Shares of retailers and other consumer-services companies fell, but not by as much as the broader market, as the focus turned back to trade. Shares of Papa John's sank after reports that founder John Schnatter used a racial slur and violent imagery on a May conference call with a marketing agency. Schnatter stepped down as chief executive officer at the end of last year amid controversy, but he remains closely associated with the brand. Ford Motor sales in China plunged 26% in the first half of 2018 compared with the same period last year, and there is little relief in sight as U.S.-China trade tensions worsened. Meanwhile, Tim Hortons, the iconic Canadian coffee chain, is headed to China, with the brand's owner launching a joint venture to establish about 1,500 outlets in the country over the next decade. Shares of Cedar Fair Entertainment Co. were down more than 8% after the theme-park operator reported a slower-than-expected start to the key summer season. The Sandusky, Ohio, company said net revenue from the start of the year through July 8, a period that represents about 40% of its total operating days for 2018, fell 2% to about $563 million, as guest visits slipped 3%. David Hoffmann, president of Dunkin' Donuts U.S., will replace Nigel Travis as CEO of Dunkin' Brands, the parent company of Dunkin' Donuts and Baskin-Robbins.
Amy Pessetto, [email protected]