Category Archives: Yahoo

Tom Brady, Steph Curry and others face a widening securities investigation over FTX crypto fraud  Yahoo Sports

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Tom Brady, Steph Curry and others face a widening securities investigation over FTX crypto fraud - Yahoo Sports

The peak 49ers team finally showed up in a win over the Cardinals, and it was impressive  Yahoo Sports

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The peak 49ers team finally showed up in a win over the Cardinals, and it was impressive - Yahoo Sports

Editor's note: Jim Lanzone is the CEO of Yahoo Finance's parent company, Yahoo.

Yahoo CEO Jim Lanzone has overseen his share of internet success stories in his nearly three-decade career. From steering the ship at Ask.com, to the launch of CBS Interactive, Lanzone has built his reputation around turnaround stories.

Yet, he credits his success to early failures with startup eTour, an internet search and navigation company he co-founded in 1998 at the height of the dotcom boom.

We went up way up and way down, Lanzone said at Yahoo Finances All Markets Summit (video above), referring to eTour's crash during the dotcom bust. We had raised $50 million when that was a lot of money and almost went public. When the market crashed, we crashed. It was heartbreaking.

With fears of interest rate hikes and a slowing economy rattling the tech sector yet again, Lanzone is drawing parallels from his experience to send a message to startups today: Re-evaluate swiftly, get costs under control, and raise capital, quickly.

This is the best time to get funded as a company, Lanzone said, echoing comments made by famed investor Bill Gurley, a general partner at Benchmark. If you look at every one of these crash periods, those are when some of the best companies have been born.

The scale of venture capital deals have fallen dramatically this year, as startups face increased scrutiny on business fundamentals in the face of a global economic slowdown. The number of deals fell for a third consecutive quarter in Q2, down nearly 20% from the previous quarter, with the deal count falling to its lowest level since the fourth quarter of 2020, according to Pitchbook data.

But venture capitalists have also continued to raise money through funding rounds. In the U.S. alone, VCs have amassed nearly $300 billion in dry powder, which is waiting to be deployed. While that doesnt necessarily guarantee enough capital to outlast any downturn, Lanzone points to startups that have emerged from economic recessions: Uber (UBER), Airbnb (ABNB), WhatsApp (META), and Pinterest (PINS) are among a handful of companies that were founded at the height of the Great Recession.

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If you're an existing company, one that has been through the boom and raised money during the boom at valuations that were pretty rosy and you went through hiring and perks for your company," said Lanzone, "you have to really re-evaluate quickly. Get those costs under control, re-evaluate you know, how you view your market and your valuation.

Added Lanzone, who joined Yahoo from Tinder just over a year ago: I think the companies that adapt the most quickly...are the ones that are going to make it through.

Lanzone experienced both the highs and lows of the tech cycle early on in his career. A few years after he co-founded eTour, he saw the companys valuation plummet during the tech crash, leading to an acquisition by what was then AskJeeves.com, a search engine. There, Lanzone oversaw the turnaround of a publicly traded companyand moved up from SVP of Product Management to CEO. He led the firms rebranding to Ask.com. Lanzone followed that by founding another company, Clicker. Two weeks after he received funding in 2009, he said the market crashed yet again.

As the current CEO of Yahoo, Lanzone is in the midst of another turnaround story, though he prefers not to define it that way. With roughly 900 million monthly users across all Yahoo assets, and billions of dollars in revenue, Lanzone sees a real opportunity to strengthen individual Yahoo brands and ultimately to spin them off separately.

And he says, this time, he has the added benefit of engineering a turnaround without the pressure of shareholders.

If you were to take an objective look at [all Yahoo] assets, you would say that's an amazing investment opportunity, Lanzone said. Given the fact that we have been spun out of Verizon, we're private again. (Now owned by Apollo Global Management.) That allows you to do the things that you need to do, behind the scenes, to improve it.

Check out the full interview in the video above.

Akiko Fujita is an anchor and reporter for Yahoo Finance. Follow her on Twitter @AkikoFujita

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Yahoo CEO: Why this is the best time for startups to get funding - Yahoo Finance

In October 2006, Nouriel Roubini predicted that a housing crash in the U.S. could trigger a recession and "hard landing" around the world. The economist, known as "Dr. Doom," continued to warn of impending worldwide threats during the following decade and a half.

In an interview with Yahoo Finance's editor-in-chief on Monday for the All Markets Summit, Roubini outlined imminent risks around the globe that he also details in his new book, "MegaThreats: Ten Dangerous Trends That Imperil Our Future, And How to Survive Them." These dangers include what he calls a cold war between the U.S. and China that could turn hot; inflation combined with debt instability; and climate change; among other perils.

"Right now, were facing major mega threats: monetary, social, political, geopolitical, environmental, health, trade, and technology, Roubini said.Unless we address them, were headed towards disaster.

Nouriel Roubini, Chairman of Roubini Macro Associates LLC and Professor of Economics, Stern School of Business, New York University, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Lucy Nicholson

The economist spoke at length about the perils of inflation, which soared 8.2% year-over-year in September far above the Federal Reserve's 2% target. The inflationary environment has stirred up memories of the so-called Great Inflation of the 1970s, which led to inflation peaking at 14% in 1980. The so-called Great Moderation ensued, with relatively stable prices in the following decades.

In the book, what I find out is that the era of great moderation, where growth was okay, inflation low, 2%, is over, Roubini told Yahoo Finance on Monday. Now were going to an era of what I call great stagflationary [a stagnant economy combined with inflation] and debt instability and crisis.

Due to his often bleak outlook, Roubini is also known as Dr. Doom. But Roubini says his book is a call to action against serious threats to the world.

I usually say that Im Dr. Realist, not Dr. Doom, Roubini remarked. I think warning about the risk is very important because until now weve been kicking the can down the road.

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Dylan Croll is a reporter and researcher at Yahoo Finance. Follow him on Twitter at @CrollonPatrol.

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Nouriel Roubini: 'We're headed towards disaster' if we ignore these risks - Yahoo Finance

Before we get to Yahoo Sports' 2022-23 NBA season preview complete with in-depth analysis, awards projections, playoff picks and more a refresher course on a league emerging from a summer of turmoil ...

Since the Golden State Warriors won the NBA championship in June and their stars joined the short list of trios to win four titles together, the league has been mired in an endless cycle of staggering news stories.

Tuesday's opening-night slate the Philadelphia 76ers at the Boston Celtics at 7:30 p.m. ET, followed by the Los Angeles Lakers at Golden State, both on TNT will at least provide a respite of actual basketball.

The sport has never been more exciting, its depth of talent never so deep. Yet, the summer was filled with drama that had little to do with the game itself. It almost makes you wonder if the NBA prefers it that way. Or, at least, its promotion of superstars and the rise of player empowerment both embrace the soap opera.

Not even a league that has deftly transformed itself into a 12-month headline factory in recent years would want the kind of public relations that bookended this summer. The NBA did not even make it to free agency before the wife of Miles Bridges one of the biggest names on the market shared disturbing images of an alleged assault that resulted in a domestic violence charge against the unsigned Charlotte Hornets star.

The weeks leading into training camp revealed an investigative report that confirmed Phoenix Suns owner Robert Sarver's history of alleged racism, misogyny and other hostile workplace misconduct, followed by another that resulted in the yearlong suspension of Boston Celtics head coach Ime Udoka for multiple team violations, including reports of an allegedly improper relationship with a female member of the team staff.

[ Rohrbach: NBA failed victims of Sarver's harassment Udoka put Celtics in no-win situation ]

League and team representatives did not exactly cover themselves in glory when addressing these topics.

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We could hardly digest the breadth of misconduct across the NBA before Warriors forward Draymond Green a member of that aforementioned trio violently punched ill-prepared teammate Jordan Poole during a practice. Golden State's leaders appeared more upset by the notion that video of the incident leaked than they were about the incident itself. Green will be in uniform for the Warriors on opening night.

[ Goodwill: Green strained equity he built in Golden State Devine: A Warriors future without Green? ]

In between that series of alarming events were the kinds of persistent hot-stove rumors the NBA surely covets, even if they resulted in embarrassment for the league's brightest stars and biggest media markets.

Kevin Durant requested a trade from the Brooklyn Nets in the hours before free agency on June 30. Three days earlier, Kyrie Irving received permission to seek his own sign-and-trade exit strategy. As the calendar turned to August without momentum toward a deal, Durant reportedly demanded the Nets fire head coach Steve Nash and general manager Sean Marks if they did not trade him. Two weeks later, he rescinded his ultimatum, as both sides agreed to "move forward with our partnership." Irving had long since come to the same realization that no team was willing to meet Brooklyn's asking price for him and picked up his option.

[ Goodwill: 'Culture' alone won't solve Durant conundrum Time for Steve Nash to find his voice ]

Across the country, the Los Angeles Lakers were in a similar state of disarray all summer. Amid reports that LeBron James "has no interest in going another year with Russell Westbrook as his teammate," the two did not bother to greet each other when they both attended a Lakers game at Las Vegas Summer League. The summer was filled with leaks of Westbrook trade speculation and James' alleged involvement in them. And just like the Nets, the Lakers hosted media day with players who vaguely discussed their disgust in them.

Lost in a truly bizarre offseason was the fact the NBA fielded an All-NBA first team full of stars 27 years old or younger for the first time since 1955. Giannis Antetokounmpo, Nikola Jokic, Luka Doncic, Jayson Tatum and Devin Booker, in addition to second team All-NBA selections Joel Embiid and Ja Morant, all play for contenders that comprise a quarter of the league and quietly went about their business this summer.

Elsewhere around the NBA a handful of small-market operations the Atlanta Hawks, Cleveland Cavaliers, Minnesota Timberwolves and New Orleans Pelicans made claims to enter the title conversation. Only, it has all been masked by a string of news so bad each headline obfuscates the last. We can hardly keep up. The majority of the league has been enveloped by narratives driven by negativity from few among its ranks.

Now, we get to watch the games. Let's hope basketball is the story now. The NBA should prefer it that way.

The 2022-23 NBA season begins Tuesday. Here are Yahoo Sports' predictions and season preview. (Graphic by Michael Wagstaffe/Yahoo Sports)

Follow our starting lineup for the best coverage in the game ...

On a private plane headed to San Francisco, NBA commissioner Adam Silver was catching up with a long-lost friend he hasnt seen in months.

Larry O.

Larry had been asleep for a few months and needed Silver to fill in some blanks before arriving at Chase Center. Silver and his golden friend usually make some rounds before the playoffs but as custom, the two part after the Finals and reconnect in October before the new season begins.

Edited for clarity, a transcript obtained by Yahoo Sports on their (fictional) conversation ... [ read more ]

As training-camp scrimmages give way to preseason play, the onset of live games against actual opponents allows the NBAs 30 teams to start figuring out what they actually are and, more importantly, how that reality compares to what they imagined they might be.

For some, the mounting evidence will serve as a cold-cup-of-coffee reminder that even the best-laid plans of the best-paid decision-makers often go astray. For others, though, the results will support summertime optimism that theyve got what it takes to walk the long road to championship glory. While the NBA hasnt quite reached commissioner Adam Silvers brass ring of near-perfect parity, the rise of a new generation of stars and the return of a slew of injured ones has produced plenty of teams that can harbor reasonable hopes of winning the whole friggin thing perhaps more than in any season in recent memory.

According to BetMGM, seven teams enter the season with championship odds of 15-to-1 (+1500) or better. All seven feature at least one All-NBA-level game-breaker and a talented supporting cast; they also all feature some major questions that will need to be answered for them to reach the top of the mountain.

With opening night less than two weeks away, lets get reacclimated with the NBAs expected upper echelon by considering the cases for and against each of those top seven teams hoisting the Larry OB come seasons end, working our way down from the suddenly precarious favorites. ... [ read more ]

Be sure to follow Fischer's regularly scheduled intel notebooks for the latest from around the league. His first collection of news nuggets details the Miami Heat and Atlanta Hawks' interest in veteran swingman Jae Crowder, and other relevant news and notes from Boston, Memphis, Dallas, Utah and Houston

There is one noticeable lynchpin absent from the Suns core that came two wins shy of the 2021 NBA championship. The day before training camp, Phoenix announced the franchise and Jae Crowder agreed to the 10-year veteran remaining away from basketball activity while both sides worked toward finding a suitable trade for the 32-year-old swingman.

Three weeks later, and now days before the regular season tips, Crowder still stands as the main transactional domino front offices across the league are waiting to see fall. The Lakers flirtation with trading Russell Westbrook has seemingly dissipated for the time being. The trade deadline garage sale thats expected to free impact veterans like Myles Turner and Jakob Poeltl from rebuilding teams is a ways away.

Word of Crowders availability has circled among league decision-makers since Junes draft. The understanding among NBA personnel is that Crowder has since requested a trade from Phoenix, and the Suns have been happy to oblige. With Crowders three-year, $29.1 million deal expiring at the conclusion of this 2022-23 campaign, the Suns, sources said, are unwilling to offer an extension of similar value that Crowder is once again commanding. Its akin to the deals of fellow mid-tier rotation players Maxi Kleber and Larry Nance, who at 30 and 29, respectively signed three-year, $33 million and two-year, $21.6 million extensions this offseason. [ read more ]

Without further ado, the picks you have all been waiting for (and surely will not hold against us) ...

Yahoo Sports NBA predictions for 2023 Coach of the Year. (Graphic by Michael Wagstaffe/Yahoo Sports)

Yahoo Sports NBA predictions for 2023 Rookie of the Year. (Graphic by Michael Wagstaffe/Yahoo Sports)

Yahoo Sports NBA predictions for 2023 Defensive Player of the Year. (Graphic by Michael Wagstaffe/Yahoo Sports)

Yahoo Sports NBA predictions for 2023 MVP. (Graphic by Michael Wagstaffe/Yahoo Sports)

Yahoo Sports NBA predictions for the 2023 Eastern Conference finals. (Graphic by Michael Wagstaffe/Yahoo Sports)

Yahoo Sports NBA predictions for the 2023 Western Conference finals. (Graphic by Michael Wagstaffe/Yahoo Sports)

Yahoo Sports NBA predictions for the 2023 NBA Finals. (Graphic by Michael Wagstaffe/Yahoo Sports)

Yahoo Sports NBA predictions for the 2023 NBA champion. (Graphic by Michael Wagstaffe/Yahoo Sports)

The 2022-23 NBA season is here. It's sure to be a turbulent ride, and we've got you covered.

Ben Rohrbach is a staff writer for Yahoo Sports. Have a tip? Email him at rohrbach_ben@yahoo.com or follow him on Twitter! Follow @brohrbach

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2022-23 NBA season preview: Yahoo Sports picks, analysis and everything else you need to know - Yahoo Sports

The UFC sent a letter on Monday to its athletes advising them that it updated its athlete code of conduct policy that will now prohibit them and their close associates from wagering on UFC events.

In the letter, Hunter Campbell, the UFC's chief business officer, writes "In order to assist our athletes in understanding their obligations under the laws of the majority of states in which sports betting is permitted, and in further support of these integrity measures, UFC has incorporated a wagering prohibition into the UFC Athlete Conduct Policy expressly prohibiting athletes from wagering on any UFC match."

Campbell told Yahoo Sports that athletes are still able to seek out sponsorships or deals as brand ambassadors from sports betting companies.

But as more states legalized sports betting, their regulatory bodies adopted policies that made it illegal for athletes to bet on their sports. Campbell said that many states with legalized sports betting have such a provision.

"As gaming has grown nationwide, we've been in contact with the overwhelming majority of regulatory bodies," Campbell told Yahoo Sports. "It has been made clear to us that a large percentage of regulatory bodies prohibit what they would consider inside betting with people who are active participants in the sports that they bet."

In an updated policy, the UFC has banned its fighters from betting on UFC events. However, the fighters are not banned from seeking sponsorship agreements with sports betting companies. (Photo by Chris Unger/Zuffa LLC)

Though people have bet on sports for years, it's only in the last several years in the U.S. that it has become widely legal. Previously, it was only legal in Nevada. There is a concern that athletes could have information such as an injury or training techniques that could make it easier for them to be successful in betting.

They'll still be able to get their sponsorships, and the UFC wanted to be certain to not take money out of the athletes' pocket with this change. So the fighters can still serve as brand ambassadors and give out picks, if they so choose. They'll simply be prohibited from betting on UFC events.

Campbell's letter to the fighters said, "Many states also extend this prohibition to the athletes training teams, family members and others that have access to inside information relating to the athletes and their events. In some instances, violations of these prohibitions could result in criminal charges.The UFCs contracted athletes are not exempt from these prohibitions, which state legislators and regulators have implemented for the purpose of maintaining the integrity of our sport."

The fighters aren't prohibited from betting on any other sports or from wagering on other MMA promotions.

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UFC Athlete Conduct Policy updated to prohibit fighters from betting on UFC matches - Yahoo Sports

The Philadelphia 76ers and guard Matisse Thybulle failed to reach a deal on a rookie-scale contract extension before Monday's deadline, league sources told Yahoo Sports.

The Sixers and Thybulle's agent, Aaron Goodwin of Goodwin Sports, held brief conversations on the possibility of an extension recently but were unable to come to an agreement.

Thybulle, 25, will become a restricted free agent at the end of the 2022-23 season.

The two-time NBA All-Defensive second-team performer has elevated himself to one of the leagues premier defenders during his brief professional career.

Thybulle, who has been among the league leaders in steals and blocks while coming off the bench, spent the offseason working on improving his offensive game.

In four preseason games, Thybulle has shown improvement by shooting 44% from 3-point range as the Sixers went undefeated in those games.

Thybulle, the 20th pick in the 2019 NBA draft, has a career average of one block, 1.6 steals and shooting 32.4% from beyond the arc in 21.8 minutes.

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Sources: Matisse Thybulle, 76ers fail to reach rookie-scale extension sending guard to restricted free agency in offseason - Yahoo Sports

(Bloomberg) -- The sentiment on stocks and global growth among fund managers surveyed by Bank of America Corp. shows full capitulation, opening the way to an equities rally in 2023.

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The banks monthly global fund manager survey screams macro capitulation, investor capitulation, start of policy capitulation, strategists led by Michael Hartnett wrote in a note on Tuesday. They expect stocks to bottom in the first half of 2023 after the Federal Reserve finally pivots away from raising interest rates.

Market liquidity has deteriorated significantly, the strategists said, noting that investors have 6.3% of their portfolios in cash, the highest since April 2001, and that a net 49% of participants are underweight equities.

Nearly a record number of those surveyed said they expect a weaker economy in the next 12 months, while 79% forecast inflation will drop in the same period, according to the survey of 326 fund managers with $971 billion under management, which was conducted from Oct. 7 to Oct. 13.

While the stock market was immune to the bleak sentiment till last month, it has started to better reflect investors pessimism, Hartnett wrote.

As the earnings season gains traction, 83% of investors expect global profits to worsen over the next 12 months. A net 91% said global corporate profits are unlikely to rise 10% or more in the next year -- the most since the global financial crisis -- a sign that suggests further downside to S&P 500 earnings estimates, according to the strategists.

Reporting season starts in earnest this week with major US banks out of the way and Netflix Inc., United Airlines Holdings Inc. and Tesla Inc. slated to release results.

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Global equities have rallied in recent days amid support from technical levels, changes in UK government policies and a focus on earnings. Hartnett and his team described the rally after a US inflation print last week as a bear hug.

Other survey highlights include:

In absolute terms, investors are most bullish on cash, health care, energy and staples, and most bearish on equities, UK and Eurozone stocks, as well as bonds

The most crowded trades are long US dollar, short Europe equities, long ESG assets, long oil, short emerging markets/China debt and equities as well as short UK debt and equity

A record high share of 68% see the dollar as overvalued

Investors see European sovereign-debt markets as the most likely source for a systemic credit event

Investors see rising odds of a policy pivot in the next 12 months, with 28% of participants seeing lower short-term rates within that timeframe

(Updates with earnings details in seventh paragraph.)

Most Read from Bloomberg Businessweek

2022 Bloomberg L.P.

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BofA Survey Screams Capitulation With Rally Set for 2023 - Yahoo Finance

Yahoo Sports Dan Wetzel, and Sports Illustrateds Pat Forde and Ross Dellenger discuss Pats chat with Utah AD Mark Harlan about the current landscape of the transfer portal during the NIL era, and debate if that new era is a good thing or a bad thing.

[AUDIO LOGO]

DAN WETZEL: All right, also-- Pat, you're really working this week.

[LAUGHTER]

You're actually doing--

PAT FORDE: As opposed to all the weeks where I do nothing.

DAN WETZEL: Kind of. I mean, I'm not saying that. I'm just saying you're working. You had a rather eye-popping quote from the-- although not really that surprising-- from the Utah AD. Why don't you lay that one on us? Because it is a topic we discuss here often.

PAT FORDE: Yeah, I sat down with Mark Harlan, the AD at Utah and Friday, the day before they had USC in. A huge, huge home game. And we were just talking about the state of things. And Kyle Whittingham, who's just an absolute pillar of that program, he's been there-- this is, I think, his 18th year as the head coach. He replaced Urban Meyer. He was his assistant and has never left and has made them really just consistently good.

But you can tell he's a bit frustrated with the current way of the world. He's not necessarily wired for a world where collectives are paying recruits up front to go to school. And the term that Harlan used was that-- he worried that basically you can't outwork people anymore. You work and work and work in recruiting, and then somebody sails in with a bag of cash and says, here, come to our school which, of course, has been the way it's happened before. Under the table though.

So anyway, Harlan told me, quote, "We had a player who was offered, I believe, about a million dollars to pull him over to another team by a collective. I called that AD and had a discussion, right? And he's frustrated. Everybody's frustrated. Because this was a friend. It was a friendly call. It was just to say, listen, it happened. My colleague was-- embarrassed is not the right word, but he was frustrated."

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So it was interesting to me. He did not name the school. He did not name the player. But that an AD would talk publicly about this. Yeah, this is the way of the world now. We've got this collective out here that's tied to this school just tampering, going and saying, we want your player. We want this guy, and we're willing to pay him this amount of money.

And then apparently, the player went to the school and said, hey, I'm being-- people are attempting to buy me. If it's a million dollars, it's probably a quarterback, although there's some other NFL-caliber players on the Utah roster. But if that's the way of the world-- that's the kind of thing that drives coaches crazy is don't come buy my player off my campus.

DAN WETZEL: If I had a collective offering a million dollars to a transfer, I would not be frustrated. I'd be quite happy.

PAT FORDE: Would you?

DAN WETZEL: Yeah, I might pretend I was frustrated.

[LAUGHTER]

It's better than not having a collective offering a million dollars.

PAT FORDE: Except how rare-- it's probably pretty rare if the kid says no. And then not only says no, but turns it in, basically.

DAN WETZEL: Yeah, I think it-- yeah, I don't know. There was a story earlier this year from ESPN, from Pete at ESPN, about Zay Flowers at Boston College. He got offered like 300 grand wide receiver from one school and 600 from another and turned them down because he wanted to stay at BC and finish and get his degree. And that's going to be worth more than that money. And it's a nice story.

And he immediately told everybody that it happened. And his dad's got like 11 kids, like a single dad. Drives a truck. And the money would have been big. And it was a big-- oh, is this what we want the sport to be? My thing with all of these things where you're trying to stop it is, no, this is what the sport is. This is what America is. This is what-- this is how it works.

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Utah AD says NIL collective offered a player $1 Million to transfer | College Football Enquirer - Yahoo Sports

Chipotle CEO Brian Niccol says California governor Gavin Newsom's proposed changes to the minimum wage could cause the restaurant chain to rethink its presence in the state.

"We pay well beyond $15 an hour in California. So there there is legislation that has the potential to take the hourly wage up to $21, $22 an hour that will put organizations in a place where prices probably have to rise. It's unfortunate because it also impacts the economic model, and that could impact how many restaurants we open in the future in a state like California which is a shame," Niccol said at the Yahoo Finance All Markets Summit on Monday.

People are served in a Chipotle outlet in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly

About 15% of Chipotle's 3,000 plus locations in the U.S. are located in California.

In early September, Newsom signed into law a bill establishing a "Fast Food Council." The 10-member council will set standards for pay, hours and working conditions for fast-food workers in the Golden State. If the referendum receives roughly 623,000 signatures by the first week of December, the measure will appear on the November 2024 California ballot.

The legislation could pave the way for raising the minimum wage for fast food workers to $22 an hour for employers with more than 26 workers. Currently, the minimum wage stands at $15 in the state.

"Equitable? You signed a bill from the hills of Napa that singles out franchise owners with new rules and costs to appease your biggest campaign donors; will raise prices on lower income Californians and will accelerate business leaving the state," tweeted the CEO of the International Franchise Association Matt Haller to Newsom.

Niccol predicts any changes to the industry that come as a result of the Fast Food Council will ultimately backfire on Newsom.

"The brand is loved in California and the employees love working there, and the customers love getting our food. And hopefully that legislation doesn't get in the way of great economics that result in great opportunities for employees and customers. If it does, we will deal with it accordingly...it will be a shame," Niccol added.

Story continues

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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Chipotle will probably have to raise prices because of California's fast food wage bill: CEO - Yahoo Finance