News/price action callouts from restaurant space yesterday:
- CAKE down on big volume in reaction to its pre-announcement of 4Q10 System wide comps of +0.9% the company noted 4Q10 comps would have been +2.1% ex weather/calendar-shift.
- CMG reiterated unit growth guidance for 2011 of 135-145 units and no comments on current trends.
- JACK noted Jack-in-the-Box and Qdoba F1Q11 comps were above 1% and 6%, respectively, and the high-end of the guidance range. Management also affirmed its expected completion of reimaging program by year-end 2011 and refranchising by 2013.
- YUM continues to focus on its Emerging Markets strategy reiterated its 2011 EPS growth targets.
- The CAKE news took BWLD, PFCB and CPKI down on accelerating volume.
- SBUX, PEET and CMG also struggled yesterday on accelerating volume.
- SBUX price target raised from $33 to $37 at UBS.
- MCD: Interesting story in the Wall Street Journal this morning on MCD Japan adding calorie-laden menu items to its menu.