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Some news items from the restaurant world:

  • EAT was initiated with a “buy” rating and traded up on strong volume
  • RT is scheduled to report Q2 (Nov) earnings tomorrow after the market close.  Yesterday the stock was upgraded and outperformed its peer stocks, finishing the day up 10%.
  • SONC is expected to report fiscal Q1 (Nov) earnings today after the close.
  • MCD traded down on a positive day for the market and the restaurant space.  Volume also accelerated which is a bearish indicator.  We will be publishing a Black Book on MCD next week; our outlook for 2011 is decidedly bearish for the stock.
  • MCD officially rolled out oatmeal nationwide as part of its breakfast menu
  • SBUX is now offering a $2 breakfast sandwich with any beverage as part of a special offer
  • SBUX: There is a story on Bloomberg this morning.  In my view, there is more to the Kraft deal than the single serve business.  Starbucks wants to control the distribution channel.
  • COSI traded up on strong volume as the company’s turnaround continues.
  • PEET was rated "Hold" at McAdams Wright Ragen 24-month target price is $48.00 per share.
  • Bar and Grill traded well yesterday, trading up on accelerating volume.

TALES OF THE TAPE: EAT, RT, SONC, MCD, SBUX, COSI, PEET - STOCKS 14

Howard Penney

Managing Director