Papa John's has been front and center in the news lately, but mostly for the wrong reasons. Stories have cited a toxic work culture and the use of a racial slur by founder and (now former) chairman John Schnatter. Mr. Schnatter has now been removed from the company amid other scandals potentially ranging from spying on employees to sexual harassment, though he still owns 29% of shares.
But the news that moved shares on Wall Street had nothing to do with Papa John's current PR nightmare -- it had to do with a potential merger or acquisition of the Wendy's fast food chain. The deal, if it went through, would mean upgrading Papa John's technology and hoping to scale up the pizza chain. Shares jumped some 4% on the day of the rumors.