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Notable news items and price action from the restaurant space as well as our fundamental view on select names.

  • WEN was raised to Buy from Neutral at UBS based on upside to SSS estimates in 2H (particularly in 4Q) based on the re-launch of the premium burger.
  • WEN CEO Roland Smith said yesterday that the 2008 combination of Wendy’s and Arby’s has “absolutely not” been a failure.
  • PNRA has launched a $40 million advertising campaign, called “Make Today Better” yesterday.  Chief Marketing Officer Michael Simon called the effort Panera’s “most significant ad campaign to date”.
  • CBRL Biglari Holdings Inc. has reported a 9.1% stake, according to a 13-D filed yesterday. The company plans to communicate with management and members of the Board regarding the business, governance, and future plans of the company.
  • RUTH and DIN gained on accelerating volume yesterday.  RRGB and KONA declined on accelerating volume.

TALES OF THE TAPE: WEN, PNRA, CBRL, RUTH, DIN, RRGB, KONA - stocks 614

Howard Penney

Managing Director