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

  • DPZ reported impressive earnings, easily beating consensus.  EPS came in at $0.42 versus $0.39, driven by total domestic comps of -1.4% versus consensus -4% and international comps at +8.3% versus consensus +6.5%. 
  • MRT reported after the close yesterday.  1Q11 EPS came in at $0.16 versus $0.13 with comparable restaurant sales up 7.5% versus consensus of 7%.  Food and beverage costs came in at 31% of sales which was slightly higher than expected.  2Q guidance is for EPS of $0.03 to $0.05 versus consensus $0.05 but FY11 guidance was raised by a penny on each end of the range to $0.45 to $0.49 versus consensus $0.45.  The company guided to 2Q and FY11 comps up 6-8%.  Beef gained 10% in the quarter for MRT but rising commodity costs were successfully offset by price increases.
  • CPKI has responded to those affected by the recent Alabama tornado with a two-day fundraiser.
  • BJRI was upgraded to “Overweight” from “Neutral” at Piper Jaffray.
  • MSSR’s board has decided to put the company up for sale.  Tilman Fertitta/Landry’s has responded by withdrawing the proxy seeking to contest a quorum at the 2011 AGM.  Mr. Fertitta said in a statement that his group hopes that the Board is “committed to conducting a process in which all acquisition proposals are fairly evaluated”.
  • DIN, DRI, RUTH, CAKE, EAT, PZZA and CBOU both traded higher on accelerating volume yesterday.
  • COSI, TXRH, and SONC all traded down on accelerating volume.

TALES OF THE TAPE: DPZ, MRT, CPKI, BJRI, DIN, DRI, RUTH, CAKE, EAT, PZZA, CBOU - stocks 55

Howard Penney

Managing Director