TALES OF THE TAPE: PNRA, BWLD, PFCB, EAT, SBUX, MCD, MSSR

Notable news items and price action from the past twenty-four hours along with our fundamental view on select names.

  • PNRA shares declined 2% on accelerating volume ahead of last night’s earnings.  The company missed top-line expectations.  The earnings call takes place at 08:30 am EST.
  • BWLD posted a strong quarter last night; see my post from earlier this morning for details.  Solid top-line performance coupled with favorable chicken wing prices and operational efficiencies during the quarter helped the company beat by 8 cents on EPS.
  • PFCB reported poor earnings results this morning, missing top-line expectations at the Bistro and at Pei Wei.  EPS came in at $0.46 vs $0.53.  Despite the miss, PFCB is pulling a CAKE-like "extend and pretend": maintaining EPS guidance for the year.
  • EAT declined on accelerating volume yesterday.  EAT reported a good quarter this morning.  3QFY11 EPS came in at $0.47 versus $0.45 and comps were -0.2% for company blended same-store sales versus -0.6% consensus.  Chili’s comps were down -0.3% versus consensus at -1.2%.  Maggiano’s posted +3.4% 3QFY11 comps versus consensus at +3%.  Restaurant operating margin was 18.3% versus consensus at 17.1%.  Chili's same-store sales were positive in February and March.
  • SBUX reports after the close today.
  • MCD Japan President Eikoh Harada said today that same-store sales will probably rise in April.
  • SONC gained 2.5% on accelerating volume - today it announced a refinancing.
  • MSSR management sent out a letter to shareholders urging them to vote for the current board of directors, stating that Tilman Fertitta, the Chairman of the Board and CEO of Landryr's, is attempting to interfere with MSSR's legitimate and important corporate governance procedure.

TALES OF THE TAPE: PNRA, BWLD, PFCB, EAT, SBUX, MCD, MSSR - stocks 427

Howard Penney

Managing Director