The general decline in short interest over the past couple of months in the restaurant space notwithstanding, price performance seems to be slowing.
Some notable price moves and news items from the restaurant space:
- COSI continues to outperform, albeit on slower volume yesterday. Over the past month, the stock price has risen 11% to yesterday’s close of $1.28. I have long been writing about the turnaround at COSI and the process seems to be intact.
- SONC reported after the close yesterday and while the results were not astounding, there were reasons for optimism. The top line beat expectations but EPS was in line excluding a settlement on a tax position. More details to come in a post this morning.
- SONC was upgraded to “hold” from “sell” at Stifel Nicolaus
- MCD declined 3% during yesterday’s trading on strong volume (up 440% vs trailing 30-day average)
- MCD McDonald's Holdings Co (Japan) December comps +11.6% y/y
- JACK initiated “neutral” at RW Baird
- RRGB provides update to shareholders - Red Robin released a letter to shareholders discussing its "Project RED" for 2011, which included nothing relevant
- CAKE up on good volume - insider buying yesterday
- PEET down on strong volume; no news and a decline in coffee prices yesterday
- RT reporting today, declined on high volume yesterday after a +10% gain on Monday.
- ABC Consumer Confidence Index (45) in 2-Jan week vs (44) in prior week