Notable news items/price action over the past twenty-four hours.
- Despite the continuous upward trend in wheat prices, PNRA and BAGL gained on strong volume.
- PZZA and DPZ are up despite cheese prices gaining 8.2% week-over-week
- GMCR declined on accelerating volume. SBUX wants K-Cups’ 70% share of the instant coffee market.
- A HedgeyeEdge favorite, EAT, surged 11.3% on accelerating volume after investor confidence in the turnaround story grew.
- Other casual dining names gained on the solid results from EAT. CAKE, DIN, TXRH, BWLD and CPKI all saw a gain in share prices. I find that interesting given that we know, via Malcolm Knapp’s casual dining sales data, that casual dining sequentially slowed during 4Q10.
- MCD share price ticked up slightly on the day with weak volume.
- MCD has announced that it will accept contactless payment at its 1,200 restaurants throughout the UK, making it one of the first tier-one merchants to implement the technology in the country.
- According to adage.com, the most “checked-in” merchant last week was Starbucks with 151,000 last week, followed by McDonald's with 51,000, according to Foursquare check-in data.