• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

THE HEDGEYE BREAKFAST MENU

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

MACRO

Consumer

CPI ex-food and energy came in at 0.2%, in line with expectations.  CPI grew 3.8% year-over-year, versus expectations of 3.6%.

Initial jobless claims came in at 428k versus expectations of 411k and 417k (revised) the prior week.

THE HBM: YUM, PNRA, CMG, CHUX, EAT - initial claims

Subsectors

Restaurant significantly outperformed yesterday, but on low volume.  The more cyclical FSR name were higher on accelerating volume 

THE HBM: YUM, PNRA, CMG, CHUX, EAT - subsectors fbr

QUICK SERVICE

  • YUM announced a 14% increase in its quarterly dividend.  The increase raises the annual dividend rate to $1.14 a share, 2.1% yield.
  • PNRA is changing its menu for the fall season, with a new Roasted Turkey Artichoke Panini one of the offerings.  (link here)
  • CMG’s new concept, ShopHouse Southeast Asian Kitchen will open to the public today in Washington D.C.’s DuPont Circle.  Some images of the menu are below, courtesy of dcist.com

THE HBM: YUM, PNRA, CMG, CHUX, EAT - CMG shophouse

FULL SERVICE

  • CHUX has appointed former KONA CEO Marc Buehler as the O’Charley’s Concept President, effective tomorrow.  Given how “on trend” Kona has been of late, this is a perplexing move. 
  • EAT traded higher on accelerating volume yesterday, while RRGB was notable on the decliners side, also trading on strong volume.

THE HBM: YUM, PNRA, CMG, CHUX, EAT - stocks 915

Howard Penney

Managing Director

            

Rory Green

Analyst