News/price action callouts from restaurant space over the past 24 hours:
- MCD declined on accelerating volume in an up tape
- DPZ's strong outperformance continues
- CAKE raised to Buy from Neutral at BofA/ML
- PNRA opens pay what you wish location in Oregon
- SBUX signs an agreement with Tata Coffee for sourcing coffee beans and to explore future entry of SBUX into the Indian market
- Arabica coffee process climbed to a 13 year high on speculation that crop diseases will disrupt global supplies
- Cattle futures jumped to a record and hogs climbed to an eight-month high on concern rising feed costs will prompt farmers to curb supplies
Howard Penney
Managing Director
