Notable news items and price action from the past twenty-fours along with our fundamental view on select names.
- WEN closed up 4.1% on accelerating volume despite weaker-than-expected earnings yesterday. The sale of Arby’s, which management is working toward, is a significant positive catalyst. Management stated on its calls that it has “quality bidders” for Arby’s.
- SBUX CEO Howard Schultz has called for more transparency in the coffee market to stop speculators from driving up prices.
- Brazil’s coffee harvest may rebound 12% next season as producers take advantage of a doubling of prices in the last year, according to the International Coffee Organization.
- PEET would like to be in the single-serve category, according to comments from CFO Tom Crawley at the Baird Conference yesterday. The company expects to add 5 retail stores this year and said that the grocery business is increasing 20% on an “ongoing basis”.
- DPZ closed up 3.9% on accelerating volume.
- CPKI gained 2% on accelerating volume.