THE HEDGEYE BREAKFAST MENU
Notable macro data points, news items, and price action pertaining to the restaurant space.
The most important macro statistic for the restaurant industry is job growth. Today, jobs data is a complete bomb. Payroll employment was flat during the month. Even if Verizon's 45,000 striking workers are added back into the mix, payroll gains were far weaker than was expected.
WEN traded strongly yesterday on the news that Emil Brolick will soon take over as CEO.
DPZ CEO Jerry Doyle made an appearance on CNBC yesterday. Doyle said that cheese prices are in the $1.78-$1.79 range, the NFL strike settlement is positive for his company’s business, and that the company has used cash “efficiently”.
CBRL’s board has unanimously declined the demand to appoint Biglari to the board. The company, according to a press release issued last night, “endeavored to avoid proxy fight, and held numerous discussions with Biglari and offered him the opportunity to appoint two qualified independent directors.
MSSR rated “New Buy” at GFI Group