Notable news items from the past few days, Friday’s price action, and our fundamental view on select names.
- PZZA President and Co-CEO Jude Thompson resigned from the pizza chain Friday, leaving the company in the hands of founder and co-CEO John Schnatter.
- PZZA was cut to Hold from Buy at Stifel Nicolaus.
- PZZA shares gained prior to the news announcement (AMC) by 1.9% on accelerating volume.
- MSSR many delay its AGM if Tilman Fertitta has his way. Fertitta is calling for shareholders of the company to sign a gold proxy card giving LSRI, a subsidiary of Fertitta’s Landry’s Restaurants Inc., power over their share for the meeting. This would prevent a quorum being reached, effectively impeding the company from addressing its business at the meeting until first discussing LSRI’s unsolicited tender offer.
- DRI made the cut for JPM’s “Best Equity Near-Term Ideas” report led by Thomas Lee. JPM's price target is $56.
- WEN gained on accelerating volume on Friday.
- BJRI shares gained 2.82% on accelerating volume.
Howard Penney
Managing Director