Notable news items from the past few days and price action from Friday’s trading.
- SBUX price target was raised to $42 from $40 at Piper Jaffray
- SBUX saw the U.S. Court of Appeals for the Second Circuit uphold a lower court’s ruling denying Kraft’s request for a preliminary injunction against Starbucks Coffee Company.
- YUM’s Taco Bell is launching a $3 million television ad campaign this week to battle damage to its image from a lawsuit questioning its taco filling.
- JACK and SONC traded strongly on Friday on accelerating volume to close out a poor week.
- CMG traded down 6.5% last week.
- Aside from MRT, RRGB, KONA, and CHUX, last week was a poor week for casual dining.
- MRT traded up on Friday on strong volume as the company announced FY11 EPS guidance above Street estimates.