THE HBM: WEN, MCD, MRT

09/14/11 08:47AM EDT

Notable macro data points, news items, and price action pertaining to the restaurant space.

MACRO

Subsectors

Full service restaurants outperformed for a second straight day.  Over the past three months, the subsector has been severely beaten down, declining almost 13%.

THE HBM: WEN, MCD, MRT - subsectors fbr

QUICK SERVICE

  • WEN is testing four prototypical new store designs, one of which is described in an article posted on QSRweb.com yesterday.  MCD is clearly putting pressure on competitors to keep up with its modernization of its store base.
  • MCD advertisements shown by Channel Seven in Australia during children’s TV programming have earned the broadcaster censure from the broadcasting watchdog.

CASUAL DINING

  • MRT was reiterated “Overweight” at Piper Jaffray with a $9 price target. “Travel data” was highlighted as a key factor in the “high-end consumer recovery thesis” related to this stock.

THE HBM: WEN, MCD, MRT - stocks 914

Howard Penney

Managing Director

Rory Green

Analyst

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