Good morning, Fools! Let's dig into this morning's latest news.
Moody's warns about U.S. credit rating
Ratings company Moody's offered a word of caution in advance of congressional budget negotiations, stating that if the talks weren't successful, the U.S.'s credit rating would likely be downgraded from triple-A, a Wall Street Journal report said Tuesday. In a press release Tuesday, Moody's warned of a possible "fiscal cliff" that "could lead to instability" and thereby spark the downgrade.
Legg Mason CEO to resign
Legg Mason (NYSE: LM) CEO Mark Fetting will resign Oct. 1, the company reported Tuesday, naming Joseph Sullivan as interim CEO, according to a Reuters report. According to Reuters, Legg Mason had cut Fetting's compensation by 17% in its most recent fiscal year -- to $4.94 million -- in light of its stagnant stock.
Fetting will remain a consultant until the end of the year, Reuters reports.
McDonald's sees same-store sales growth in August
McDonald's (NYSE: MCD) has reported that same-store sales growth rose 3.7% in August, according to a Bloomberg article, missing analysts' estimates of 3.9%. The fast-food chain's comparable-store sales rose 3% domestically and 3.1% in Europe, missing analysts' estimates of 3.1% and 3.3%, respectively, Bloomberg added.
Shares had declined 9% year-to-date as of yesterday.
