Notable recent news items and price action from Friday’s session.
- Malcolm Knapp released preliminary same-store sales figures for casual dining in February. Same-store sales in February gained 1.6% versus January revised -0.1%. Guest counts in February came in at -0.4% versus a revised -2.2% in January.
- GMCR stock declined 4.6% on accelerating volume after its massive move Thursday. Starbucks also pared some of its Thursday gains, even following an increase in price target from $35 to $40 at R.W. Baird.
- CMG has “lost” approximately 40 workers in two of its Washington, D.C., restaurants after an internal review showed that the former employees in question were not authorized to work in the United States. A few months ago, it emerged that a federal immigration audit of 50 CMG restaurants in Minnesota resulted in the firing of 450 undocumented workers.
- MRT declined on accelerating volume. CBRL, BJRI and BOBE all gained on accelerating volume.
- MCD Australia is looking to introduce a Big Mac Light, containing less beef and healthier ingredients, to address nutrition concerns over its menu.