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.
Howard Penney
Managing Director
