generated-content-2024-9">best porn business on the internet</a>.</li><li>An M&amp;A spree in influencer marketing is bolstering the creator economy. <a target="_blank" href="https://www.businessinsider.com/acquisition-spree-in-influencer-marketing-is-bolstering-the-creator-economy-2024-9">These 15 deals show what's selling and why</a>.</li><li>Home prices are <a target="_blank" href="https://www.businessinsider.com/10-us-cities-metros-housing-market-home-prices-texas-florida-2024-9">falling the fastest in these 10 US cities</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Oracle reports earnings.</li><li>Brian Niccol officially becomes Starbucks chair and CEO. The former Chipotle leader succeeds Laxman Narasimhan, who stepped down last month.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Apple's event will serve as a litmus test for the wider AI industry

Inside the tech industry's 'broletariat revolution' against the media

Continuing healthy demand from construction, real estate and automobile sectors will help the paint sector register a 10-12 per cent <keyword id="45663" type="General" weightage="20" keywordseo="revenue" source="Orion">revenue</keyword> growth this fiscal against an 18 per cent estimated rise in the just-concluded fiscal, according to a report. Volume expansion and the resultant cash generation will help <keyword id="583484" type="General" weightage="20" keywordseo="Paint-companies" source="Orion">paint companies</keyword> maintain healthy balance sheets, which will also buffer credit profiles despite the rising capex, <keyword id="6359483" type="General" weightage="100" keywordseo="crisil" source="Orion">Crisil</keyword> said in a report on Wednesday. The top five companies have announced Rs 12,000 crore capex in fiscal 2023 and 2024 on the back of Rs 7,000 crore they incurred in the previous four fiscals. New players are expected to add nearly one-third of the total existing capacity of 4.2 billion litres by fiscal 2025-end, the report added. Paint companies are likely to close <keyword id="4131553" type="General" weightage="20" keywordseo="FY23" source="Orion">FY23</keyword> with a robust 18 per cent revenue growth, primarily led by higher realisations on the back of a 6 per cent price hike during the year, along with the full impact of a 20 per cent price hike effected in the third quarter of FY22. Along with healthy volume growth, moderating crude-linked input prices will ensure operating margins to remain stable at 15-16 per cent in fiscal 2024, almost similar to the last fiscal, the agency said in the report based on the five top companies that account for 90 per cent of the Rs 65,000-crore industry or 4.2 billion litres annual capacity now. The report also said their near debt-free balance sheets will support credit risk profiles despite all major paint companies being on an aggressive capex spree. The domestic paints sector also comprises the decorative segment, which commands 80 per cent of the market. According to Anuj Sethi, a senior director at the agency, paints demand normally grows at 1.6x-2x of GDP. Decorative paints are likely to see a revenue increase of 11-12 per cent this fiscal, driven by increasing renovation/construction activity and a greater preference for branded products. On the other hand, industrial paints will see 8-9 per cent revenue growth on the back of higher government spending on infrastructure and steady demand from the automotive segment, Sethi added. Since the key raw materials are crude-linked derivatives, the 30 per cent fall in <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> prices from a high of USD 115 per barrel in June-July 2022 to USD 85 per barrel now will help boost the operating margins. But this will be largely offset by higher selling expenses due to aggressive sales push and increase in ad spend by industry leaders to counter competition from new entrants. Another margin risk is the falling rupee, which the agency sees trending at 82-83 a dollar, up from 80.2 in FY2023, impacting the cost of imported materials, which account for a third of overall their raw material requirements. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-chrome-alternatives-for-privacy-conscious-ios-and-android-users/articleshow/99614789.cms">These web browsers are the best alternatives to Google Chrome for privacy-conscious iOS and Android users</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/condom-maker-mankind-pharmas-4326-crore-ipo-to-open-next-week-on-april-25/articleshow/99614288.cms">Condom maker Mankind Pharma’s ₹4,326 crore IPO to open next week on April 25</a>

Paint companies to log 10-12% growth in revenue this fiscal: Crisil

<ul class="summary-list"><li>Fast-food giants, including McDonald's, KFC, and Starbucks, reported drops in comparable US sales.</li><li>Diners say fast food is too expensive after years of price hikes. Lower-end consumers are particularly cutting back.</li></ul>A slate of fast-food companies have reported earnings over the last three weeks — and it's painting a bleak picture of the American consumer.Executives have referred to "more cost-conscious consumers" and "challenging consumer environments," which in many cases led to a slump in comparable sales growth.At McDonald's, comparable US sales fell 0.7% in the quarter year-over-year, compared to 10.3% growth in the same period the prior year. At Starbucks, US comparable sales were down 2% in the quarter, versus the 7% increase it posted a year ago.KFC, Papa Johns, Pizza Hut, and Firehouse Subs also reported a drop in same-store sales growth.At some chains including Burger King, Popeyes, and Wendy's, sales at comparable US restaurants increased compared to the same period in 2023, but at a much slower rate.<h2 id="697c5266-335d-4b1e-a9a6-e46646386dda">Lower-income earners are cutting back</h2>Part of the decline in comparable sales is simply because of a return to pre-COVID operating trends, Jefferies restaurant analyst Andy Barish told Business Insider. At some chains, sales boomed during the pandemic.But consumers are penny-pinching, too.Consumers say a big part of the reason they're cutting back on fast food is because <a target="_blank" class="" href="https://www.businessinsider.com/fast-food-is-expensive-people-annoyed-eating-out-restaurant-2024">it doesn't feel like such good value for money anymore</a>. The prices of both groceries and restaurants rose at accelerated rates after the pandemic started. Grocery inflation has since cooled, but <a target="_blank" class="" href="https://www.businessinsider.com/why-fast-food-is-so-much-more-expensive-value-affordable-2024-4">inflation at fast-food restaurants is still above pre-pandemic levels</a>.In particular, chains have said that it's lower-end consumers who are cutting back."The low-end consumer has continued to feel pressure and that's been going on for more than a year now," Barish said. Some are placing smaller fast-food orders while <a target="_blank" class="" href="https://www.businessinsider.com/fast-food-expensive-americans-cook-at-home-visit-independent-restaurants-2024-5">others are buying more groceries instead</a>, he said."What's unusual is that you get a couple of the big players like McDonald's and Starbucks that are having negative traffic right now," Barish said. "And that's something we don't typically see even in these kind of environments where those brands would be typically gaining share."Edward Jones analyst Brian Yarbrough told BI that typically during a slowdown, lower-end consumers trade out of fast food while middle- and higher-income consumers trade in at a rate that "more than offsets" the loss of lower-earning diners.But fast-food chains have raised prices "so much," causing the gap between fast-food and fast-casual prices to shrink, that not enough higher earners are trading down into fast food to offset the trade out, he said.And for some chains, it doesn't look like they expect spending to rebound anytime soon."We expect customers will continue to feel the pinch of the economy and a higher cost of living for at least the next several quarters in this very competitive landscape," Joe Erlinger, the president of McDonald's US, told investors in July.It's not bad news for every fast-food and fast-casual chain, though. <a target="_blank" class="" href="https://www.google.com/url?q=https://ir.wingstop.com/wingstop-inc-reports-fiscal-second-quarter-2024-financial-results/&amp;sa=D&amp;source=editors&amp;ust=1723214874375739&amp;usg=AOvVaw2uUHbGwp8PqY0ksMQ5LT0N">Wingstop</a>, for example, said that same-store US sales grew 28.7% in the quarter, up from 16.8% for the same period the year before. Domino's and Taco Bell both reported increases in comparable sales growth in the US.<h2 id="ffd6ab21-9c3f-435f-a95c-9d55274fa635">Consumers want value</h2>"Value" is the word on restaurant executives' lips this summer. Joshua Kobza, CEO of Restaurant Brands International, which owns Burger King, Popeyes, Tim Hortons, and Firehouse Subs, used the word nine times in his opening remarks at the company's August earnings call.Fast-food chains have been trying to lure cash-strapped diners in with combo deals and value menus. It's been the summer of the $5 deal: <a target="_blank" class="" href="https://www.businessinsider.com/why-mcdonalds-5-dollar-meal-deal-pulling-in-customers-inflation-2024-7">McDonald's</a>, <a target="_blank" class="" href="https://www.businessinsider.com/burger-king-launches-5-dollar-value-meal-before-mcdonalds-months-2024-5">Burger King</a>, and <a target="_blank" class="" href="https://www.kfc.com/newsroom/kfc-introduces-new-taste-of-kfc-deals">KFC</a> have launched combo deals for five bucks.<a target="_blank" class="" href="https://www.businessinsider.com/starbucks-bundling-breakfast-combo-deals-sandwich-croissant-tea-coffee-meal-2024-6">Even Starbucks is getting into bundling</a>.Barish, the Jefferies analyst, said that the recent focus on value menus and bundled meals represented a return to a normal pre-COVID promotional environment.Executives say the bundles have performed well — both McDonald's and Burger King said that their $5 deals had been selling especially well among lower-income consumers and that the average transaction that included the combo meal came to more than $10 because diners added other items to their orders.The challenge is that the value deals have to drive enough traffic to offset the lower prices. Restaurant revenues are determined by average check size and number of orders. With the value deals, "you got to drive enough traffic to offset the pricing pressure, and that's going to be the toughest part," Yarbrough, the Edward Jones analyst, said.Consumers should expect to see even more promotions in the fall, Northcoast Research analyst Jim Sanderson told BI. He said that consumer-packaged goods companies would increase promotions to boost sales and that restaurants would have to compete "more aggressively" with grocery stores by promoting lower-priced options or bundles.Are you a fast-food superfan? Email this reporter at gdean@insider.com.

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Sherwin-Williams: Everything you need to know about the neighborhood paint store that made it to the DJIA

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Apple's event will serve as a litmus test for the wider AI industry

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Paint companies to log 10-12% growth in revenue this fiscal: Crisil

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It's been another bad quarter for the fast-food industry. Burgers and pizza are too expensive, and Americans just don't want to splash out.

Grace Dean

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