Notable news items/price action over the last twenty-four hours.
- MCD franchisee Arcos Dorados files for IPO up to $1.08 billion. The group sees proceeds of $163.5m coming from the deal.
- DRI reported Q3 EPS $1.08 from continuing operations versus the Street expectations of $1.05. The company guided to +1.5% to +2.0% blended comps but the 3Q number came in at 0.9%. More on the quarter to follow the conference call today. The company received a $0.03 benefit from the favorable tax rate this quarter.
- WEN received a positive write up on NRN.com, expounding on a note by Morgan Stanley predicting that breakfast sales could reach up to $250k per store.
- KKD gained 3.4% on accelerating volume following the distribution deal with SYY that closed this week.
- SBUX traded up 2.4% on accelerating volume. This stock is the best performing stock of the last week.
- KONA gained 12% on accelerating volume.