TALES OF THE TAPE: CAKE, CMG, JACK, YUM, BWLD, PFCB, CPKI, SBUX, PEET, MCD

01/12/11 09:11AM EST

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.

TALES OF THE TAPE: CAKE, CMG, JACK, YUM, BWLD, PFCB, CPKI, SBUX, PEET, MCD - tott part 1

TALES OF THE TAPE: CAKE, CMG, JACK, YUM, BWLD, PFCB, CPKI, SBUX, PEET, MCD - tott part 2

Howard Penney

Managing Director

© 2024 Hedgeye Risk Management, LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.