Notable news items/price action from the past twenty-four hours.
- CMG downgraded to Neutral from Outperform at Cowen.
- CMG’s new ShopHouse Southeast Asian Kitchen name finally hit the mainstream yesterday. Sell-side analysts clamored to take credit for being first. Hedgeye readers knew of the name when we posted on it on 1/27.
- GMCR gained 6.6% on low volume. The speculation embedded in this move is – as I have been writing ad nauseum – misplaced. See my posts yesterday and my first post on the SBUX/GMCR story from January. Keybanc upgraded the stock to a Buy from Hold this morning.
- PNRA was cut to Outperform from Strong Buy.
- SBUX CEO Howard Schultz made $36.8 million last week by exercising and selling stock options set to expire in the fall.
- DPZ’s U.K. & Ireland PLC said full-year profit fell on a one-off credit charge. The company may pass on a 1 to 2% increase in food costs to franchises this year, according to CFO Dale Ginsberg.
- Former McDonald’s executive Mike Roberts is now the CEO of LYFE, a new fast food chain with options for vegans and vegetarians.
- BWLD gained on accelerating volume on a day of insider selling.
- EAT declined on accelerating volume.
- YUM gained on accelerating volume.