Notable news items/price action from the past twenty- four hours.
- PEET gained 0.3% on strong volume while other QSR concepts declined on the day. Interestingly, following the outperformance of the stock yesterday, the company was upgraded today to Buy from Neutral at Janney Capital.
- CMG was upgraded to Market Perform from Underperform at Morgan Keegan. The stock has been trading poorly of late as concerns mount over the commodity cost outlook and the ongoing investigation into CMG’s hiring practices by immigration authorities.
- MCD, according to Bloomberg, is expecting a 20% jump in sales in Malaysia.
- DPZ reported earnings in line with street expectations yesterday morning but the stock declined on accelerating volume on inflationary headwinds and management’s outlook. See our posts from yesterday.
- CBRL declined 3.6% on strong volume. The significant rise in gas prices at the pump will impact travel plans this summer, which could impact CBRL’s same-store sales trends.
Howard Penney
Managing Director
