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Biglari Holdings

Biglari Holdings Inc is a holding company that owns subsidiaries in a range of businesses. The company's reportable segments include Restaurant Operations, Insurance Operations, Oil and Gas Operations. Company's restaurant operations include Steak n Shake and Western Sizzlin. Its insurance operations include First Guard, Southern Pioneer, and Biglari Reinsurance. Oil and gas operations include Southern Oil and Abraxas Petroleum. The Company also reports segment information for Maxim. The majority of revenue is derived from the Maxim Segment.

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U.S. Health Secretary Robert F. Kennedy Jr. has championed &#8220;medical freedom&#8221; while simultaneously limiting access to COVID-19 vaccines and restricting food stamp purchases, creating what public health experts call a dichotomy in his approach to healthcare policy.
What Happened: Kennedy announced last week that the Centers for Disease Control and Prevention would remove COVID-19 vaccines from <a href="https://www.benzinga.com/news/25/05/45661031/robert-f-kennedy-jr-says-cdc-drops-covid-vaccine-for-healthy-pregnant-women-children">recommended </a>immunization schedules for healthy children and pregnant women.
The decision bypassed traditional advisory committee processes and shifted coverage from routine recommendations to shared clinical decision-making between doctors and patients.
&#8220;Regarding the vaccines, HHS is restoring the doctor-patient relationship,&#8221; HHS spokesperson Andrew Nixon said in a <a href="https://abcnews.go.com/Health/rfk-jr-promoted-freedom-choice-limiting-vaccines-food/story?id=122526364">statement</a> to ABC News. &#8220;We are encouraging those groups to consult with their health care provider to help them make an informed decision.&#8221;
Kennedy has also pushed to ban Supplemental Nutrition Assistance Program recipients from purchasing candy and soda with food stamps. Ten state governors have submitted waivers to the Agriculture Department requesting permission for such restrictions, according to Kennedy&#8217;s statements at a Make America Healthy Again event in May.
The Food and Drug Administration began <a href="https://www.benzinga.com/government/regulations/25/05/45399804/robert-kennedy-jr-cheers-fda-plan-to-ban-fluoride-supplements-for-children-calls-move-long-overdue">removing fluoride supplements for children </a>from the market, earning Kennedy&#8217;s praise as &#8220;long overdue.&#8221; The agency cited a lack of FDA approval and evidence that these products alter gut microbiomes.
Kennedy&#8217;s broader MAHA initiative has influenced restaurant chains to eliminate seed oils. Biglari Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>) subsidiary Steak &#8216;n Shake switched to beef tallow for French fries, while Sweetgreen Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>), Bloomin&#8217; Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMN#NASDAQ">BLMN</a>), and Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) have initiated similar transitions.
See Also: <a href="https://www.benzinga.com/markets/equities/25/06/45809455/tesla-stock-climbed-nearly-5-in-friday-pre-market-whats-going-on">Tesla Stock Climbed Nearly 5% In Friday Pre-Market: What&#8217;s Going On?</a>
Why It Matters: Critics argue Kennedy&#8217;s policies contradict his &#8220;medical freedom&#8221; messaging by limiting choices. Removing COVID vaccines from CDC schedules restricts access while claiming to promote freedom.
&#8220;If you restrict access, you necessarily restrict choice,&#8221; Dr. Matthew Ferrari of Pennsylvania State University told ABC News. Public health experts warn Kennedy&#8217;s approach individualizes community health decisions. &#8220;We&#8217;re losing a lot of that underpinning, which has led to a lot of the gains in public health,&#8221; Dr. Craig Spencer of Brown University told ABC News.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/25/06/45809443/larry-summers-identifies-3-key-reasons-for-rising-us-debt-but-doesnt-think-trumps-big-beautiful-bill-is-the-medicine-the-country-needs">Larry Summers Identifies 3 Key Reasons For Rising US Debt, But Doesn&#8217;t Think Trump&#8217;s &#8216;Big Beautiful Bill&#8217; Is The Medicine The Country Needs</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Health Care

BLMN

MRNA

NVAX

RFK Jr. Champions 'Medical Freedom' While Curtailing Access, Say Public Health Experts

Restaurant company Steak ‘n Shake is a sponsor of the Bitcoin 2025 Conference and used the event to share an update on its recent push into Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as a payment option, as it also embraced the crypto community via <a href="https://www.benzinga.com/general/restaurants/25/05/45328334/steak-n-shake-goes-steaktoshi-embraces-bitcoin-maga-culture-tesla-fanbase">social media posts.</a>
What Happened: While many in attendance at the Bitcoin 2025 Conference in Las Vegas may have been excited to hear from U.S. Vice President JD Vance who talked about<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45652549/vice-president-jd-vance-predicts-100m-bitcoin-holders-the-us-ought-to-be-leaning-into-bitcoin"> the growing adoption</a> of Bitcoin in the country, others may have loved a real-world example from Steak ‘n Shake.
The restaurant company, which is owned by Biglari Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>), launched Bitcoin payments on May 16 utilizing the Bitcoin Lightning Network.
Steak ‘n Shake Chief Operations Officer Dan Edwards spoke at the Bitcoin event about the company's push into crypto.
"The day we launched Bitcoin, one out of every 500 bitcoin transactions in the world happened at Steak ‘n Shake," Edwards said, calling the Bitcoin payment acceptance at locations "a global implementation."
In the speech, Edwards said that accepting Bitcoin as a payment option was not a publicity stunt, as <a href="https://bitcoinmagazine.com/news/steak-n-shake-reveals-bitcoin-payment-success-at-bitcoin-2025-conference">reported </a>by Bitcoin Magazine.
"We didn't see this as a marketing gimmick. We saw it as a viable option to pay — on par with other globally accepted methods.
Edwards said Bitcoin is helping the company with transaction speeds and the company is saving 50% in processing fees.
"That makes Bitcoin a win for the customer, a win for us, and a win for the Bitcoin community."
Edwards said since the restaurant company started accepting Bitcoin as a payment option, it saw increased sales.
"We've seen a sustained spike since adding Bitcoin."
Posts on social media highlighted the company's Bitcoin payment options with a call out to the crypto community by some large accounts to try and support the restaurant.
Among the supporters was Bitcoin advocate and Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>) CEO Jack Dorsey. A user on X <a href="https://x.com/SteaknShake/status/1923387257190306055">told </a>Dorsey it was a shame that Steak ‘n Shake wasn't using Block's Square terminals.  
"We are going to work on that," Dorsey said.
Read Also: <a href="https://www.benzinga.com/25/03/44419119/making-kennedy-proud-again-new-poll-shows-34-of-diners-more-likely-to-try-food-cooked-in-beef-tallow">Making Kennedy Proud Again? New Poll Shows 34% Of Diners More Likely To Try Food Cooked In Beef Tallow</a>
Why It's Important: Steak ‘n Shake has <a href="https://www.benzinga.com/general/restaurants/25/03/44280041/rfk-jr-thanks-steak-n-shake-for-rfking-the-french-fries-restaurant-goes-all-in-on-make-america-healthy-again">embraced several communities </a>in recent months, including Tesla fans, and investors and fans of President Donald Trump, Secretary of Health and Human Services Robert F. Kennedy Jr. and the "Make America Healthy Again" movement.
The restaurant received increased attention for switching its cooking method for French fries to beef tallow, which drew praise and a visit from Kennedy.
Embracing these communities and a social media push that appeals to these fans could help with sales and ultimately help Biglari&#8217;s stock.
Edwards said the company offered several limited-edition Bitcoin-themed menu items in Las Vegas to celebrate the Bitcoin launch. This includes the Bitcoin Burger, a Bitcoin Milkshake and a Super-Sized Bitcoin Meal.
The restaurant executive also teased that a "blockchain menu" is in the works.
As for what Steak ‘n Shake could be embracing next, artificial intelligence could be the answer.
"We're not done. We're investing in cyber chefs, autonomous drives, AI tech — and we need engineers to help us build it."
BH Price Action: Biglari Holdings stock closed down 2.34% to $261.07 on Wednesday versus a 52-week trading range of $159.69 to $271.35. Biglari stock is up 2.7% year-to-date and up 34% over the last year.
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Photo: Deutschlandreform via Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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$BTC

Steak 'N Shake Thanks Bitcoin For Higher Sales, Lower Fees — And It's Celebrating With 'Blockchain Menu'

Health and Human Services Secretary Robert F. Kennedy Jr. faces mounting pressure from Republican lawmakers and farming communities as his highly anticipated &#8220;Make America Healthy Again&#8221; report approaches Thursday&#8217;s release, with glyphosate pesticide regulations emerging as the primary flashpoint between public health advocates and agricultural interests.
What Happened: The MAHA Commission report, mandated by President Donald Trump within 100 days to analyze childhood disease factors, has sparked preemptive opposition from 79 Republican lawmakers representing farming states, <a href="https://apnews.com/article/rfk-jr-kennedy-farmers-maha-trump-pesticides-5d5a83bde6b88290cf9c3536e74523be">according</a> to AP. Iowa Republican Sen. Chuck Grassley warned Wednesday that farmers have expressed concerns about being excluded from the report&#8217;s input process.
Kennedy addressed Senate Appropriations Committee concerns from Mississippi Republican Sen. Cindy Hyde-Smith, stating &#8220;there&#8217;s not a single word in them that should worry the American farmer&#8221; and promising not to &#8220;jeopardize that business model.&#8221; The commission, established by Trump&#8217;s February executive order, was tasked with examining prescription drugs, chemicals, and food ingredients affecting children.
The report comes alongside a proposed $500 million budget boost for Kennedy&#8217;s MAHA initiative, while simultaneously cutting infectious disease prevention, maternal health, and medical research programs. Kennedy supporters, including 360 MAHA advocates and former campaign staffers, have submitted pesticide studies pressing for chemical industry accountability.
See Also: <a href="https://www.benzinga.com/25/05/45558200/advance-auto-parts-gears-up-for-q1-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate-analysts">Advance Auto Parts Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a>
Why It Matters: The report&#8217;s potential glyphosate restrictions could significantly impact agricultural productivity and food company operations. Kennedy&#8217;s broader MAHA agenda has already influenced restaurant industry practices, with Biglari Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BH#NASDAQ">BH</a>) subsidiary Steak &#8216;n Shake switching from seed oils to beef tallow for French fries, earning Kennedy&#8217;s public praise for <a href="https://www.benzinga.com/general/restaurants/25/03/44280041/rfk-jr-thanks-steak-n-shake-for-rfking-the-french-fries-restaurant-goes-all-in-on-make-america-healthy-again">&#8220;RFKing the French fries.&#8221;</a>
Other restaurant chains, including Sweetgreen Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>), Bloomin&#8217; Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMN#NASDAQ">BLMN</a>)-owned Outback Steakhouse, and Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>)-owned Popeyes, have initiated similar transitions. Kennedy has scheduled meetings with food giants PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) and General Mills Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) to <a href="https://www.benzinga.com/markets/equities/25/03/44209953/rfk-jr-takes-on-food-giants-calls-meeting-with-pepsico-and-general-mills">address processed food concerns.</a>
The MAHA initiative&#8217;s budget proposal threatens the <a href="https://www.benzinga.com/personal-finance/25/05/45522362/we-have-no-details-says-food-program-director-as-trumps-maha-boxes-threaten-730000-seniors-grocery-lifeline">$425 million Commodity Supplemental Food Program</a>, potentially affecting 730,000 seniors&#8217; grocery access through replacement &#8220;MAHA boxes.&#8221; Food program directors report logistical challenges and communication gaps, with Connecticut Foodshare experiencing 34 canceled federal shipments affecting over 600 food banks statewide.
The World Health Organization classifies glyphosate as a probable human carcinogen, while farmers argue it remains essential for weed control without excessive soil tilling, creating a regulatory tension between public health priorities and agricultural economics.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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News

Politics

RFK Jr.'s 'Make America Healthy Again' Report Stirs GOP, Farmers Over Glyphosate Concerns Ahead Of Release

Biglari Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>) reported quarterly losses of $(126.40) per share. This is a 258.87 percent decrease over earnings of $79.56 per share from the same period last year. The company reported $95.03 million in sales this quarter. This is a 6.24 percent increase over sales of $89.45 million the same period last year.

Earnings

Biglari Holdings Q1 EPS $(126.40) Down From $79.56 YoY, Sales $95.03M Up From $89.45M YoY

Restaurant company Steak ‘n Shake is entering the world of cryptocurrency with plans to accept Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) at all locations later this month. The move follows several other moves by the company <a href="https://www.benzinga.com/general/restaurants/25/03/44280041/rfk-jr-thanks-steak-n-shake-for-rfking-the-french-fries-restaurant-goes-all-in-on-make-america-healthy-again">targeting select groups </a>of American consumers.
What Happened: Steak ‘n Shake is adding Bitcoin to the list of items they support in 2025 alongside <a href="https://www.benzinga.com/general/restaurants/25/02/44059763/rfk-jr-applauds-this-restaurant-chains-move-fries-will-be-rfkd">support for beef tallow, </a>the Make America Healthy Again movement, the Make America Great Again fans of Donald Trump and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fans.
"Steak n Shake accepting Bitcoin payments at all locations starting May 16, making the cryptocurrency available to our more than 100 million customers. The movement is just beginning…. – Steaktoshi," the restaurant chain <a href="https://x.com/SteaknShake/status/1920647356032139430">tweeted</a>.
The signature of "Steaktoshi" paid tribute to Satoshi Nakamoto, the pseudonymous creator of Bitcoin. &nbsp;
Steak ‘n Shake tested engagement for whether restaurant goers would pay with Bitcoin with a March <a href="https://x.com/SteaknShake/status/1898115490368872745">tweet</a>.
"Should Steak n Shake accept Bitcoin?"
That tweet attracted over one million views and saw a response from Bitcoin supporter and the co-founder of Block and Twitter Jack Dorsey.
Owned by Biglari Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>), Steak ‘n Shake ended 2024 with over 450 locations globally, including 436 in the United States. Many of the company's locations are franchised. <a href="https://x.com/SteaknShake/status/1898115490368872745"> </a>Several restaurants <a href="https://www.benzinga.com/markets/cryptocurrency/22/10/29346501/crypto-friendly-restaurants-are-cropping-up-in-nyc-here-are-our-recommendations">have accepted Bitcoin </a>and cryptocurrency payments in the past, usually for a limited time, at select locations and through partnerships with companies like Flexa. Some companies<a href="https://www.benzinga.com/markets/cryptocurrency/21/09/22828406/new-doge-chicken-restaurant-pops-up-in-los-angeles-with-doge-stamped-buns-plans-for-more-u"> embraced paying </a>with smaller cryptocurrencies like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), with<a href="https://www.benzinga.com/markets/cryptocurrency/22/10/29175258/bitcoin-holders-could-be-lovin-it-at-a-mcdonalds-location-in-this-country-that-now-accepts"> crypto supporters calling on</a> McDonald's to accept the meme coin as a payment option.
Steak ‘n Shake has not announced who they will be partnering with for Bitcoin payments or if other cryptocurrencies like Dogecoin will also be accepted.
Restaurants also have a significant place <a href="https://www.benzinga.com/general/education/25/01/42789566/happy-birthday-bitcoin-16-fun-facts-about-leading-cryptocurrency">in Bitcoin history, </a>with two pizzas from Papa John's International being the first goods transacted with Bitcoin on May 22, 2010, a date now known as Bitcoin Pizza Day.
Read Also: <a href="https://www.benzinga.com/25/03/44419119/making-kennedy-proud-again-new-poll-shows-34-of-diners-more-likely-to-try-food-cooked-in-beef-tallow">Making Kennedy Proud Again? New Poll Shows 34% Of Diners More Likely To Try Food Cooked In Beef Tallow</a>
Why It's Important: Steak ‘n Shake has tested engagement with the Bitcoin community with the previous question on X and several images related to the leading cryptocurrency.
The latest announcement plays into the company's social media growth and strategy of targeting select communities.
The restaurant company has attached itself to the Make America Great Again and Make America Healthy Again communities of Donald Trump and Robert F. Kennedy Jr. with social media posts in the past.
A switch to beef tallow for cooking the chain's French fries drew praise from Kennedy, who took part in an interview with Fox News host Sean Hannity at one of the chain's Florida locations.
&#8220;Steak and Shake has been great. We&#8217;re very grateful to them for RFKing the French fries," Kennedy said of the restaurant's change.
Along with Kennedy&#8217;s support, Republican members of Congress have also praised the move and have posted pictures of purchases at the restaurants on social media. <a href="https://twitter.com/SteaknShake/status/1899268910886572218" target="_blank" rel="noreferrer noopener"></a>
&#8220;I just had a cheeseburger and fries cooked in beef tallow today for lunch!&#8221; a&nbsp;<a href="https://x.com/mtgreenee/status/1899280958508974211" target="_blank" rel="noreferrer noopener">tweet&nbsp;</a>from Rep.&nbsp;Marjorie Taylor Greene&nbsp;(R-Ga.) reads that was shared by the restaurant.
Social media <a href="https://x.com/SteaknShake/status/1898422332567298089" target="_blank" rel="noreferrer noopener">posts </a>show hats that say &#8220;Make America Healthy Again&#8221; and images of vehicles that look like Tesla vehicles, a potential reference to the EV company led by Trump&#8217;s ally Elon Musk.
Musk previously supported Kennedy&#8217;s praise for the beef tallow switch by the restaurant saying &#8220;the fries taste way better&#8221; with this cooking method.
While the move to embrace Kennedy and one political side could backfire, Steak ‘n Shake&#8217;s current social media strategy and the attention it got from Kennedy&#8217;s recent interview appear to be paying off. Google Trends data spiked in March thanks to the attention to the beef tallow fries.
Steak ‘n Shake has embraced the Tesla community, which has faced boycotts and backlash due to Musk's support for Trump. Social media posts have recently spotlighted the electric vehicle company, including one that showed support for Tesla after its application for a "Robotaxi" <a href="https://www.benzinga.com/trading-ideas/25/05/45299775/tesla-tried-to-trademark-robotaxi-and-cybercab-terms-why-it-could-be-forced-to-pick-a-new-name">trademark was rejected.</a>
"We identify Robotaxi with Tesla," a tweet <a href="https://x.com/SteaknShake/status/1920545942383501536">said</a>.
Steak ‘n Shake locations have also hosted Tesla days supporting the EV brand.
"To all Tesla drivers – tomorrow is Tesla Tallow Tuesday! We plan to supercharge your cars one day…for now we will Super Size your beef tallow fries all day all locations on May 6!" a recent tweet <a href="https://x.com/SteaknShake/status/1919475573606220234">said</a>.
Time will tell if the support for Bitcoin generates more social media posts and if the crypto community supports the restaurant by buying steakburgers and beef tallow fries.
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Photo: Deutschlandreform/Shutterstock

$DOGE

TSLA

Steak 'N Shake Goes 'Steaktoshi': Embraces Bitcoin, MAGA Culture, Tesla Fanbase

Restaurant company Steak ‘n Shake received praised from Health and Human Services Secretary Robert F. Kennedy Jr. as he pushed forward his <a href="https://www.benzinga.com/general/restaurants/25/03/44280041/rfk-jr-thanks-steak-n-shake-for-rfking-the-french-fries-restaurant-goes-all-in-on-make-america-healthy-again">Make America Healthy Again mantra.</a>
A new survey shows people may be more interested in trying the cooking method that the restaurant chain is embracing.
What Happened: Kennedy recently traveled to a Steak ‘n Shake restaurant to try their french fries, which are cooked in beef tallow, a food item he has<a href="https://www.benzinga.com/general/restaurants/25/02/44059763/rfk-jr-applauds-this-restaurant-chains-move-fries-will-be-rfkd"> encouraged restaurants</a> to switch to.
Kennedy told Fox News host Sean Hannity that consumers were "raving" about the french fries during an in-person interview at one of the chain's restaurants.
&#8220;Steak ‘n Shake just switched out, and people are raving about these french fries,&#8221; Kennedy said.
The comments come after Steak ‘n Shake, owned by Biglari Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>), switched from seed oils to beef tallow at all locations. 
Benzinga recently surveyed readers to see if they have tried this cooking method or would consider trying after Kennedy's recent blessing.
"Steak ‘n Shake switched to frying with beef tallow, a cooking method supported by Robert F. Kennedy Jr.. What's your reaction?" Benzinga asked.
The results were:
<ul>
<li>I'm more likely to try food cooked in beef tallow: 34%</li>
<li>I don't care what my fries are cooked in: 32%</li>
<li>I'm less likely to try food cooked in beef tallow: 22%</li>
<li>I've already tried food cooked in beef tallow: 11%</li>
</ul>
The poll found that around one-third of people were interested in trying the beef tallow cooking method. Another one-third said they don't care what method is used to cook their fries. Only 22% said they were less likely to try this food cooking method, which might show opposition to Kennedy.
In the poll, 11% of readers said they have already tried the beef tallow cooking method. When taking out these readers, the poll found the following results:
<ul>
<li>More likely to try food cooked in beef tallow: 39%</li>
<li>Don't care: 37%</li>
<li>Less likely to try food cooked in beef tallow: 25%</li>
</ul>
The poll shows that Steak ‘n Shake's move and Kennedy's praise has people talking.
Read Also: <a href="https://www.benzinga.com/politics/25/03/44362774/exclusive-reader-poll-shows-strong-approval-rating-for-president-donald-trumps-first-52-days-in-office-but-theres-a-catch">EXCLUSIVE: Reader Poll Shows Strong Approval Rating For Trump&#8217;s First 52 Days In Office, But There&#8217;s A Catch</a>
Why It's Important: The restaurant chain's switch has drawn praise from Kennedy and members of Congress. Steak ‘n Shake embraced the strong reception. On its social media platforms, the company posted images with the phrase "Make America Healthy Again" as well as a photo of a customer holding fries in a Tesla vehicle — a potential reference to the EV company that is led by Donald Trump-ally Elon Musk.
Musk previously supported Kennedy&#8217;s praise for beef tallow by saying &#8220;the fries taste way better&#8221; with this cooking method.
Steak ‘n Shake&#8217;s current social media strategy and the attention it&#8217;s receiving from Kennedy appears to be paying off.
Google trends <a href="https://trends.google.com/trends/explore?geo=US&amp;q=steak%20n%20shake&amp;hl=en" target="_blank" rel="noreferrer noopener">data </a>shows searches for Steak ‘n Shake at a 12-month high. Searches for &#8220;steak n shake beef tallow fries&#8221; and &#8220;steak n shake beef tallow&#8221; increased.
Biglari&#8217;s future financials will show whether the new cooking method and social media strategy paid off for shareholders.
Kennedy says he prefers to &#8220;incentivize&#8221; companies to transition away from processed seed oils, instead of an outright ban.
&#8220;People should be able to make their own choice. If you want to eat a donut, or seed oils, you should be able to,&#8221; he said.
Kennedy said people should know what&#8217;s in their food and the potential health impacts to make an &#8220;informed choice.&#8221;
During the interview, Kennedy mentioned several other restaurants that have switched from seed oils or are in the process of switching. They include  Sweetgreen (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>), Buffalo Wild Wings, Bloomin&#8217; Brands-owned Outback Steakhouse and Restaurant Brands International-owned (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) Popeyes Louisiana Kitchen.
&#8220;We want to do everything that we can to incentivize these companies to be transparent, to switch over from ultra-processed food, and to be part of this movement to make America healthier,&#8221; Kennedy said.
Popeyes shared with Benzinga that they are not new to the beef tallow cooking method.
"While most other brands are just entering into the beef tallow conversation, Popeyes has been utilizing beef tallow for over 50 years to fry its chicken to perfection. This classic cooking method is one of the reasons Popeyes chicken has such a signature shatter crunch texture and bold, crave-worthy flavor – and it's all thanks to tried-and-true cooking techniques. While others maybe catching on to the benefits of cooking with beef tallow, Popeyes has been serving up crispy perfection since day one," Popeyes said.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/03/44360899/exclusive-trumps-tesla-purchase-unlikely-to-boost-sales-as-53-say-never">EXCLUSIVE: Trump&#8217;s Tesla Purchase Unlikely To Boost Sales As 53% Say &#8216;Never&#8217;</a></li>
</ul>
The study was conducted by Benzinga from March 13, 2025, through March 14, 2025. It included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 105 adults.

Exclusives

Making Kennedy Proud Again? New Poll Shows 34% Of Diners More Likely To Try Food Cooked In Beef Tallow

Robert F. Kennedy Jr. is sending praise and thanks to a restaurant company that is embracing his <a href="https://www.benzinga.com/general/restaurants/25/02/44059763/rfk-jr-applauds-this-restaurant-chains-move-fries-will-be-rfkd">Make America Healthy Again mantra.</a>
What Happened: Kennedy recently traveled to a Steak ‘n Shake restaurant to try their French fries, which are now cooked in beef tallow, a food item he has encouraged restaurants to switch to.
The Health and Human Services Secretary joined Fox News host Sean Hannity for an interview at a Florida restaurant location where he told the newscaster consumers were "raving" about the French fries.
"Steak ‘n Shake just switched out, and people are raving about these French fries," Kennedy said.
The restaurant company, which is owned by Biglari Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>), recently announced it was switching from seed oils to beef tallow at all locations.
"It's a completely different experience," Kennedy said of the fries. "Steak and Shake has been great. We're very grateful to them for RFKing the French fries."
Kennedy ate a double cheeseburger and fries during the interview with Hannity and discussed the negatives of seed oils and positives of beef tallow, as <a href="https://nypost.com/2025/03/10/us-news/robert-f-kennedy-jr-thanks-fast-food-chain-steak-n-shake-for-rfking-french-fries/">reported </a>by the New York Post.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Thank you for visiting Steak n Shake Secretary Kennedy! <a href="https://t.co/pRu1u37MvW">pic.twitter.com/pRu1u37MvW</a>
&mdash; Steak &#39;n Shake (@SteaknShake) <a href="https://twitter.com/SteaknShake/status/1899268910886572218?ref_src=twsrc%5Etfw">March 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
"Seed oil is one of the components of processed foods, and all the science indicates that ultra-processed foods are the principal culprit in this extraordinary explosion – the epidemic we have of chronic disease."
Kennedy has said that he doesn't want to outright ban seed oils and processed foods, instead choosing to "incentivize" companies to transition away.
"People should be able to make their own choice. If you want to eat a donut, or seed oils, you should be able to."
Kennedy said people should know what the product is and what's in the food and the potential health impacts to make an "informed choice."
During the interview, Kennedy also mentioned several other restaurants that have switched from seed oils or are in the process of switching including Sweetgreen (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>), Buffalo Wild Wings, Bloomin' Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMN#NASDAQ">BLMN</a>) owned Outback Steakhouse and Restaurant Brands International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) owned Popeyes Louisiana Kitchen.
"We want to do everything that we can to incentivize these companies to be transparent, to switch over from ultra-processed food, and to be part of this movement to make America healthier," Kennedy said. 
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent031225">Get Tips On What They Bought And Sold With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: A quick look at Steak ‘n Shake's X account shows the restaurant is embracing the attention it is getting from Kennedy, conservative voices and Republican members of Congress. 
"I just had a cheeseburger and fries cooked in beef tallow today for lunch!" a <a href="https://x.com/mtgreenee/status/1899280958508974211">tweet </a>from Rep. Marjorie Taylor Greene (R-Ga.) reads that was shared by the restaurant.
Steak ‘n Shake originally embraced the change and the attention it was getting by saying, "fries will be RFK'd!" in reference to Kennedy.
Social media <a href="https://x.com/SteaknShake/status/1898422332567298089">posts </a>show hats that say "Make America Healthy Again" and images of vehicles that look like Tesla vehicles, a potential reference to the EV company that is led by Donald Trump-ally Elon Musk.
Musk previously supported Kennedy's praise for the beef tallow switch by the restaurant saying "the fries taste way better" with this cooking method.
While the move to go all in on embracing Kennedy and one political side could be a move that could backfire, Steak ‘n Shake's current social media strategy and the attention it got from Kennedy's recent interview appears to be paying off.
Google trends <a href="https://trends.google.com/trends/explore?geo=US&amp;q=steak%20n%20shake&amp;hl=en">data </a>shows searches for Steak ‘n Shake at a 12-month high with an increased number of searches for "steak n shake beef tallow fries" and "steak n shake beef tallow" being done.
Future financials for the restaurant chain will show if the food cooking method switch and social media strategy paid off for Biglari Holdings shareholders.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/03/44209953/rfk-jr-takes-on-food-giants-calls-meeting-with-pepsico-and-general-mills">RFK Jr. Takes On Food Giants: Calls Meeting With PepsiCo And General Mills</a></li>
</ul>
Photo: Shutterstock

RFK Jr Thanks Steak 'N Shake For 'RFKing The French Fries': Restaurant Goes All In On Make America Healthy Again

WIIM

Biglari Holdings shares are trading lower after the company reported a year-over-year decrease in FY24 results.

Reported Saturday, Biglari Holdings 2024 Net Loss $3.76M, Down From Net Earnings $54.95M YoY; Revenue $362.11M, Down From $365.32M YoY

A national restaurant chain is among the first to make a switch to beef tallow to cook their french fries, a move that comes with a push from Robert F. Kennedy Jr., the country's head of <a href="https://www.benzinga.com/25/02/43703014/robert-f-kennedy-confirmed-as-trump-secretary-of-health">Health and Human Services.</a>
What Happened: Kennedy's appointment to lead the Health and Human Services has<a href="https://www.benzinga.com/25/02/43907155/nih-funding-cuts-to-spook-healthcare-stocks-rfk-jrs-confirmation-at-hhs-sparks-concerns-over-research-dollars-causing-uncertainty-says-analyst"> put a spotlight </a>on vaccines and pharmaceuticals as well as the restaurant and packaged food sectors.
Restaurant company Steak ‘n Shake, which is owned by Biglari Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>), announced this week that its Ohio, Colorado, Florida, Texas and Oklahoma restaurants have switched to cooking fries with beef tallow.
The restaurant chain said it would switch to this method for all its locations next month. The plans were originally announced in January.
"Congratulations @SteaknShake for being the first national fast-food chain to begin the transition away from seed oils," Kennedy tweeted in a since-deleted <a href="https://x.com/RobertKennedyJr/status/1895117324882985369">post</a>, as reported by <a href="https://www.politico.com/news/2025/02/27/rfk-jr-french-fries-00002716">Politico</a>. "Thanks for leadership in the crusade to Make America Healthy Again."
In a post about the change, Steak ‘n Shake <a href="https://x.com/SteaknShake/status/1894194915141132560">said</a>: "Fries will be RFK'd!"
Beef tallow is derived from animal fat.
Read Also:<a href="https://www.benzinga.com/general/entertainment/24/11/42223923/trump-hhs-pick-robert-f-kennedy-jr-s-wealth-comes-from-family-law-practice-oil-bitcoin"> Trump HHS Pick Robert F. Kennedy Jr.&#8217;s Wealth Comes From Family, Law Practice, Oil, Bitcoin</a>
Why It's Important: With over 400 restaurant locations, Steak ‘n Shake marks one of the biggest restaurants to make the switch with Kennedy urging restaurants to move on from seed oils and use beef tallow instead.
For many customers, the change will likely come down to taste and not the cooking method.
Billionaire Elon Musk <a href="https://x.com/elonmusk/status/1895123123969913286">replied </a>to Kennedy's deleted post that "the fries taste way better" with this cooking method.
Steak ‘n Shake Chief Operations Officer Daniel Edwards said the company has wanted to make the switch for years but was unable to secure production of the right beef tallow with no additives.
Edwards said Biglari Holdings CEO Sardar Biglari had fries cooked in beef tallow as a child in Europe and has wanted the restaurant to make the switch for some time.
During his <a href="https://www.foxbusiness.com/video/6369402190112">interview </a>on "Fox and Friends," Edwards said the restaurant company "RFK'ed" their fries.
"They're so much better," Edwards said.
The restaurant executive said that people who try the fries won't ever go back to the old way of cooking fries.
Steak &#8216;n Shake&#8217;s move will likely be closely watched by the restaurant sector and consumer reports on taste and reviews will also be monitored to see if the comments on taste are true for customers. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/health-care/25/02/43936048/exclusive-virax-biolabs-says-its-tech-fits-rfk-jr-s-hhs-goals-on-vaccine-transparency">EXCLUSIVE: Virax Biolabs Says Its Tech Fits RFK Jr.&#8217;s HHS Goals On Vaccine Transparency</a></li>
</ul>
Image: Shutterstock

RFK Jr Applauds This Restaurant Chain's Move: 'Fries Will Be RFK'D'

U.S. stock futures were slightly higher this morning, with the Nasdaq futures gaining around 0.1% on Tuesday.
Shares of Leslie&#8217;s, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LESL#NASDAQ">LESL</a>) fell sharply in today's pre-market trading after the company reported worse-than-expected fourth-quarter <a href="https://www.benzinga.com/news/earnings/24/11/42176455/leslies-stock-drops-after-q4-results-heres-why">adjusted EPS and sales</a>.
Leslie's reported quarterly earnings of two cents per share which missed the analyst consensus estimate of 11 cents. Quarterly revenue came in at $397.9 million which missed the analyst consensus estimate of $405.19 million and is a decrease from sales of $432.37 million from the same period last year.
Leslie&#8217;s shares dipped 18.5% to $2.86 &nbsp;in the pre-market trading session.
Here are some other stocks moving lower in pre-market trading.
<ul>
<li>Alector, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALEC#NASDAQ">ALEC</a>) shares tumbled 31.3% to $2.72 in pre-market trading after the company announced that the INVOKE-2 Phase 2 clinical trial evaluating the safety and efficacy of AL002 in individuals with early Alzheimer&#8217;s disease failed to meet its primary endpoint.</li>
<li>Kingsoft Cloud Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KC#NASDAQ">KC</a>) shares dipped 10.5% to $6.22 in pre-market trading.</li>
<li>Agora, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/API#NASDAQ">API</a>) fell 8.8% to $4.34 in pre-market trading following third-quarter results.</li>
<li>Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>) shares fell 8.6% to $7.04 in pre-market trading. Quantum Computing shares jumped around 26% on Monday after AWS announced Quantum Embark program.</li>
<li>Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) fell 7.8% to $82.02 in today's pre-market trading. Zoom Video posted better-than-expected results for its third quarter and raised its guidance for the full year.</li>
<li>Blue Bird Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLBD#NASDAQ">BLBD</a>) shares declined 7.8% to $39.48 in pre-market trading after the company reported mixed fourth-quarter financial results and issued FY25 revenue guidance below estimates..</li>
<li>Biglari Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>) shares fell 3.2% to $200.40 in pre-market trading.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/markets/24/11/42174548/jim-cramer-says-this-stock-is-a-bitcoin-play-and-he-prefers-to-own-bitcoin">Jim Cramer Says This Stock Is A Bitcoin Play And He Prefers To Own Bitcoin</a></li>
</ul>

Pre-Market Outlook

Markets

Movers

ALEC

BLBD

LESL

QUBT

Leslie's Posts Weak Results, Joins Zoom Video And Other Big Stocks Moving Lower In Tuesday's Pre-Market Session

Biglari Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>) reported quarterly earnings of $79.56 per share. This is a 64.21 percent decrease over earnings of $222.28 per share from the same period last year. The company reported $89.45 million in sales this quarter. This is a 0.80 percent decrease over sales of $90.18 million the same period last year.

Biglari Holdings Q1 EPS $79.56 Down From $222.28 YoY, Sales $89.45M Down From $90.18M YoY

Biglari Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>) has outperformed the market over the past 5 years by 2.59% on an annualized basis producing an average annual return of 15.45%. Currently, Biglari Holdings has a market capitalization of $621.83 million. 
Buying $100 In BH: If an investor had bought $100 of BH stock 5 years ago, it would be worth $200.66 today based on a price of $200.40 for BH at the time of writing.
<h3>Biglari Holdings's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1715266918_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 5 Years Ago, You Would Have $200 Today

Biglari Holdings's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>) short percent of float has fallen 12.66% since its last report. The company recently reported that it has 6 thousand shares sold short, which is 0.69% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.09 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Biglari Holdings Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714158022_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Biglari Holdings has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Biglari Holdings's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Biglari Holdings's peer group average for short interest as a percentage of float is 10.48%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Looking Into Biglari Holdings's Recent Short Interest

Biglari Holdings shares are trading higher after the company reported a year-over-year increase in FY23 net earnings results.

Reported Saturday, Biglari Holdings FY 2023 Net Earnings $54.95M, Up From Net Loss Of $32.03M YoY; Revenue $365.32M, Down From $368.23M YoY

Biglari Holdings's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>) short percent of float has fallen 4.17% since its last report. The company recently reported that it has 6 thousand shares sold short, which is 0.69% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.67 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Biglari Holdings Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1707417921_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Biglari Holdings has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Biglari Holdings's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Biglari Holdings's peer group average for short interest as a percentage of float is 7.78%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

The market mood may continue to be lackluster, with index futures indicating a mixed opening on Wednesday. The potential approval of a spot&nbsp;Bitcoin&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) exchange-traded fund is the major event traders are likely anticipating, and a&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/01/36570077/bitcoin-ethereum-dogecoin-drop-after-fake-news-of-spot-etf-approval-200m-worth-of-liquidat" rel="noreferrer noopener">green light from the SEC&nbsp;</a>could spark a rally in both crypto and crypto-linked stocks. However, traders might opt to remain on the sidelines ahead of Thursday&#8217;s inflation data, seeking confirmation of the downward trajectory in prices. Pre-announcements may flow in, impacting both individual stocks and entire sectors.
Cues From Tuesday's Trading:
U.S. stocks mostly closed lower on Tuesday as traders opted to stay on the sidelines in anticipation of the week&#8217;s inflation data. The upward bounce in bond yields also exerted downward pressure on equities. The Dow Industrials remained below the unchanged line for the entire session, and the S&amp;P 500 also traded mostly in the red, although it finished off the session lows.
The tech-heavy Nasdaq Composite Index, despite a weak start, reduced its losses throughout the morning, staying mostly above the flat line in the afternoon before ending slightly higher.
Energy, real estate, utility, material, and financial stocks came under selling pressure on Tuesday.
 US Index Performance On Tuesday
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index </td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.09%</td>
<td>14,857.71</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.15%</td>
<td>4,756.50</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.42%</td>
<td>37,525.16</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-1.05%</td>
<td>1,968.04</td>
</tr>
</tbody>
</table>
</figure>
Analyst Color:
Carson Group&#8217;s Ryan Detrick said in a recent note that he remains bullish and expects stock prices to grind higher in 2024. The analyst, however, sees potential for some weakness in early 2023. &#8220;This weakness during a normally bullish time of the year has our attention, but after a 9-week win streak closing out 2023 (the longest since 2004), the S&amp;P 500 was likely due for a break,&#8221; the analyst said.
&#8220;The massive breadth thrusts we saw late last year, a healthy economic backdrop, and the pivot to a more dovish Fed still have us in the camp that better times are coming,&#8221; he added.
Futures Today
 Futures Performance On Wednesday
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.19%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.01%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.08%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.07%</td>
</tr>
</tbody>
</table>
</figure>
<a href="https://www.benzinga.com/premarket/">In premarket trading</a> on Wednesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.05% to $474.13 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.23% to $406.67, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Upcoming Economic Data:
The Commerce Department is scheduled to release the wholesale inventories report for November at 10 a.m. ET. Wholesale inventories may have declined 0.2% month-over-month in November following a steeper 0.4% drop in October.
The Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. ET.
The Treasury is scheduled to auction ten-year notes at 1 p.m. ET.
 New York Fed President John Williams is due to speak at 3:15 p.m. ET.
See also:<a href="https://www.benzinga.com/money/best-futures-trading-software"> Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose modestly <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the launch of the company&#8217;s new Model 3 EV in North America.</li>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) continued to move higher, capitalizing on its upward momentum.</li>
<li>Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) climbed over 5% in reaction to its positive preannouncement.</li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) moved down over 2% amid the lingering uncertainty about spot Bitcoin ETF approval.</li>
<li>Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>) added to its Tuesday&#8217;s gains after Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) confirmed rumors and announced a deal to buy the former.</li>
<li>KB Home (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBH#NYSE">KBH</a>) is scheduled to report its <a href="https://www.benzinga.com/calendars/earnings">quarterly results after the market close.</a></li>
</ul>
Commodities, Bonds, Other Global Equity Markets:
Crude oil futures rose 0.19% to $72.38 in early European session on Wednesday following Tuesday&#8217;s 2%+ climb.
The benchmark 10-year Treasury note fell 0.019 percentage points to 3.998% on Wednesday.
Major Asian markets ended mostly lower as the lackluster lead from Wall Street overnight and worries concerning China&#8217;s economic weakness kept sentiment in the region subdued. The Japanese market, however, bucked the downtrend and posted noteworthy gains. 
European stocks traded lower by late-morning trading. 
In the currency market, the U.S. dollar weakened against most major currencies, although firming up against the yen and the Canadian dollar. 
Major cryptocurrencies, including Bitcoin, experienced a retreat following a fake news post suggesting regulatory approval for a spot Bitcoin ETF had been granted. Bitcoin traded around the $35,600 level and may encounter volatility in Wednesday&#8217;s session.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36564250/bank-of-america-predicts-10-2024-market-surprises-from-booming-ipos-to-japanese-equ">Bank Of America Predicts 10 2024 Market Surprises: From Booming IPOs To Japanese Equity Surge</a>

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JNPR

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US Stocks Set For Mixed Open, Cryptos Slip As Bitcoin ETF Decision Day Arrives: Analyst Says S&P 500 Was 'Due For A Break' After Red-Hot 2023 Finish

Biglari Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>) reported quarterly earnings of $222.28 per share. The company reported $90.18 million in sales this quarter. This is a 5.63 percent increase over sales of $85.37 million the same period last year.

Biglari Holdings Q1 EPS $222.28, Sales $90.18M Up From $85.37M YoY

On Thursday, shares of Biglari Holdings Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bh#NYSE">BH</a>) experienced volatile short activity. After the activity, the stock price went down -3.60% to $123.56.&nbsp;
The overall sentiment for BH has been Bearish.
The signal from the volatility alert is trending Bullish. Therefore, the recommendation is to Reduce Short Exposure.
The volatility alert was produced on the prior trading date, 5/19/2022, with a volatility change of +56.25%. The current volatility indicator stands at 8.113.
Overview: 
The securities lending volatility indicator is produced by Tidal Markets, in partnership with Benzinga Insights. Securities lending primarily serves the purpose of providing liquidity to short sellers. When unusual activity occurs in the securities lending markets, it acts as an upstream indicator to what is likely to occur downstream in the regular stock market.
Understanding the Volatility Alert: 
Overall sentiment is considered &quot;bear&quot; when broad market activity of the stock has been shown to indicate a negative directional basis, or is considered &quot;bull&quot; when indicating a positive directional basis. The securities lending volatility indicator provides a signal when it detects unusual short activity. Unusual short activity is based off a computer generated algorithmic formula utilizing securities lending trade details such as the volume of shares being shorted, the rate being paid to short the shares, and the type of collateral being posted - amongst other variables. The current volatility is the respective trading day&#39;s calculated securities lending volatility value. The volatility percentage change is the percentage difference in volatility between the two most recent days. The recommendation is a suggestive strategy, inferred from the strength of the Signal Trending, Current Volatility, and Volatility % Change. Recommendations may include, &quot;Strong Buy&quot;, &quot;Strong Sell&quot;, &quot;Increase Short Exposure&quot;, &quot;Reduce Short Exposure&quot;, or &quot;Market Neutral&quot;.
ANY INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR IMPLY INVESTMENT ADVICE 
&nbsp;

Short Volatility Alert: Biglari Holdings

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