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Notable news items and price action from the past 24 hours as well as our fundamental view on select names.

  • CHUX reported 1Q EPS from continuing ops of $0.09.  O’Charley’s comparable restaurant sales increased by 0.4%, with guest counts growing by 0.9%, for the first quarter.  Restaurant level margins declined from 15.8% in 1Q10 to 14.7% in 1Q11.  For 2Q, the company is forecasting a net profit/loss between -$1 million and +$2 million.
  • DPZ’s hedgefund fan base is growing.  Trian Fund Management LP disclosed a 9.7% stake yesterday.
  • DRI rotated four top executives at Red Lobster and Olive Garden.
  • YUM’s Taco Bell debuted a new promotion campaign for its Taco 12 Pack with the offer of free music by hip hop duo Chiddy Ban.
  • YUM’s bid to acquire Little Sheep will be subject to China’s anti-monopoly inspection process. 
  • CBOU and MCD gained on strong volume yesterday.

TALES OF THE TAPE: CHUX, DPZ, DRI, YUM, CBOU, MCD - stocks 517

Howard Penney

Managing Director