Notable news items and price action from the last twenty four hours.

  • PFCB was initiated with a “New Outperform” rating at Wells Fargo.
  • PFCB announted a long-term licensing agreement with Interaction Asian Restaurants L.P. to develop and operate P.F. Chang’s China Bistro in the Canadian provinces of Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland.  The first location is scheduled to open in 2012.
  • MCD Japan sales fell 7% in March due to the closure of restaurants damaged in the March 11 earthquake.  Rolling blackouts implemented following the quake also reduced operating hours.
  • Tilman J. Fertitta and his Landry’s Restaurants Inc. subsidiary on Thursday officially placed a bid of $137.3 million for McCormick & Schmick’s Seafood Restaurants Inc.
  • Nestlé is looking to develop its food supply service to restaurants (Nestle Professional.
  • USDA inspectors are exempted from the government shutdown, if it comes to pass.
  • YUM traded down 1.4% on accelerating volume after a strong session the day prior.
  • PNRA also declined 1.4% on accelerating volume.
  • Casual dining took it on the chin following the RT earnings Wednesday after the close.  I remain positive on EAT, PFCB, and RUTH while maintaining a cautious view on TXRH and CAKE.
  • Praesidian Capital Opportunity Fund III-A LP offered $9.5 million for the 20 Charlie Brown’s restaurants, including 17 in New Jersey.




Howard Penney

Managing Director

Cartoon of the Day: Hard-Headed Bears

How's this for "hard data"? So far, 107 of 497 S&P 500 companies have reported aggregate sales and earnings growth of 4.4% and 13.2% respectively.

read more

Premium insight

McCullough [Uncensored]: When People Say ‘Everyone is Bullish, That’s Bulls@#t’

“You wonder why the performance of the hedge fund indices is so horrendous,” says Hedgeye CEO Keith McCullough, “they’re all doing the same thing, after the market moves. You shouldn’t be paid for that.”

read more

SECTOR SPOTLIGHT Replay | Healthcare Analyst Tom Tobin Today at 2:30PM ET

Tune in to this edition of Sector Spotlight with Healthcare analyst Tom Tobin and Healthcare Policy analyst Emily Evans.

read more

Ouchy!! Wall Street Consensus Hit By Epic Short Squeeze

In the latest example of what not to do with your portfolio, we have Wall Street consensus positioning...

read more

Cartoon of the Day: Bulls Leading the People

Investors rejoiced as centrist Emmanuel Macron edged out far-right Marine Le Pen in France's election day voting. European equities were up as much as 4.7% on the news.

read more

McCullough: ‘This Crazy Stat Drives Stock Market Bears Nuts’

If you’re short the stock market today, and your boss asks why is the Nasdaq at an all-time high, here’s the only honest answer: So far, Nasdaq company earnings are up 46% year-over-year.

read more

Who's Right? The Stock Market or the Bond Market?

"As I see it, bonds look like they have further to fall, while stocks look tenuous at these levels," writes Peter Atwater, founder of Financial Insyghts.

read more

Poll of the Day: If You Could Have Lunch with One Fed Chair...

What do you think? Cast your vote. Let us know.

read more

Are Millennials Actually Lazy, Narcissists? An Interview with Neil Howe (Part 2)

An interview with Neil Howe on why Boomers and Xers get it all wrong.

read more

6 Charts: The French Election, Nasdaq All-Time Highs & An Earnings Scorecard

We've been telling investors for some time that global growth is picking up, get long stocks.

read more

Another French Revolution?

"Don't be complacent," writes Hedgeye Managing Director Neil Howe. "Tectonic shifts are underway in France. Is there the prospect of the new Sixth Republic? C'est vraiment possible."

read more

Cartoon of the Day: The Trend is Your Friend

"All of the key trending macro data suggests the U.S. economy is accelerating," Hedgeye CEO Keith McCullough says.

read more