and tim hortons was a profitable, successful coffee/doughnut chain principally in canada.ou could fairly clearly see that business was worth about $5 billion at least. it had about $450 million of operating income. it was probably worth more than that. but you could buy all of wendy's for $5 billion. so literally the market was ascribing zero value to the wendy's franchise and our advice to the ceo was just spin off tim hortons and focus on fixing wendy's, but you can create enormous value by separating the two companies. so it was a bit like investment banking where we did not charge a fee. and actually, back then, because we could not get a return phone call, because we were a tiny little fund circa 2004, we hired blackstone, which had an investment bank at the time and we hired them to put together a fairness opinion, if you will, of what wendy's would be worth if they spun off tim hortons. we wrote a letter to the board. we attached the blackstone valuation, which was nearly double where the stock was trading, and then, six weeks later, magically, they spun off tim hor

wendy's owned 100% of a chain called tim hortons in canada. it was a very you are franchise. you can see that business was worth about $5 billion at least another 450 million of operating income. you can buy all of wendy's for 5 billion. the market was describing zero value to the windows franchise and our advice to the ceo was just been off tim hortons. then on fixing wendy's but you can create enormous value. it was a bit like investment banking where we did not charge a fee and back then because we cannot get a return phone call because we were a tiny little fund, circa 2004, we hired blackstone which had an investment bank at the time and we hired them to say we put together a fairness opinion. then we wrote a letter to the board. we attached the blackstone valuation which was nearly double where the stock was trading. what you do that with other companies and being an activist, was it consistently your personality to do this? you have to call of ceos and say i have a better idea about how to run your company than you do. question is to sit my personality. i've always bee

and tim horton's and mcdonald's do not agree. so, i am distressed about this situation, despite the fact that i know that mr. narasimhan says he does have an action plan >> let's get the opening bell here and the cnbc realtime exchange at the big board, it is viking holdings, celebrating an ipo today. we'll talk to the founder and chairman in about an hour. at the nasdaq, it's checkpoint software jim, what is the tougher quarter, starbucks or cvs? >> cvs, i think, was -- there are some outside forces that hurt vs, including the terribl hack that occurred at united health i still don't think they have things around it i think they did see -- their health management organization did have a better april, but when i come back, i see what doug mcmillon said yesterday when he was talking to people about why walmart got out of this business. 51 stores closed i'm not sure this business is an economic business. >> the -- let's stay here for a moment on that first of all, that decline is enormous for cvs obviously, the owner of aetna, this

have dunkin who's focusing on coffee, and mcd mc mcdonald's, and you have other companies and tim horton'shing like that. how do you grow money if your consumer can't pay more for coffee, and there's a lot of competition at reasonable prices making it hard. i can't do it. >> there's your three buys and a bail. victoria greene, great to get your thoughts. have a nice weekend. >> thanks, dom. >>> that does it for the exchange. before we go though, check out shares of goldman sachs hit a new record high from their recent lows back in october, and speaking of banks, don't miss our interview with citi group live from the institute, the global conference that's happening on monday. that's going to be right here on the exchange, 1:00 p.m. eastern time. "power lunch" is up next. leslie picker is getting ready. i'll join her on the other side of this quick break. the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business onli

instead of a tortilla, they slap each other with tim hortons coffee lids. [ laughter ] [ smack noisel, get this, peloton shares just plunged after the company announced a global refinancing. peloton is barely hanging on. now when you ride your bike, you have to give a motivational pep talk to the instructor. [ laughter ] "you got this, becs. hang in there. you got this. one more mile." [ cheers and applause ] >> jimmy: well, listen to this. apparently, department stores are making new efforts to attract gen-z shoppers. that makes sense, but it seems like kohl's is trying a little too hard. look at this commercial i saw today. look at this. >> what up fam? this summer kohl's is goals. we're serving lewk's and taking care of rizzness. our competitors are straight up delulu. nordstrom is sus. big yikes. t.j. maxx is wack. skibidi toilet. and j.c. penney ain't it, sis. >> it's giving, bankruptcy. >> but kohl's, you can let the gang know you [ bleep ] with this. so, who wants this kohl's cash? move over me espresso. and presso me khakis. then hit the gritty down to kohl's and get high key

bird camp 3.8% he's not happy with that 2.9% u.s popeye's and 6.2% here in the u.s tim horton's on fires, the price. doyle's working hard to ex-paneled popeye's because chicken's been a big hit overseas reminds me of the great numbers popeye's used to put up when it was still independent. those are the winners. what about the losers? yum brands failed to deliver put up minus 3% same-store sales globally taco bell. kfc down 7%. kfc numbers stand in contrast to wingstop, don't they making me think something's gone awry here. taco bell, value and nice remodeling effort. pizza's been a laggard time to spin it off like red lobster. the real disappointment was starbucks with a 3% decline in same-store sales, which took my both away quite frankly. the companition shocking fall from grace is stunning a function of high price, terrible through-put and way, way too many offerings for the staff to know how to make them with any alacrity. the real problem at starbucks is somehow management believes business is better than ever there are industries where you can get away with being in denial about y

. >> how about tim horton's? >> popeye's is crushing kfc. >> i didn't know that. >> crushing. is there value added? yes. >> ppi under our belt. we'll look for cpi tomorrow. walmart on thursday. as for bonds, hanging in there, again, with those negative revisions, ten-year lower up now to 4.46. stay with us. and when i got there, they have the sushi- this is clem. like sushi classy- clem's not a morning person. i'm tasting it- or a night person. or a... people person. but he is an “i can solve this in 4 different ways” person. and that person... is impossible to replace. you need clem. clem needs benefits. work with principal so we can help you help clem with a retirement and benefits plan that's right for him. i'm short but i'm... i'm confident. you know? let our expertise round out yours. ga, the advanced form of dry age-related macular degeneration, can irreversibly damage your vision. it can progress faster than you think. when ga threatens your eyes, take a stand. slow ga with syfovre. syfovre is an eye injection that was proven to slow damaging lesion growth over 2 years

so congratulations to tim horton and his whole team for 20 years of incredible conversations that have made us all smarter in the space. congratulations, tim. [applause] >> sorry. >> alan, thank you for that opening. it brings us right into a topic i wanted to start out with which is ai. you have been in washington for many czech policy battles over the years. what do you think makes the ai moment we are in right now different? >> i think we have captured the public's imagination and that is really powerful and something that we should all really take a moment and lean into. i will say as a starting point, i think we have all realized the power of ai, right, that machine learning and these new systems will really transform so much of our economy. i think there is a strong feeling within the administration that responsible ai innovation is going to benefit a lot of people, but the key is that we are only going to realize that benefit if we are able to also manage the very real risks that these systems are opposing today. i think that has captured people's attention, but the potential be